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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
JULY 24, 1998
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DIGITAL RECORDERS, INC.
(Exact name of registrant as specified in its charter)
NORTH CAROLINA 1-13408 56-1362926
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
2300 ENGLERT DRIVE, SUITE B
DURHAM, NORTH CAROLINA 27713
(Address of principal executive offices)
(919) 361-2155
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On June 30, 1998, Digital Recorders, Inc. (the "Registrant") and Lite
Vision Corporation, a Taiwan corporation ("Lite Vision"), entered into a share
purchase agreement whereby Lite Vision agreed to purchase 400,000 shares of the
Registrant's restricted Common Stock for a purchase price of $1,050,000. Lite
Vision will also acquire a option to purchase an additional 100,000 shares at
$2.4375 per share exercisable for a three year period from the closing date.
Lite Vision was granted "piggyback" registration rights on the shares purchased
and the option shares which can be purchased commencing three years from the
closing date. The closing occurred on July 24, 1998.
Lite Vision is the developer and owner of certain technology used by
the Registrant in its transit display systems. Mr. Joseph Tang, President of
Lite Vision, was appointed to the Registrant's Board of Directors at the
closing.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) The following exhibits are furnished herewith in accordance with
the provisions of Item 601 of Regulation S-B.
Reg. S-K
Exhibit No. Description Item
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10.27 Share Purchase Agreement between Lite Vision Corporation and 10
the Company
10.28 Option Agreement between Lite Vision Corporation and 10
the Company
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DIGITAL RECORDERS, INC.
Date: August 5, 1998 By: /s/ David L. Turney
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David L. Turney
Chairman of the Board, President and
Chief Executive Officer
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EXHIBIT INDEX
Exhibit No. Description
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10.27 Share Purchase Agreement between Lite Vision Corporation and
the Company
10.28 Option Agreement between Lite Vision Corporation and
the Company