UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 14, 2002
DCH TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
000-26957
---------
(Commission File Number)
Delaware 84-1349374
-------- ----------
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
24832 Avenue Rockefeller, Valencia, CA 91355
--------------------------------------------
(Address of Principal Executive Offices Including Zip Code)
Registrant's telephone number, including area code: (661) 775-8120
--------------
ITEMS 1 THROUGH 4 AND 6 THROUGH 8 ARE NOT APPLICABLE.
ITEM 5. OTHER EVENTS
Effective June 14, 2002, DCH Technology, Inc. (DCH) has temporarily
furloughed substantially all of its employees due to a cash flow challenge. DCH
has paid payroll costs due with respect to its employees as of June 7, 2002, and
will pay premiums due for employee health insurance coverage through the end of
June 2002.
Management of DCH believes that the very difficult business and financial
climate of the past year has created an environment that has led to a difficult
cash flow position for the Company. Interim funding anticipated by DCH was
disrupted by these conditions, leading to management's decision to furlough most
of its employees while it evaluates strategic options. DCH will retain
sufficient personnel to fulfill current backlog in its sensor division. In
addition, DCH management, including the Board of Directors, will continue to
evaluate the Company's position and the current and anticipated business climate
in determining short term and future options.
Management continues to have confidence in DCH's technology and the
potential that this technology has to make a difference in this nation's and the
world's energy needs.
Safe Harbor: This Current Report on Form 8-K includes statements that are
considered "forward-looking" within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements reflect DCH
Technology's current views about future events and performance. Investors should
not rely on these statements because they are subject to a variety of risks,
uncertainties and other factors that could cause actual results to differ
materially from expectations. These factors include, but are not limited to, the
cost of development and market acceptance of DCH's sensor-based systems and fuel
cells as well as fuel cells in general, the availability of financing for DCH's
operations, the ability of DCH to secure strategic investors, competition, the
cost and availability of materials, governmental regulations, and other factors
detailed in DCH Technology's filings with the Securities and Exchange
Commission.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
DCH TECHNOLOGY, INC.
Date: June 13, 2002 By: /s/ John Donohue
------------------
John Donohue,
President and CEO
2