UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
Amendment No. 1
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
December 31, 1999
Date of Report (Date of earliest event reported)
COVOL TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its charter)
Delaware 0-27808 87-0547337
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(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
3280 N. Frontage Road
Lehi, UT 84043
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(Address of principal executive offices)
(Zip Code)
(801) 768-4481
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report.)
Certain statements in this Report constitute forward looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. As such,
actual results may vary materially from current expectations. For a discussion
of certain of the factors that could cause actual results to differ from
expectations, please see the information set forth under the caption entitled
"Forward Looking Statements" in PART I, ITEM 1 of Covol's Annual Report on Form
10-K for the year ended September 30, 1999. There can be no assurance that
Covol's results of operations will not be adversely affected by such factors.
Covol undertakes no obligation to revise or publicly release the results of any
revision to these forward-looking statements. Readers are cautioned not to place
undue reliance on these forward looking statements, which reflect management's
opinion only as of the date hereof.
Item 5. Other Events - Announcements of Sales of Synthetic Fuel Facilities
Covol announced on December 31, 1999 that it sold the Carbon Synfuel synthetic
fuel facility and announced on January 18, 1999 that it sold the Algoma
synthetic fuel facility. The sale of the four Covol-owned facilities has been
the primary focus of Covol's activities and the sale of the first of these
occurred on August 27, 1999. Covol is actively continuing its efforts to sell
its only remaining owned facility. The complete text of the December 31, 1999
and January 18, 2000 announcements follow.
Sale of Carbon Synfuel Facility
Covol Technologies, Inc. announced today that it has sold its synthetic fuel
facility located in Price, Utah. The facility is commonly known as Carbon
Synfuel, or Utah #2. The purchaser is a wholly owned subsidiary of a major U.S.
electric utility company. The cash proceeds will be used for payment of certain
obligations and operating capital. Covol is continuing negotiations with
multiple parties for the sale of its remaining Company owned facilities.
"We are pleased that there is a continued high interest in the synthetic fuel
facilities owned by Covol. We believe that the sale of the Utah #2 facility and
a subsequent sale of the remaining facilities, will allow Covol to retire all of
the debt incurred in connection with the construction of these plants." said
Kirk A. Benson, Chairman and Chief Executive Officer.
Sale of Algoma Facility
Covol Technologies, Inc. today announced the sale of another synthetic fuel
facility. The plant, Pocahontas Synfuel, also referred to as the Algoma
facility, is located in North Fork, West Virginia. The facility was purchased by
a subsidiary of a major U.S. electric utility company. Proceeds from the sale
consist of cash at closing and an additional payment upon being placed in
commerical operations. Covol will also receive an ongoing royalty based upon
production and sales of synthetic fuel from this facility.
Kirk A. Benson, Chairman and Chief Executive Officer, comments, "We are pleased
that Covol's continuing efforts to sell its facilities is resulting in
successful transactions. We are rapidly reducing Covol's debt and increasing
future potential royalties."
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Item 7. Financial Statements and Exhibits
(c) The following amended exhibits are included herein:
10.64 Utah #2 Asset Purchase Agreement dated as of December
23, 1999*
10.65 Asset Purchase Agreement dated as of January 18, 2000
relating to the sale of the Algoma synthetic fuel
facility*
* This exhibit contains confidential material which has
been omitted pursuant to a Confidential Treatment
Request. The omitted information has been filed
separately with the Securities and Exchange
Commission.
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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.
COVOL TECHNOLOGIES, INC.
Registrant
Date: March 16, 2000 /s/ Kirk A. Benson
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Kirk A. Benson
Chief Executive Officer and
Principal Executive Officer
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