U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): November 16, 1999
CTI INDUSTRIES CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-23115 36-2848943
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(State or Other (Commission File Number) (IRS Employer
Jurisdiction of Identification No.)
Incorporation)
2216 North Pepper Road, Barrington, Illinois 60010
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(Address of Principal Executive Offices) (Zip Code)
(847) - 382-1000
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(Registrant's Telephone Number, including Area Code)
Item 5. Other Events
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On November 16, 1999, the Registrant announced that it acquired
additional shares of capital stock of PTF Industries, S.A. de C.V., Guadalajara,
Mexico, a manufacturer of latex balloons ("PTF"), and now owns approximately 72%
of the outstanding capital stock of PTF. The transaction was concluded through
an agreement with a principal shareholder of PTF and by approval of the
requisite number of PTF shareholders at a shareholders' meeting held on November
12, 1999. In the transaction, the Registrant allowed PTF to capitalize certain
of PTF's outstanding indebtedness to the Registrant, amounting to approximately
$975,000, together with certain equipment with a total value of approximately
$745,000, both in exchange for capital stock of PTF. In addition, the Registrant
agreed to purchase additional shares of stock from some PTF shareholders, and
has the right to acquire substantially all of the remaining outstanding stock of
PTF from another shareholder. At the shareholders' meeting, PTF's name was
changed to CTI Mexico S.A. de C.V.
The Company further announced that the PTF share acquisition
transaction will allow all operations and financial results of PTF and the
Registrant to be consolidated and coordinated, which will better reflect overall
sales and margins. In addition, the Registrant announced that it has recently
concluded an arrangement with PTF to supply latex balloons to a major retail
chain in the United States. The Registrant's common stock is traded on the
NASDAQ SmallCap Market under the symbol CTIBD.
Item 7(c). Exhibits
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A copy of press release dated November 16, 1999.
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.
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.
CTI Industries Corporation
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(Registrant)
Date: November 30, 1999 By: /s/ Howard W. Schwan
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Howard W. Schwan, President