Securities and Exchange Commission
                             Washington, D.C. 20549

                                    FORM 8-K

                 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
                                       OF
                     THE SECURITIES AND EXCHANGE ACT OF 1934

        Date of Report (Date of Earliest Event Reported): April 20, 2000

                           SI DIAMOND TECHNOLOGY, INC.
             (Exact Name of Registrant as Specified in its Charter)

                                      TEXAS
                 (State or Other Jurisdiction of Incorporation)



                 1-11602                       76-0273345
         (Commission File No.)    (I.R.S. Employer Identification No.)


                             3006 Longhorn Boulevard
                                    Suite 107
                               Austin, Texas 78758
                    (Address of Principal Executive Offices)

                                  512/339-5020
              (Registrant's Telephone Number, Including Area Code)


                                      -1-



Item 5. Other Events

         On April 20, 2000,  Electronic  Billboard  Technology,  Inc., ("EBT") a
wholly owned subsidiary of SI Diamond  Technology,  Inc.,  entered into a Master
License Agreement For Electronic Billboards (the "Agreement") with Cinemark USA,
Inc. ("Cinemark").  Pursuant to the Agreement, EBT will license, for a period of
five  years,  space from  Cinemark  at several of its  theaters  so that EBT may
install electronic  billboards at those locations.  The Agreement also gives EBT
the right to sell advertising on the electronic billboards. As consideration for
the license, EBT will pay rental fees to Cinemark as follows: the greater of (i)
15% of the gross revenues generated from advertising  revenues,  less applicable
sales taxes, until EBT recovers one-half of its direct,  out-of-pocket  costs of
the electronic billboards,  (ii) thereafter, 20% of the gross revenues generated
from advertising  revenues,  less applicable sales taxes, until EBT recovers all
of its  direct,  out-of-pocket  costs of the  electronic  billboards  and  (iii)
thereafter,  25% of the gross revenues generated from advertising revenues, less
applicable sales taxes or a minimum annual rental fee of $36,000,  to be paid in
two $18,000 installments each year.

Item 7. Financial Statements and Exhibits.

     (c) Exhibits:

     10.1     Form of Master License Agreement for Electronic  Billboards by and
between the Registrant and Cinemark USA, Inc.

     99.1     News  Release,  "SI  Diamond  Announces a License  Agreement  with
Cinemark" April 27, 2000.

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, thereunto duly authorized.


                                       SI DIAMOND TECHNOLOGY, INC.

                                       By: /s/  W.  Michael Murray
                                       W. Michael Murray, Vice President
                                       and General Counsel





Dated: April 28, 2000