SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
April 5, 2001
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(Date of Report)
SOFTECH, INC.
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(Exact name of registrant as specified in its charter)
Massachusetts 0-10665 04-2453033
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(State or other jurisdic- (Commission (IRS Employer
tion of Incorporation or file number) Identification Number)
organization)
4695 44th Street SE, Suite B-130, Grand Rapids, MI 49512
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(Address of principal executive offices) (Zip Code)
(616) 957-2330
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(Registrants telephone number, including area code)
Item 5. Other events.
On April 5, 2001, SofTech, Inc. issued a press release announcing that
the Companys stock was delisted from the Nasdaq Stock Market effective with the
open of business on April 6, 2001. SofTech, Inc. hereby incorporates by
reference herein the information set forth in its Press Releases dated April 5,
2001, a copy of which is annexed hereto as Exhibits 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
Exhibit
Number Description
- - ------ -----------
99.1 Press Release dated April 5, 2001
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.
SofTech, Inc.
Date: April 6, 2001 By: /s/ Joseph P. Mullaney
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Joseph P. Mullaney
Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
EXHIBIT INDEX
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Exhibit Number Document
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99.1 Press release dated March 30, 2001
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Exhibit 99.1
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PRESS RELEASE
SofTech Stock Delisted from The Nasdaq Stock Market
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GRAND RAPIDS, Mich.--(BUSINESS WIRE)April 5, 2001--SofTech, Inc.
(Nasdaq:SOFTC - news) announced today that its request to the Nasdaq Listing
Qualifications Panel (the Panel) for an additional 120 days of contingent
listing on the SmallCap Market in order to allow for the completion of the sale
of its AMT Division had been denied. Accordingly, the Panel has determined to
delist the Companys securities from The Nasdaq Stock Market effective with the
open of business on April 6, 2001. Furthermore, the Company has been informed by
Nasdaq that its securities will be listed under the Over the Counter Bulletin
Board immediately.
As we announced previously, we must focus all of our attention on improving our
operations at this time, said Joe Mullaney, Vice President and CFO. With the
cost reductions we are putting in place, the expected ramp up of revenue from
new products and a renewed focus on the needs of our installed base, we expect
to begin to show improved financial performance this quarter and positive cash
flow in Q1 2002 (begins June 1, 2001). We believe we have unique technology that
can help our customers improve efficiency thereby reducing cost and shortening
product development time. Greenleaf Capital, as lender and largest shareholder,
has expressed its full support of our business plan.
The foregoing statements that are not historical fact are forward-looking
statements and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements are
subject to a wide range of risks and uncertainties. Further information
regarding factors that could affect SofTech's results are included in SofTech's
Form 10-K for the 2000 fiscal year, which was filed with the Securities and
Exchange Commission in September 2000 and in its quarterly filings on Form 10-Q
for fiscal 2001.
About SofTech
SofTech was formed in 1969 and its stock has been publicly listed since 1981.
SofTech provides world-class productivity solutions to solve real-world problems
for the design through manufacturing marketplace. SofTech operates offices
throughout North America and Europe and has distribution in Asia. The SofTech
software family includes Cadra(TM), DesignGateway(TM), Prospector(TM),
ToolDesigner(TM), ExpertCAD(TM), and ExpertCAM(TM).
Cadra and all SofTech product names are registered trademarks of SofTech, Inc.
Names of products from other vendors mentioned in this document may be
trademarks or Registered trademarks of their respective owners.
Contact:
SofTech, Inc.
Joseph P. Mullaney, 781/890-8373
http://www.softech.com