-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HkhO0zOZlow17EddoTRn+HlBtHUHMD6g7geyqnoCMY/CU4l0o9krFMQmsa0cHNbB tIKUUgbDZXasfmvI/O/XnQ== 0000892569-97-001055.txt : 19970418 0000892569-97-001055.hdr.sgml : 19970418 ACCESSION NUMBER: 0000892569-97-001055 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970403 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970417 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRISTOL TECHNOLOGY SYSTEMS INC CENTRAL INDEX KEY: 0001016657 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-PROFESSIONAL & COMMERCIAL EQUIPMENT & SUPPLIES [5040] IRS NUMBER: 582235556 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21633 FILM NUMBER: 97582837 BUSINESS ADDRESS: STREET 1: 18201 VON KARMAN STREET 2: STE 305 CITY: IRVINE STATE: CA ZIP: 92612 BUSINESS PHONE: 7144750800 MAIL ADDRESS: STREET 1: 18201 VON KARMAN AVE STREET 2: SUITE 305 CITY: IRVINE STATE: CA ZIP: 92612 8-K 1 FORM 8-K FOR EARLIEST EVENT REPORTED / 4-3-1997 1 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) April 3, 1997 Bristol Technology Systems, Inc. (Exact name of registrant as specified in its charter) Delaware 0-21633 58-2235556 (State or other juridiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 18201 Von Karman Avenue, Suite 305, Irvine, California 92612 (Address of prinicipal executive offices) (Zip Code) Registrant's telephone number, including area code: (714) 475-0800 Not Applicable (Former name or former address, if changed since last report) 2 ITEM 5 - OTHER EVENTS On April 3, 1997, Bristol Technology Systems, Inc. ("the Company"); Smyth Merger Corp., a Delaware corporation and a newly-formed, wholly-owned subsidiary of the Company ("SMC"); Smyth Systems, Inc., a Delaware corporation ("SSI"); and the managing stockholders of SSI entered into an Agreement and Plan of Reorganization (the "SSI Agreement"), which contemplates a reverse triangular merger of SMC with and into SSI (the "SSI Merger") in a tax-free reorganization. In connection with the SSI Merger, the stockholders of SSI will exchange all of the outstanding capital stock of SSI for $5,338,200 of non-registered, restricted Common Stock of the Company. The exact number of shares to be issued shall be determined based upon the closing price of the Company's publicly traded common stock during the period between April 3, 1997 and the closing date, currently scheduled for May 31, 1997. The closing is subject to several conditions including a due diligence investigation of SSI by the Company. The purchase price is subject to downward adjustment if SSI does not deliver an audited net worth as of December 31, 1996 of at least $1,310,000. The Company has agreed to include the shares of Common Stock to be issued in the SSI Merger in a registration statement to be filed under the Securities Act of 1933, as amended. In connection with the SSI, Merger, Messrs. Robert T. Smyth, Larry D. Smyth and William A. Smyth, who are executives and principal stockholders of SSI, will continue to be employed by SSI following the closing of the SSI Merger pursuant to written employment agreements. SSI has been in business since 1949 and is comprised of two divisions. One division is a provider of automated, integrated, turnkey systems for country clubs, golf shops, golf resort operations, retail apparel specialty stores, department stores, sporting goods stores, and museum shops, with installations in 48 of the 50 United States and in four countries. SSI provides these products and services from its offices in Canton, Ohio; Irvine, California; Dallas, Texas; and Salt Lake City, Utah. The second division is a provider of point-of-sale ("POS") systems manufactured by NCR. SSI sells, installs and services NCR POS systems at supermarkets, quick service food outlets, restaurants and other retail establishments from its base office in Canton, Ohio for the Canton, Akron, Cleveland, Youngstown and Mansfield areas, and from its office in Irvine and Montclair, California for the Southern California area. For the twelve months ended December 31, 1996, SSI had preliminary unaudited net revenues and earnings before interest and taxes of $12,100,00 and $540,000, respectively. Total assets at December 31, 1996, were approximately $3,300,000. The Merger is expected to be accounted for as a pooling of interest. On April 14, 1997, the Company, Cash Registers Incorporated, a Kentucky corporation and a wholly-owned subsidiary of the Company ("CRI"), Electronic Business Machines, Inc., an Indiana corporation ("EBM"), and Floyd Shirrell, the sole stockholder of EBM, entered into an Agreement and Plan of Merger (the "EBM Agreement"), which contemplates a forward triangular merger of EBM with and into CRI (the "EBM Merger") in a tax-free reorganization. In connection with the EBM Merger, Mr. Shirrell will exchange all of the outstanding capital stock of EBM for $400,000 in cash paid by CRI and $550,000 of non-registered, restricted Common Stock of the Company. The exact number of shares to be issued shall be determined based upon the closing price of the Company's publicly traded common stock on May 25, 1997. The closing date for the EBM Merger is currently scheduled for May 31, 1997. The closing is subject to several conditions including a due diligence investigation of EBM by the Company. The purchase price is subject to both upward and downward adjustments depending upon whether EBM delivers more or less than $124,000 of audited net worth as of the closing date. In addition, the purchase price is subject to a downward adjustment if EBM delivers less than $180,000 of audited pre-tax earnings for the twelve month period ending as of the closing date. In connection with the EBM Merger, Mr. Shirrell will be retained as an independent contractor of CRI and the Company pursuant to a written agreement to (i) procure acquisition candidates for the Company; and (ii) advise CRI with respect to market, sales and service opportunities for POS systems. EBM, which has been in business since 1973, sells, installs and services POS systems within central Indiana and central Kentucky from its offices in Indianapolis, Indiana and Louisville, Kentucky. The primary focus of EBM's business is to serve the POS systems needs of the table service restaurant market with products manufactured by Micros. EBM also specializes in the sale of generic PC systems in 3 those situations when networking is a requirement of the customer. For the twelve months ended December 31, 1996, EBM had preliminary unaudited net revenues and pre-tax earnings of $2,400,000 and $178,000, respectively. Total assets at December 31, 1996 were approximately $1,000,000. The Company's recently announced financial results for the period from inception (April 3, 1996) to December 31, 1996 stated net revenues of $4,196,000 and a net loss of $107,000. Item 7 - Financial Statements, Pro Forma Financial Information and Exhibits 99.2 Press Release dated April 4, 1997. 99.3 Press Release dated April 14, 1997. 4 SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BRISTOL TECHNOLOGY SYSTEMS, INC. By: /S/ KELLY KAUFMAN ----------------------------- Kelly Kaufman, Vice President and Principal Financial Officer April 17, 1997 EX-99.2 2 NEWS RELEASE-ACQUIRE OHIO-BASED AUTOMATION COMPANY 1 EXHIBIT 99.2 FOR IMMEDIATE RELEASE CONTACT: Mr. Paul Spindler Executive Vice President Bristol Technology Systems, Inc. (714) 475-0800 Mr. Robert Smyth President and CEO Smyth Systems, Inc. (330) 499-6392 BRISTOL TECHNOLOGY SYSTEMS TO ACQUIRE OHIO-BASED RETAIL AUTOMATION COMPANY IRVINE, CA, April 4, 1997 -- Bristol Technology Systems Inc. (BTEC:NASDAQ) and Smyth Systems, Inc. today announced they have reached a definitive agreement for a merger of the two companies in an exchange of stock. Specific terms of the transaction were not disclosed. Smyth, headquartered in Canton, Ohio, provides turnkey retail automation solutions for vertical markets, which include many of the nation's leading country clubs and resorts, specialty retailers and museum stores. It also operates a point-of-sale (POS) systems dealership serving supermarket and food service retailers in Southern California and Northern Ohio. The POS operation sells, installs and services equipment manufactured by NCR. Founded in 1949, Smyth Systems has operations in Irvine, Montclair and San Diego, California; Dallas, Salt Lake City and Canton. Bristol, based in Irvine, California, operates point-of-sale systems dealerships in Kentucky, Ohio, Washington and California. Richard H. Walker, Bristol president and chief executive officer, said the merger moves Bristol strongly into the integrated turnkey software solutions market across the country and at the same time significantly increases the combined companies' market share for POS systems in California and Ohio. Bristol dealers currently have operations in the San Francisco area and Dayton, Ohio. Walker said Bristol resources would be made available to Smyth Systems to accelerate expansion of its retail solutions and POS business. 2 BRISTOL ACQUISITION OF RETAIL AUTOMATION COMPANY - Page 2 Walker said Smyth Systems would operate under its current management as a subsidiary of Bristol. Robert Smyth, president and chief executive officer, Larry Smyth and Bill Smyth, both senior vice presidents, all have agreed to long term employment contracts, he said. The transaction was Bristol's second in a week. Earlier, it announced it had executed a definitive agreement to acquire International Systems & Electronics, a Miami, Florida-based POS dealer for an undisclosed amount of cash and stock. With the addition of Smyth Systems, Bristol's annual ized revenues will approximate more that $30 million, the company said. X X X EX-99.3 3 NEW RELEASE-CRI ACQUIRE POINT-OF-SALE SYSTEMS 1 EXHIBIT 99.3 FOR IMMEDIATE RELEASE CONTACT: Paul Spindler Executive Vice President Bristol Technology Systems, Inc. (714) 475-0800 Maurice Johnson President and CEO CRI (606) 276-3914 CRI, KENTUCKY-BASED SUBSIDIARY OF BRISTOL TECHNOLOGY SYSTEMS, TO ACQUIRE POINT-OF-SALE SYSTEMS DEALERS IN ILLINOIS, INDIANA LONDON, KY, April 14, 1996 - CRI, a subsidiary of Bristol Technology Systems, Inc. (BTEC:NASDAQ), with sales and service facilities in Kentucky and southern Ohio, today announced it is expanding its point-of-sale systems operations into Indiana and Illinois via two acquisitions. Maurice Johnson, president and chief executive officer, said CRI has executed a definitive agreement to acquire Electronic Business Machines, Inc. (EBM), of Indianapolis, and that it has completed the purchase of Microdata, Inc., of Mount Vernon, Illinois. These two acquisitions "provide significant opportunities for CRI beyond the extension of our geographic market," Johnson said. He said EBM sells and services POS systems manufactured by Micros for restaurants, which represents a new market opportunity for CRI. In addition, Johnson explained that EBM has an operation in Louisville which, over time, will be combined with CRI's Louisville operation. Microdata, which specializes in sales and service of POS installations for supermarkets and quick serve food outlets, complements CRI's operations in that market segment, he added. Johnson said the operations of both EBM and Microdata will be consolidated under management of CRI, which has offices in four Kentucky cities and Dayton, Ohio. He said Mark Love, president and former owner of Microdata, is joining CRI's senior management team and that Floyd Shirrell, owner of EBM, has entered into a long term consulting agreement with CRI. Bristol Technology Systems operates POS systems dealerships and systems integration companies engaged in retail automation. 2 The CRI transactions brings to four the number of acquisitions announced by Bristol Technology Systems in the last two weeks. X X X -----END PRIVACY-ENHANCED MESSAGE-----