-----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, HKdH9AtVnI7f5y5T6CBfAfOni9Nm4h5JnWJgQ5aTojIdpLPCbAz+Iv36aCOorafr gCTi9+YyiO5b3VuMnzd95g== /in/edgar/work/20001103/0000950116-00-002646/0000950116-00-002646.txt : 20001106 0000950116-00-002646.hdr.sgml : 20001106 ACCESSION NUMBER: 0000950116-00-002646 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001027 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20001103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BASE TEN SYSTEMS INC CENTRAL INDEX KEY: 0000010242 STANDARD INDUSTRIAL CLASSIFICATION: [7372 ] IRS NUMBER: 221804206 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-07100 FILM NUMBER: 752531 BUSINESS ADDRESS: STREET 1: ONE ELECTRONICS DR CITY: TRENTON STATE: NJ ZIP: 08619 BUSINESS PHONE: 6095867010 MAIL ADDRESS: STREET 1: ONE ELECTRONICS DR CITY: TRENTON STATE: NJ ZIP: 08619 8-K 1 0001.txt 8-K ================================================================================ UNITED STATES 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): October 27, 2000 BASE TEN SYSTEMS, INC. (Exact name of registrant as specified in its charter) New Jersey 0-7100 22-1804206 (State or other jurisdiction (Commission (I.R.S. employer of incorporation) File Number) identification no.) One Electronics Drive Trenton, New Jersey 08619 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (609) 586-7010 ================================================================================ Item 5. Other Events Business Redirection, Board Reconstitution and Senior Management Changes. On October 27, 2000, Base Ten Systems, Inc. (the "Company") announced the decision of its board of directors (the "Board") to pursue a new business direction in contract manufacturing in various industries. The Company also announced a reconstitution of its Board to reflect the redirection of its business. The reconstituted Board will be led by Edward J. Klinsport, a former executive officer and director of the Company, as Chairman, in place of Stephen Cloughley, who will also be succeeded as President and CEO of the Company by Mr. Klinsport. In addition, the Board membership of Robert Hurwitz was relinquished to Andrew Sycoff, President of Andrew Garrett Inc., an investment banking firm. The press release announcing the changes and related developments is filed as an exhibit to this report and is incorporated herein by reference. Prospective Loss of Nasdaq Listing. The Company has been advised by Nasdaq that recent bid prices for its common stock below the $1.00 minimum price required for continued inclusion in the Nasdaq Small Cap listings can be expected to result in the loss of the listing if the requirement is not satisfied in the near term. Loss of the Company's listing could be expected to reduce liquidity in its common stock and entail related risks for stockholders. Item 7. Financial Statements and Exhibits (a) None (b) None (c) Exhibits. Exhibit Number Exhibit ------- ------- 20.1 Press release issued October 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. BASE TEN SYSTEMS, INC. Date: November 3, 2000 By: /s/ Kenneth Riley -------------------------------- Kenneth Riley, Chief Financial Officer (Duly Authorized Officer) EX-20.1 2 0002.txt EXHIBIT 20.1 EXHIBIT 20.1 CONTACT: Mr. Kenneth Riley Base Ten Systems, Inc. 609 586-7010 Base Ten Announces Reorganization Trenton, N.J., October 27, 2000 - Base Ten Systems Inc. (NasdaqSC: BASEA) announced today that, at a meeting of its Board of Directors on October 20, 2000, it has decided to pursue a new business direction in contract manufacturing for various industries. At the same time, it has announced a major reorganization to help drive the new initiative and ensure that it can capitalize on the opportunities as quickly as possible. Stephen Cloughley's term as President and Chief Executive Officer ended on October 27, 2000 and he will be succeeded as President and CEO by Edward J. Klinsport effective October 28, 2000. Mr. Klinsport's executive team will comprise Edward Struble as Vice President of Sales and Marketing, and Kenneth Riley as CFO. Mr. Cloughley will work closely with the new team to evaluate a number of strategic alternatives for the current business of clinical software business including its possible sale. Mr. Klinsport stated, "a significant market exists in contract manufacturing for several industries and we expect to become a well respected company in that field within the next few years. I believe we have a very good team with many year of experience in several business areas". The composition of the Board has also changed, to reflect the new direction. Chairman Robert Hurwitz and Board member Stephen Cloughley have resigned, effective October 27, 2000. John Rhineberger will continue to serve his term and Andrew Sycoff , President of the investment banking firm Andrew Garrett, Inc. has been elected to the Board effective October 27, 2000. The newly structured Board will be led by Edward J. Klinsport as Chairman. Forward-Looking Statements Regarding Base Ten Systems - ----------------------------------------------------- The foregoing contains "forward-looking information" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by such forward-looking terminology as "may," "will," "believe," "anticipate," "expect," or similar words or variations thereof. Such forward-looking statements involve certain significant risks and uncertainties. Important factors that Base Ten believes may cause actual results to differ materially from such forward-looking statements are discussed in the "Risk Factors," "Business" and "MD&A" sections of the company's current S-3 registration statements and annual and quarterly reports on file with the Securities and Exchange Commission. Additional risk factors include the effectiveness of software and the ability of software to operate without "bugs" in the technology and acceptance of the release by customers and actual rollout. In assessing such forward-looking statements, investors are urged to read carefully those reports and other filings. Base Ten does not undertake to publicly update or revise its forward-looking statements, even if experience or future changes indicate that any such results or event (expressed or implied) will not be realized. -----END PRIVACY-ENHANCED MESSAGE-----