-----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, KiySvOcoT45Uns2No8po1ar9Qn30hf1QPZ792NSi3wjijHbH6gU+Aruz58CWobZY hpRmMcYDZPjJKpNQca7Uyw== 0001275287-05-000911.txt : 20050310 0001275287-05-000911.hdr.sgml : 20050310 20050310124618 ACCESSION NUMBER: 0001275287-05-000911 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20050310 ITEM INFORMATION: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050310 DATE AS OF CHANGE: 20050310 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PPT VISION INC CENTRAL INDEX KEY: 0000704460 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] IRS NUMBER: 411413345 STATE OF INCORPORATION: MN FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11518 FILM NUMBER: 05671513 BUSINESS ADDRESS: STREET 1: 12988 VALLEY VIEW ROAD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 BUSINESS PHONE: 9529969500 MAIL ADDRESS: STREET 1: 12988 VALLEY VIEW ROAD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 FORMER COMPANY: FORMER CONFORMED NAME: PATTERN PROCESSING TECHNOLOGIES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PATTERN PROCESSING CORP DATE OF NAME CHANGE: 19840318 8-K 1 pp2248.txt ================================================================================ 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): MARCH 10, 2005 PPT VISION, INC. ------------------------------------------------------ (Exact name of Registrant as specified in its charter) MINNESOTA ---------------------------------------------- (State or other jurisdiction of incorporation) 0-11518 41-1413354 ------------------------ ------------------- (Commission File Number) (I.R.S. Employer Identification No.) 12988 Valley View Road Eden Prairie, Minnesota 55344 ----------------------------------------------------- (Address of principal executive offices and Zip Code) Registrant's telephone number, including area code: (952) 996-9500 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ Items under Sections 1-4, 6 and 7 are not applicable and therefore omitted. ITEM 5.03 AMENDMENTS TO ARTICLES OF INCORPORTION OR BYLAWS; CHANGE IN FISCAL YEAR. ITEM 8.01 OTHER EVENTS. On March 10, 2005, PPT Vision, Inc. (the "Company") issued a press release attached hereto at Exhibit 99.1 announcing that its Board of Directors approved a 1-for-4 reverse split of its common stock effective as of the close of business on March 31, 2005 and the conversion to book-entry share registration also effective as of March 31, 2005. In connection with the reverse split, the Board of Directors also approved an amendment to Article 4.1 of the Company's Articles of Incorporation to proportionately reduce the number of shares of common stock authorized from 20,000,000 shares to 5,000,000 shares. The amendment to the Company's Articles of Incorporation will become effective on March 31, 2005, the effective date of the reverse split. The text of Article 4.1 of the Company's Articles of Incorporation, as amended on March 10, 2005, is attached at Exhibit 3.1. In connection with the conversion to book-entry share registration, the Board of Directors approved amendments to Sections 5.01 and 5.02 of the Company's Bylaws on March 10, 2005. Because book-entry share registration does not involve the issuance or transfer of physical certificates to shareholders, the Bylaws were amended to avoid conflict relating to the provisions of Sections 5.01 and 5.02 requiring that the Company's stock be certificated and that stock certificates be surrendered upon transfer. With the amendments, shares of the Company's common stock may be issued in certificated or uncertificated form and a stock certificate must be surrendered upon transfer only if the shares were issued in certificated form. The text of Sections 5.01 and 5.02 of the Company's Bylaws, as amended on March 10, 2005, is attached at Exhibit 3.2. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS Exhibit No. Description - ----------- ------------------------------------------------------------------ 99.1 Press Release issued March 10, 2005. 3.1 Article 4.1 of the Articles of Incorporation of PPT Vision, Inc., as amended March 10, 2005. 3.2 Sections 5.01 and 5.02 of the Bylaws of PPT Vision, Inc., as amended March 10, 2005. SIGNATURE 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. PPT VISION, INC. By: /s/ Joseph Christenson ---------------------- Joseph C. Christenson President Dated: March 10, 2005 EX-99.1 2 pp2248ex991.txt Exhibit 99.1 PPT VISION ANNOUNCES REVERSE STOCK SPLIT AND CONVERSION TO BOOK-ENTRY SHARE REGISTRATION MINNEAPOLIS, March 10 /PRNewswire-FirstCall/ -- PPT VISION, Inc. (Nasdaq: PPTV) today announced that its Board of Directors approved a one-for-four (1:4) reverse split of its common stock effective as of the close of business on March 31, 2005. Shareholders will receive one new share of PPT VISION common stock for every four shares held as of the close of business on March 31, 2005. After the reverse split, the Company will have approximately 2,996,590 shares of its common stock outstanding. Effective April 1, 2005, for a period of twenty trading days, the Company's stock symbol will be appended with a "D" (PPTVD) in order to inform the trading community of the reverse split. The Company will not issue any fractional shares of its new common stock as a result of the reverse split. Instead, shareholders who would otherwise be entitled to receive a fractional share of new common stock will be issued a full share of new common stock. To provide shareholders with better record keeping, the post-reverse split shares will be issued in "book-entry" form, without stock certificates. The new shares will be registered in the name of the holder on the books of PPT VISION maintained by the Company's transfer agent, Wells Fargo Shareowner Services. PPT VISION shareholders will receive instructions from Wells Fargo Shareowner Services via mail about the reverse stock split and the transition to book-entry share registration. The primary reason the Company is implementing the reverse stock split is to enable the Company to regain compliance with the minimum bid price requirement of the Nasdaq SmallCap Market. The Company has until May 2, 2005 to demonstrate compliance with the minimum bid price requirement by a closing bid price of at least $1.00 for ten consecutive trading days. Another reason is to bring the number of shares outstanding into a more appropriate alignment with the current size of the Company, thus making future EPS calculations more meaningful. President of PPT VISION, Joseph C. Christenson, noted, "We believe that a reduced number of shares outstanding and a higher share price is in the best long-term interests of our shareholders as it enables the Company to continue its listing on the Nasdaq SmallCap Market. In addition, we feel that the resulting number of shares outstanding is a better fit relative to the current size of the Company. Further, it's an important part of our efforts to provide our shareholders with better liquidity and to garner increased visibility with current and potential investors, as we continue to execute our business strategy to realize stronger growth and profitability." The Company is also implementing the change to book entry registration at the same time for several reasons. Book-entry shares will provide PPT VISION shareholders with a more convenient, safe and cost effective means of share ownership. Shares held in book-entry form cannot be lost, stolen or misplaced, eliminating the cost related to safekeeping or replacing stock certificates. Further, shareholders will be able to request electronic movement of book-entry shares between accounts at Wells Fargo Shareowner Services and shareholder accounts at their broker-dealers. About PPT VISION PPT VISION, Inc. ("the Company") designs, manufactures, and markets camera-based intelligent systems for automated inspection in manufacturing applications. The Company's products, commercially known as machine vision systems, enable manufacturers to realize significant economic paybacks by increasing the quality of manufactured parts and improving the productivity of manufacturing processes. The Company's machine vision product line is sold on a global basis to end-users, system integrators, distributors and original equipment manufacturers (OEM's) primarily in the electronic and semiconductor component, automotive, medical device, and packaged goods industries. The Company's Common Stock trades on the Nasdaq Small Cap Market tier of The Nasdaq Stock Market under the symbol PPTV. For more information, please see the PPT VISION, Inc. web site at http://www.pptvision.com . Forward-Looking Statements The discussion above contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations, beliefs, intentions and strategies regarding the future. Forward-looking statements include, without limitation, statements regarding the extent and timing of future revenues and expenses and customer demand. All forward-looking statements included in this document are based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any such forward- looking statements. The Company's actual results are subject to risks and uncertainties and could differ materially from those discussed in the forward- looking statements. These statements are based upon the Company's expectations regarding a number of factors, including those contained in the Company's Form 10-KSB for the year ended October 31, 2004 and other reports filed with the Securities and Exchange Commission. SOURCE PPT VISION, Inc. -0- 03/10/2005 /CONTACT: Timothy C. Clayton, Chief Financial Officer of PPT VISION, Inc., +1-952-996-9500, Facsimile +1-952-996-9501, ir@pptvision.com / /Web site: http://www.pptvision.com / EX-3.1 3 pp2248ex31.txt Exhibit 3.1 Article 4.1 of the Articles of Incorporation of PPT Vision, Inc., as amended March 10, 2005: 4.1 Authorized Capital Stock - The authorized capital stock of this corporation shall be Five Million (5,000,000) shares of Common Stock with $.10 par value per share and Ten Million (10,000,000) shares of Preferred Stock with no par value per share. In accordance with the Statutes of the State of Minnesota, the Board of Directors may subdivide the Common Stock and Preferred Stock into one or more series and may designate the relative rights and preferences of the different classes and series to the extent the relative rights and preferences of the different classes and series are not otherwise fixed in the Articles, including with respect to the Preferred Stock, the right to create voting, dividend and liquidation preferences greater than those of the Common Stock. All shares are to be held, sold and paid for at such times and in such manner as the Board of Directors may from time to time determine, in accordance with the statutes of Minnesota. EX-3.2 4 pp2248ex32.txt Exhibit 3.2 Sections 5.01 and 5.02 of the Bylaws of PPT Vision, Inc., as amended March 10, 2005: Section 5.01. Certificates for Shares. Shares of the corporation's stock may be certificated or uncertificated, as provided under Minnesota law. All certificates of stock of the corporation shall be numbered and shall be entered in the books of the corporation as they are issued. All certificates shall exhibit the holder's name and number of shares and shall be signed by the President. If a Secretary has been elected, the certificates may also be signed by the Secretary. Every certificate surrendered to the corporation for exchange or transfer shall be cancelled and no shares (whether certificate or uncertificated) shall be issued in exchange for any existing certificate until such existing certificate has been so cancelled. Any or all of the signatures on the certificate may be a facsimile. Section 5.02. Transfer of Shares. Transfers of stock shall be made on the books of the corporation only by the record holder of such stock, or by attorney lawfully constituted in writing, and, in the case of stock represented by a certificate, upon surrender of the certificate. Subsequent to consent, the corporation may treat, as the absolute owner of the shares of the corporation, the person or persons in whose name or names the shares are registered on the books of the corporation. -----END PRIVACY-ENHANCED MESSAGE-----