-----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, D9mBMXP77nZRH/DAJp1m120Ff7LydmT1HKSPegp27ei5t8GJgvsrnovxbi2Bz7sg 7aFMeOs0YomL+5IwoWI+kg== 0001275287-06-000178.txt : 20060117 0001275287-06-000178.hdr.sgml : 20060116 20060117165014 ACCESSION NUMBER: 0001275287-06-000178 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060110 ITEM INFORMATION: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060117 DATE AS OF CHANGE: 20060117 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: 06533498 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 pv4489.txt FORM 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): January 10, 2006 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 1-2, 4, 6-8 are not applicable and therefore omitted. ITEM 3.01. NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER OF LISTING. On January 10, 2006, the Board of Directors of PPT Vision, Inc. (the "Company") authorized the Company to remove its common stock from listing on the Nasdaq Capital Market and to transfer the Company's common stock to quotation on the OTC Bulletin Board with the anticipated effective date of the change to be January 23, 2006. A copy of the press release relating to this action is attached as Exhibit 99.1 ITEM 5.02. DEPARTURE OF DIRECTOR OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS. On January 10, 2006, two directors of the Company, David C. Malmberg and Benno G. Sand, advised the Company that they would not stand for reelection at the 2006 Annual Meeting of Shareholders. The Company intends to nominate for reelection at the 2006 Annual Meeting of Shareholders its remaining three directors, Joseph C. Christenson, Robert W. Heller and Peter R. Peterson. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. Exhibit No. Description - ----------- ------------------------------------------------------------------ 99.1 Press Release issued by PPT Vision, Inc. on January 17, 2006. 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 C. Christenson ------------------------------- Joseph C. Christenson President Dated: January 17, 2006 EX-99.1 2 pv4489ex991.txt EXHIBIT 99.1 Exhibit 99.1 PPT VISION ANNOUNCES MOVE TO OTC BULLETIN BOARD MINNEAPOLIS, Jan. 17 /PRNewswire-FirstCall/ -- PPT VISION, Inc. (Nasdaq: PPTV) announced today that the Company's common stock will commence trading on the OTC Bulletin Board beginning on January 23, 2006 under the symbol [PPTV.OB]. PPT VISION is currently in compliance with the listing requirements of the Nasdaq Capital Market. PPT VISION had shareholders' equity of $2.55 million as of its fiscal year ending October 31, 2005, which is slightly higher than the $2.5 million minimum shareholders' equity required for continued inclusion on the Nasdaq Capital Market. The Company expects to incur a net loss, however, in the first quarter of its 2006 fiscal year that would drop its shareholders' equity below $2.5 million minimum required for continued listing. Therefore, the Company's Board of Directors decided to move trading in the Company's common stock from the Nasdaq Capital Market to the OTC Bulletin Board, rather than raising additional capital in the form of equity at this time for the sole purpose of meeting the Nasdaq Capital Market minimum shareholders' equity requirement. "As we have stated before, PPT VISION will be required to raise capital to meet it's liquidity requirements if sales do not increase substantially in fiscal year 2006 compared to sales in fiscal year 2005. However, we believe that it is in our shareholders best interest that the Company raise capital in the amount needed and at the point in time that it is needed, based on the progress the Company demonstrates with it business plan over the course of fiscal year 2006. In this way, the Company can minimize shareholder dilution as rather than raising more capital than is needed before it is needed, for the sole purpose of meeting the Nasdaq requirement," stated Mr. Joe Christenson, the President of PPT VISION. 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. 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 the limited trading market for the Company's common stock on the OTC Bulletin Board, and the potential for low volume and price disruption in the market for the Company's common stock during the transition to the OTC Bulletin Board, the Company's ability to obtain additional working capital if necessary to support its operations, the success of the Company's new IMPACT machine vision micro-system, changes in worldwide general economic conditions, cyclicality of capital spending by customers, the Company's ability to keep pace with technological developments and evolving industry standards, worldwide competition, and the Company's ability to protect its existing intellectual property from challenges from third parties. A detailed description of the factors that could cause future results to materially differ from the Company's recent results or those projected in the forward-looking statements are contained in the section entitled "Description of Business" under the caption "Important Factors Regarding Forward-Looking Statements" contained in its filing with the Securities and Exchange Commission on 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- 01/17/2006 /CONTACT: Joseph C. Christenson, President and Chief Financial Officer, of PPT VISION, Inc., +1-952-996-9500, e-mail: ir@pptvision.com / /Web site: http://www.pptvision.com / (PPTV) -----END PRIVACY-ENHANCED MESSAGE-----