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| NTIC > SEC Filings for NTIC > Form 8-K on 11-Sep-2009 | All Recent SEC Filings |
11-Sep-2009
Results of Operations and Financial Condition, Regulatio
On September 10, 2009, Northern Technologies International Corporation ("NTIC") publicly announced certain preliminary financial information for the fourth quarter and fiscal year ended August 31, 2009. For further information, please refer to the press release attached hereto as Exhibit 99.1, which is incorporated by reference herein.
The information contained in this report and the exhibit hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filings made by NTIC under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
On September 5, 2008, shortly prior to his death, Philip M. Lynch, founder and former Executive Officer of Inter Alia Holding Company ("IAHC"), as well as former Chairman and Chief Executive Officer of NTIC, pledged 295,000 shares of NTIC common stock owned by IAHC (the "Pledged Shares") as collateral for a promissory note issued by International Barcode Corporation (d/b/a "BTI") made payable to Park Avenue Bank (the "Note").
NTIC was recently informed by IAHC, an entity now partially owned by G. Patrick Lynch, NTIC's current President and Chief Executive Officer and a director, together with the three other surviving members of the Lynch family, that IAHC has recently learned that BTI had defaulted on the Note and that Park Avenue Bank has made various attempts to foreclose on the collateral of 295,000 shares of NTIC common stock. NTIC also was informed by IAHC that IAHC is currently involved in litigation with Park Avenue Bank, Oppenheimer & Co. Inc., as well as BTI, regarding the Pledged Shares and the possible foreclosure and sale of the Pledged Shares by Park Avenue Bank.
IAHC beneficially owns 852,068 shares of NTIC common stock, or approximately 22.7 percent of NTIC's outstanding common stock, as of August 31, 2009, including the 295,000 Pledged Shares. As of August 31, 2009, an additional 83,167 shares of NTIC common stock owned by IAHC were pledged as collateral to another bank for other loan obligations.
(d) Exhibits.
Exhibit
No. Description
99.1 Press Release Issued by Northern Technologies International Corporation
on September 10, 2009
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