SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): November 29, 2001
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INFINITE GROUP, INC.
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(Exact name of Registrant as specified in its charter)
DELAWARE 0-21816 52-1490422
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2364 Post Road, Warwick, RI 02886
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(Address of principal executive office) (Zip Code)
(401) 738-5777
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Registrant's telephone number, including area code
N/A
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(Former name or former address, if changed since last report)
Item 5. Other Events.
On November 29, 2001 the Registrant issued the following press release:
"Infinite Announces Closure of its Osley & Whitney Plastics Operations
Warwick, RI and Westfield, MA (November 29, 2001) - Infinite Group, Inc.
(Nasdaq: IMCI) today announced that its Osley & Whitney, Inc. (O&W) subsidiary
has ceased operations. The Company stated that this decision was a result of O&W
having posted continuing losses for several quarters, due in part to price
competition from foreign competitors, a severe slowdown in the injection mold
industry and other factors.
"We deeply regret that O&W was unable to accomplish the vision anticipated for
our Plastic Group when we acquired the company", said Clifford G. Brockmyre,
President and CEO of Infinite Group, Inc. "Despite every effort by management to
rebuild value and ensure a future for O&W, all possible avenues have been
exhausted and it is clear that the only prudent course of action available to us
is for O&W to cease operation."
"Although we would have preferred a sale, the closure represents a significant
step in our ongoing effort to focus Infinite's business on photonics. The
closure of O&W not only eliminates our largest impediment to profitability, but
it also eliminates a significant distraction that we have encountered in
building a profitable and growing photonics company", continued Brockmyre.
This closure follows Infinite's comprehensive efforts to exhaust all
alternatives for O&W to continue its plastic injection mold business, including
seeking strategic financial investors, strategic partnerships and the sale of
O&W. These measures followed O&W's efforts over the past several months to
reduce operating expenses, refocus marketing programs, and to increase business
efficiencies. However, the bankruptcy of Polaroid, one of O&W's major customers,
coupled with reduced demand from other key customers and continued weakness in
the industry mandated the closure.
Infinite Group is an industry leader in applied photonics, including areas of
laser material processing, advanced manufacturing methods and laser applications
technology.
Infinite Photonics, Inc. develops and markets laser diodes based on its
proprietary, patented and patent pending IP GCSEL(tm) technology platform. IP
GCSEL(tm) product applications include high power pump lasers used for EDFA and
Raman amplification, tunable lasers used in optical transmitters and receivers
for telecommunications, material processing and medical applications.
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This release contains "forward looking statements" based on current expectations
but involving known and unknown risks and uncertainties. Actual results or
achievements may be materially different from those expressed or implied. The
Company's plans and objectives are based on assumptions involving judgments with
respect to future economic, competitive an market conditions and future business
and technology decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond the control of the Company. Therefore,
there can be no assurance that the forward-looking statements, including, but
not limited to, those relating to the commercialization of IP GCSEL laser based
technologies, will prove to be accurate."
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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 hereunto duly authorized.
INFINITE GROUP, INC.
Date: November 29, 2001 By: /s/ Clifford G. Brockmyre II
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Clifford G. Brockmyre II
President
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