SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15 (d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) July 8, 2002
SIMTEK CORPORATION
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(Exact name of registrant as specified in its charter)
Colorado 0-19027 84-1057605
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
4250 Buckingham Dr. #100
Colorado Springs, Colorado 80907
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(Address of principal executive offices) Zip Code
Registrant's telephone, including area code: (719) 531-9444
Not applicable
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Former name or former address, if changed since last report
Item 5: Other Information:
Simtek Corporation released the following press release dated July 8, 2002,
titled "Simtek Closes $3 Million Financing Transaction with Renaissance Capital
of Dallas":
Simtek Closes $3 Million Financing Transaction with
Renaissance Capital of Dallas
Colorado Springs, CO, July 8, 2002 - Simtek Corporation (OTC BB: SRAM), has
announced the closing of a $3 million financing transaction with three funds
advised by Renaissance Capital Group of Dallas, TX.
Simtek's funding from Renaissance consists of $3 million of convertible
debentures with a 7-year term at a 7.5% percent per annum interest rate. The
debentures are convertible at the option of the holder into Simtek common stock
at 31.2 cents per share, a 20% premium to the 26 cent market closing price on
June 28. Upon certain conditions, the Company may redeem the debentures or force
conversion. Renaissance also has the right to appoint one member to the Simtek
Board of Directors.
The funds advised by Renaissance Capital Group seek to invest in the securities
of small capitalization emerging growth companies, frequently through private
placements, with the objective of realizing above average rates of return.
Simtek plans to use the net proceeds primarily for working capital to support
the company's growth plans.
"We are pleased that Renaissance Capital is showing continued support for
Simtek," stated Douglas Mitchell, Simtek's president and CEO. "They know our
business well and will provide valuable guidance going forward as we continue to
build our product portfolio and our markets. This additional capital is
especially important while the overall market is so unpredictable. These funds
provide additional security for the company during a time of exciting new
product development activities that will extend our reach into new
applications."
Current Simtek products are continually being optimized while the nonvolatile
process is being integrated into Amkor Technology's Anam facility on their 0.25
micron process. The new developments will support 1 million bit nvSRAM products,
providing 4 times the density of Simtek's current products along with additional
system-specific features. The smaller feature sizes, resulting in higher product
densities, less power consumption and lower system cost will result in the
highest performance byte-addressable nonvolatile memory technology in the
marketplace.
Simtek Corporation delivers fast re-programmable nonvolatile semiconductor
memories and cost-effective FPGA to ASIC conversions. Information on Simtek
products can be obtained from its web page: www.simtek.com; email:
info@simtek.com; by calling (719) 531-9444; or fax (719) 531-9481. The company
is headquartered in Colorado Springs, Colorado, with international sales and
marketing channels. Simtek is listed under the symbol SRAM on the OTC Electronic
Bulletin Board.
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements predicting the
availability of new products during 2002 and statements predicting the Company's
future growth. Such statements involve risks and uncertainties, and actual
results could differ materially from the results anticipated in such
forward-looking statements as a result of a number of factors, including, but
not limited to, the risk of delays in the availability of new products due to
technological, market or financial factors including the availability of
necessary working capital, or the other factors described in the Company's most
recent Form 10-KSB and Form 10-QSB filed with the Securities and Exchange
Commission.
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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 and hereunto duly authorized.
SIMTEK CORPORATION
July 8, 2002 By: /s/Douglas Mitchell
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DOUGLAS MITCHELL
Chief Executive Officer, President
and Chief Financial Officer (acting)
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