Southwall Technologies 8-K 8-9-2006
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): August 9, 2006
Southwall
Technologies Inc.
(Exact
name of registrant as specified in its charter)
Delaware
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0-15930
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94-2551470
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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3788
Fabian Way
Palo
Alto, California 94303
(Address
of principal executive offices)
(650) 962-9111
(Registrant’s
telephone number, including area code)
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):
o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under Exchange Act (17
CFR
240.13e-4(c))
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On
August
9, 2006, Southwall Technologies Inc. (the “Registrant”) announced that its chief
executive officer and president, Thomas G. Hood, resigned. Mr. Hood also
resigned as a director of the Registrant.
Also
on
August 9, 2006, the Registrant announced that George Boyadjieff, the Chairman
of
the Board of Directors of the Registrant, was appointed as the Registrant’s new
Chief Executive Officer, while a search is conducted for a permanent replacement
for Mr. Hood. The Registrant did not enter into any employment agreement
with
Mr. Boyadjieff but expects that he will be compensated at the same rate that
Mr.
Hood was compensated prior to his resignation.
Mr.
Boyadjieff, age 67, joined the Registrant’s Board of Directors as Chairman in
December 2003. Mr. Boyadjieff was the Chief Executive Officer of Varco
International, Inc., a diversified oil service company, from 1991 through
2002, and the chairman of the Board of Directors of Varco from 1998 through
2003. Mr. Boyadjieff retired from active leadership of Varco in 2003.
Mr. Boyadjieff holds a BS and an MS in mechanical engineering from the
University of California at Berkeley.
SIGNATURES
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.
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SOUTHWALL
TECHNOLOGIES INC.
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By:
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/s/ George
Boyadjieff
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George
Boyadjieff
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Chief
Executive Officer
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Date:
August 11, 2006
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Contact:
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To:
Roween Nacionales
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Southwall
Technologies
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Phone:
(650) 798-1200
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For
Immediate Release
Southwall
Technologies Inc. Announces Resignation of Thomas G. Hood, President and Chief
Executive Officer
Palo
Alto, California - August 10, 2006 - Southwall
Technologies Inc.
(OTC
BB:SWTX.OB), a global developer, manufacturer and marketer of thin-film coatings
for the electronic display, automotive glass and architectural markets,
has
announced today that it has been mutually agreed that its chief executive
officer, Thomas Hood, resign effective August
9,
2006 to pursue other interests.
Hood
will remain with the company in an advisory role through September
8, 2006,
to
ensure a smooth transition. George Boyadjieff, Chairman of the Board, will
assume the role of interim CEO while a search is conducted for Hood’s permanent
replacement.
George
Boyadjieff thanked Hood for his contributions over 25 years with Southwall,
which include the introduction of various multi-layer sputtered thin films
sold
into the Automotive, Architectural and Display markets that reduce energy
consumption, provide solar control and filter energy emissions.
Boyadjieff
joined Southwall’s board of directors as Chairman in December 2003. Boyadjieff
was the Chief Executive Officer of Varco International, Inc., a diversified
oil
service company, from 1991 through 2002, and the chairman of the Board of
Directors of Varco from 1998 through 2003. Boyadjieff retired from active
leadership of Varco in 2003. Boyadjieff holds a BS and an MS in mechanical
engineering from the University of California at Berkeley.
About
Southwall Technologies Inc.
Southwall
Technologies Inc., designs and produces thin
film
products that selectively absorb, reflect or transmit light. Southwall products
are used in a number of automotive,
electronic display and architectural glass
products
to enhance optical and thermal performance characteristics, improve user comfort
and reduce energy costs.
Southwall is an ISO 9001:2000-certified manufacturer and sells advanced
thin
film
coatings to over 25 countries around the world. Southwall’s customers include
Audi, BMW, DaimlerChrysler, DuPont, Mitsui Chemicals, Peugeot-Citroën,
Philips, Pilkington, Renault, Saint-Gobain Sekurit, and Volvo.