ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers
Perfumania Holdings,

Perfumania Holdings, (PERF)

1.86
0.00
(0.00%)
Closed April 17 4:00PM
0.00
0.00
(0.00%)

Unlock more advanced trading tools

Join ADVFN today

Key stats and details

Current Price
1.86
Bid
1.85
Ask
1.99
Volume
-
0.00 Day's Range 0.00
0.00 52 Week Range 0.00
Previous Close
1.86
Open
-
Last Trade
Last Trade Time
Average Volume (3m)
-
Financial Volume
-
VWAP
-

PERF Latest News

No news to show yet.
PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
10000000CS
40000000CS
120000000CS
260000000CS
520000000CS
1560000000CS
2600000000CS

Market Movers

View all
  • Most Active
  • % Gainers
  • % Losers
SymbolPriceVol.
INVOINVO BioScience Inc
$ 1.78
(134.21%)
226.64M
SINTSiNtx Technologies Inc
$ 0.0371
(62.01%)
490.26M
WISAWiSA Technologies Inc
$ 9.1941
(50.72%)
67.74M
EDBLEdible Garden AG Inc
$ 6.745
(48.24%)
12.9M
GCTKGlucoTrack Inc
$ 0.715
(36.27%)
654.24k
IZMICZOOM Group Inc
$ 6.01
(-88.22%)
14.54M
SBFMSunshine Biopharma Inc
$ 3.82
(-43.82%)
4.71M
DAREDare Bioscience Inc
$ 0.285455
(-41.13%)
4.26M
LGVNLongeveron Inc
$ 2.09
(-40.79%)
3.38M
ZAPPZapp Electric Vehicles Group Ltd
$ 0.1651
(-33.45%)
590.45k
SINTSiNtx Technologies Inc
$ 0.0371
(62.01%)
490.26M
INVOINVO BioScience Inc
$ 1.78
(134.21%)
226.64M
SQQQProShares UltraPro Short QQQ
$ 11.86
(3.67%)
168.86M
JAGXJaguar Health Inc
$ 0.163
(-8.58%)
133.95M
TQQQProShares UltraPro QQQ
$ 53.71
(-3.71%)
85.51M

PERF Discussion

View Posts
Renee Renee 7 years ago
PERFQ: BK PLAN effective. All shares cancelled. Holders of interests who make a voluntary election to opt-in to stockholder releases and receive the releasing stockholder consideration under the Plan will receive $2.00 per share.

FINRA deleted symbol:

http://otce.finra.org/DLDeletions
👍️0
Renee Renee 7 years ago
PERF changed to PERFQ and delisted from the Nasdaq to the OTC:

http://otce.finra.org/DLAdditions
👍️0
Awl416 Awl416 7 years ago
Damn 14 years since last post lol
👍️0
jobynimble jobynimble 20 years ago
S-4 filed late Friday for deal w/ Supercom...

http://www.sec.gov/Archives/edgar/data/719662/000095013603002599/file001.htm
👍️0
jobynimble jobynimble 21 years ago
PERF 1.18 x 1.40, last @ 1.29, up .19 on 12,300 shares traded

Perhaps news coming on their pending deal w/ SuperCom


SUPERCOM LTD. AND PERFECTDATA CORPORATION ENTER INTO DEFINITIVE MERGER AGREEMENT


Raanana, Israel and Simi Valley, CA - July 8, 2003 - SuperCom (NASDAQ Europe: SPRC), an Israel-based developer of smart card and ID solutions, and PerfectData Corporation (OTC Bulletin Board: PERF.OB), announced today that they entered into a definitive merger agreement. As part of the proposed merger, if approved by the respective shareholders, PerfectData plans to change its name to SuperCom Corporation or similar name. The terms of the proposed merger are as previously reported.

http://www.perfectdata.com/press.asp?action=view&id=40

👍️0
jobynimble jobynimble 21 years ago
Schedule 14-C filed:

http://www.sec.gov/Archives/edgar/data/719662/000102612103000034/form14c081403.txt
👍️0
jobynimble jobynimble 21 years ago
PREM 14C: PERF Majority Consents; Sell/Liquidate Assets

Monday , August 18, 2003 13:18 ET

According to a PREM 14C filed today, PerfectData Corporation (OTCBB: PERF) received the consent of more than a majority of the outstanding shares of the Company's Common Stock entitled to vote, in lieu of holding a meeting, pursuant to an Agreement dated as of July 15, 2003 by and among Leland P. Polak, Joseph Mazin, William B. Wachtel as Trustee for the Digital Trust, Bryan Maizlish, Timothy D. Morgan, Tracie Savage, Harris A. Shapiro, Corey P. Schlossmann, Irene J. Marino and the Company, authorizing the Company to sell its inventory, intellectual property and business operations for the highest possible price.

If an agreement to sell such assets was not able to be reached, or if any agreement is not closed within a reasonable time frame for any reason, the Company is authorized to liquidate its assets and close its operations. Such consent is general and does not relate to any specific purchaser or purchase price.

👍️0
jobynimble jobynimble 21 years ago
PerfectData Corporation Reports First Quarter Results

SIMI VALLEY, Calif., Aug 14, 2003 (BUSINESS WIRE) --

PerfectData Corporation ("Company") (OTCBB:PERF) today announced results of operations for the first quarter ended June 30, 2003.

Net sales for the current quarter increased 29% to $725,000 from net sales of $564,000 in the year-earlier period. The Company attributed the increase in sales to an increase in the volume of business with its existing customers, rather than to any new products or new business.

The net loss decreased to $(94,000) or $(.02) per share, as compared to a net loss of $(120,000), or $(.02) per share, in the year-earlier period. The decreased loss in the current quarter directly related to the increased sales, offset by a compensation award for past and current services.

As previously reported, the Company executed an Agreement and Plan of Merger and Reorganization dated July 2, 2003 with SuperCom Ltd., an Israeli company.

PerfectData, based in Simi Valley, California, designs and markets a broad line of computer, office care and maintenance products and accessories. The products are designed to eliminate or minimize contamination in and around computers and office automation equipment, and to enhance user performance.

The release herein may contain or identify a forward-looking statement. These statements are based on a number of assumptions and estimates, which are inherently subject to uncertainty and contingencies, many of which are beyond the control of the Company and reflect future business decisions which are subject to change.

PERFECTDATA CORPORATION (OTC Bulletin Board:PERF.OB)
CONDENSED STATEMENTS OF EARNINGS
(In 000's, except per share amounts)

Three Months Ended
June 30,
2003 2002

Net Sales $725 $564
Costs and Expenses:
Cost of goods sold 470 365
Selling, general and administrative expenses 354 331
Other income, net (5) (12)

Total costs and expenses 819 684

Net loss $(94) $(120)

Net loss per common share
-- basic and diluted $(.02) $(.02)

SOURCE: PerfectData Corporation

PerfectData Corporation
Harris A. Shapiro, 805-581-4000

http://www.businesswire.com

Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.


--------------------------------------------------------------------------------
Copyright (C) 2003 Business Wire. All rights reserved.
News provided by

👍️0
jobynimble jobynimble 21 years ago
10-Q filed today...

http://www.sec.gov/Archives/edgar/data/719662/000110465903018489/a03-2687_110qsb.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549



FORM 10-QSB



ý
Quarterly report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934





For the quarterly period ended June 30, 2003




o
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934





For the transition period from to .




Commission File Number 0-12817



PERFECTDATA CORPORATION
(Exact Name of Registrant as Specified in Its Charter)







CALIFORNIA

95-3087593

(State or Other Jurisdiction of
Incorporation or Organization)

(I.R.S. Employer
Identification Number)





110 West Easy Street



Simi Valley, California

93065-1689

(Address of Principal Executive Offices)

(Zip Code)




As of July 25, 2003, there were 6,159,530 shares of Common Stock outstanding.



Transitional Small Business Disclosure Format:



Yes o No ý






--------------------------------------------------------------------------------





PART I. FINANCIAL INFORMATION

Item 1. Financial Statements



PERFECTDATA CORPORATION

Balance Sheet

(Unaudited)

(Dollars in thousands)





June 30,




2003


Assets




Current assets:




Cash and cash equivalents

$
2,113


Accounts receivable, net

118


Inventories

108


Prepaid expenses and other current assets

76







Total current assets

2,415







Property, plant and equipment, at cost, net

1




$
2,416







Liabilities and Shareholders’ Equity




Current liabilities:




Accounts payable

$
185


Accrued compensation

89


Other accrued expenses

71







Total current liabilities

345







Shareholders’ equity:




Preferred Stock. Authorized 2,000,000 shares; none issued




Common Stock, no par value. Authorized 10,000,000 shares; issued and outstanding 6,159,530 shares

11,206


Accumulated deficit

(9,135
)






Net shareholders’ equity

2,071




$
2,416







See accompanying notes to financial statements.




1


--------------------------------------------------------------------------------





PERFECTDATA CORPORATION

Statements of Operations

(Unaudited)

(Amounts in thousands, except per share amounts)





Three Months Ended
June 30,




2003

2002









Net sales

$
725

$
564









Cost of goods sold

470

365









Gross profit

255

199









Selling, general and administrative expenses

354

331









Loss from operations

(99
)
(132
)








Other income:






Other, net

5

12









Net loss

(94
)
(120
)








Net loss per common share - basic and diluted

$
(.02
)
$
(.02
)








Weighted average shares outstanding - basic and diluted

6,159

6,159









See accompanying notes to financial statements.




2


--------------------------------------------------------------------------------





PERFECTDATA CORPORATION

Statements of Cash Flows

(Unaudited)

(Dollars in thousands)





Three Month Period Ended
June 30,




2003

2002









Cash Flows from operating activities:






Net loss

$
(94
)
$
(120
)

Adjustments to reconcile net loss to net cash used in operating activities:






Depreciation and amortization

5

5


(Increase) decrease in accounts receivable

40

(10
)

Decrease in inventories

80

15


Increase in prepaid expenses and other assets

(14
)
(20
)

Increase (decrease) in accounts payable

(98
)
90


Increase (decrease) in accrued expenses

21

(3
)








Net cash used in operating activities

(60
)
(43
)








Decrease in cash and cash equivalents

(60
)
(43
)

Cash and cash equivalents at beginning of period

2,173

2,758









Cash and cash equivalents at end of period

$
2,113

$
2,715









See accompanying notes to financial statements.




3


--------------------------------------------------------------------------------





PERFECTDATA CORPORATION

Notes to Financial Statements



1. All adjustments included in the financial statements in this Report are of a normal recurring nature and are necessary to present fairly the Company’s financial position as of June 30, 2003 and the results of its operations and cash flows for the three months ended June 30, 2003 and 2002. Results of operations for the interim periods are not necessarily indicative of results of operations for a full year due to external factors that are beyond the control of the Company. This Report should be read in conjunction with the Company’s Annual Report on Form 10-KSB for the fiscal year ended March 31, 2003 (“Annual Report 2003”).



During recent months certain major shareholders of the Company on their own initiative had discussed with Harris A. Shapiro, the Chairman of the Board and Chief Executive Officer of the Company, what actions in their opinion the Board should adopt that would be most beneficial to the shareholders of the Company. Mr. Shapiro pointed out to these shareholders, among other matters, that, especially in view of the contemplated transaction with SuperCom, the major customers of the Company were concerned as to how much longer the Company would continue its current operations, and that the lease for the Company’s premises would expire on June 20th, raising the question as to whether it was feasible to renew the lease on any long-term basis. He also reported to these shareholders that the Company was in discussions with several possible purchasers. As a result of these discussions, the participants concluded that the Company should seek to sell these operations, whether or not the SuperCom transaction was consummated, or, if a sale to a third party was not feasible, to liquidate the Company’s inventory and collect its accounts receivable, while waiting the outcome of the SuperCom transaction. The participants in these discussions concluded that either such action, if successfully implemented, would cut the continuing losses and thereby help preserve the Company’s principal asset, its cash and cash equivalents.



On June 22, 2003, the Company’s Board of Directors authorized, subject to obtaining shareholders’ approval, a sale of its operations or, if a sale is not feasible, a liquidation thereof.



2. Inventories



Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out method. Inventories are summarized as follows (in thousands):





June 30, 2003




(unaudited)







Raw materials

$
25


Work in process

1


Finished products

82









$
108





3. Property and Equipment



Property and equipment consist of (in thousands):





June 30, 2003




(unaudited)







Machinery and equipment

$
309


Furniture and fixtures

84


Leasehold improvements

155




548







Less accumulated depreciation and amortization

(547
)








$
1





4


--------------------------------------------------------------------------------





4. Income taxes



At June 30, 2003, the Company had net operating loss (NOL) carryforwards of approximately $4,976,134 for federal income tax purposes expiring in varying amounts through 2020. The NOL carryforwards, which are available to offset future profits of the Company and are subject to limitations should a “change in ownership” as defined in the Internal Revenue Code occur, will begin to expire in 2003 if not utilized. Additionally, the Company has general business tax credit carryforwards of $12,000 which will begin to expire in 2006.



SFAS 109 requires that the tax benefit of such NOLs and other deferred tax assets be recorded as an asset using current tax rates to the extent management assesses the utilization of such NOLs and other assets to be more likely than not. Management has determined that future taxable income of the Company will likely not be sufficient to realize the recorded deferred tax asset of $1,903,754. As such, the Company has recorded a valuation allowance of $1,903,754.



5. Loss Per Common Share



Basic net loss per share is based on the weighted average number of shares outstanding during each of the respective periods. Diluted net loss per share includes the dilutive impact of all Common Stock equivalents such as options and warrants to purchase the Company’s Common Stock. During the respective periods, the impact of the Common Stock equivalents, such as stock options, was antidilutive; therefore, they have been excluded from the calculation of diluted loss per share.



6. Stock-Based Compensation



The Company has adopted the disclosure provisions of SFAS No. 148, Accounting for Stock-Based Compensation — Transition and Disclosure. Due to the reduction of the exercise price of fixed stock options through the cancellation of stock option awards and the granting of replacement awards, per FIN No. 44, Accounting for Certain Transactions involving Stock Compensation, the Company has adopted variable accounting for the replacement awards, per FIN No. 28, Accounting for Stock Appreciation Rights and Other Variable Stock Option or Award Plans.



The Company applies APB Option No. 25 in accounting for its employees and director stock option plans. Had the company determined compensation cost based on the fair value at the grant date for its stock options under SFAS No. 123 and SFAS No. 148, the Company’s net loss would have been increased to the pro forma amounts indicated below. The fair value of these options was estimated at the date of grant using a Black-Scholes option-pricing model, assuming a risk-free interest rate of 4.57% - 6.26%, a ten-year term, 50% volatility, and $0 expected dividend rate.





2003

2002









Net income, as reported

$
(94
)
(120
)

Deduct total stock-based employee compensation expense determined under fair-value-based method for all awards, net of tax

(4
)
(30
)

Pro forma net income

$
(98
)
(150
)

Basic and diluted net loss per common share:






As reported

$
(0.02
)
(0.02
)

Pro forma

(0.02
)
(0.02
)




During the quarter ended June 30, 2003, the Board of Directors approved the issuance of 50,000 shares of the Company's Common Stock to a director as compensation for past services. These shares were fully vested at the issuance date of July 31, 2003 and accordingly, $51,500 was accrued and recognized as a charge to selling, general and administrative expenses for the quarter ended June 30, 2003.



7. Subsequent Event



On July 8, 2003, the Company announced that it had entered into an Agreement and Plan of Merger and Recapitalization dated July 2, 2003 (the “Merger Agreement”) with SuperCom. SuperCom’s shareholders would receive approximately 72.5% of the outstanding shares of the Common Stock (subject to upward adjustment) and the right to name six of the eight directors if shareholders of the Company and SuperCom approve the Merger Agreement and the related transactions. The closing of the Merger Agreement is subject to certain conditions, including shareholder approvals, the registration of the shares to be issued to the SuperCom shareholders and the sale or other disposition of the current operations of the Company.



5


--------------------------------------------------------------------------------





Item 2. Management’s Discussion and Analysis of Financial

Condition and Results of Operations



Critical Accounting Policies


Management believes that the following discussion addresses the Company’s most critical accounting policies, which are those that are most important to the portrayal of the Company’s financial condition and results, and require the most difficult, subjective and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain.



Allowance for Doubtful Accounts:



The Company evaluates the collectibility of its accounts receivable and provides an allowance for estimated losses that may result from customers’ inability to pay. The amount of the reserve is determined by analyzing known uncollectible accounts, aged receivables and customers’ credit-worthiness. Amounts later determined and specifically identified to be uncollectible are written off against the allowance.



Valuation of Inventory:



Inventories are valued at the lower of cost or market. Cost is determined using the first-in, first-out method. Market value is dependent primarily on consumer demand and competitor product offerings. The Company reviews inventories and records adjustments for any decline in its value below cost. Adjustments are primarily determined by identifying excess and slow-moving products based upon prior sales, estimating values for such items, and providing for any losses in value based upon those estimates.



Results of Operations


Net sales for the first fiscal quarter ended June 30, 2003 (“current quarter”) increased $161,000, or 29%, to $725,000 from net sales of $564,000 in the year-earlier period. The increased sales were a result of an increase in sales volume with the Company’s existing customers.



Cost of Goods Sold as a percentage of net sales was 65%, consistent with the year-earlier period.



Selling, General and Administrative Expenses (“Expenses”) for the current quarter were $354,000 as compared to $331,000 in the year-earlier period, an increase of $23,000. The Board of Directors awarded the Chairman of the Audit Committee 50,000 shares of the Company’s Common Stock as compensation for his services over the past three years. Although the shares were issued July 31, 2003, subsequent to the current quarter, since the compensation was for past services performed, the Company has recorded in the current quarter $51,500 of compensation expense related to these shares. The increase in Expenses was partially offset by a decrease in commission expense. The majority of sales in the current quarter were handled by Company personnel rather than independent representative groups. The Company also realized a savings in freight costs. With certain accounts, products were shipped directly from the suppliers to the customers.



6


--------------------------------------------------------------------------------





Other Income for the current quarter was dividend income of $5,000 as compared to dividend income of $12,000 in the year-earlier period.



The decreased net loss for the current quarter directly related to the increased sales.



As previously announced on May 5, 2003, the Company executed a letter of intent with SuperCom Ltd., (“SuperCom”), an Israeli-based developer of smart card solutions, pursuant to which a newly incorporated subsidiary of the Company in Israel would be merged into SuperCom and SuperCom would become a subsidiary of the Company. In connection with such merger, the shareholders of SuperCom would exchange their shares of SuperCom common stock for shares of the Company’s Common Stock, no par value, (the “Common Stock”).



Subsequent to the current quarter, the Company announced on July 8, 2003 that it had entered into an Agreement and Plan of Merger and Recapitalization dated July 2, 2003 (the “Merger Agreement”) with SuperCom. A copy of the Merger Agreement was filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on July 9, 2003. SuperCom’s shareholders would receive approximately 72.5% of the outstanding shares of the Common Stock (subject to upward adjustment) and the right to name six of the eight directors if shareholders of the Company and SuperCom approve the Merger Agreement and the related transactions. The closing of the Merger Agreement is subject to certain conditions, including shareholder approvals, the registration of the shares to be issued to the SuperCom shareholders and the sale or other disposition of the current operations of the Company.



Liquidity and Capital Resources


The Company’s cash and cash equivalents decreased $60,000 from $2,173,000 at March 31, 2003 to $2,113,000 at June 30, 2003. The decrease in cash during the current three-month period resulted from cash used in operating activities of $60,000, which was primarily the result of the net loss of $94,000 as well as a decrease in accounts payable, partially offset by a decrease in inventories and accounts receivable.



As a result of the continuing negative cash flows from operations, the Company is dependent on the invested proceeds from its March 2000 private placement in order to meet its payable requirements.



The Company believes that, as a result of the cash described in the preceding paragraph, its working capital is adequate to fund the Company’s operations and its requirements for the fiscal year ending March 31, 2004.



Recent Accounting Pronouncements


In June 2002, the FASB issued SFAS No. 146, Accounting for Costs Associated with Exit or Disposal Activities. SFAS No. 146 addresses financial accounting and reporting for costs associated with exit or disposal activities and nullifies Emerging Issues Task Force (EITF) Issue 94-3, Liability Recognition for Certain Employee Termination Benefits and Other Costs to Exit an Activity. The provisions of this Statement are effective for exit or disposal activities that are initiated after December 31, 2002, with early application encouraged. The adoption of SFAS No. 146 is not expected to have a material effect on the Company’s financial statements.



7


--------------------------------------------------------------------------------





Forward-Looking and Cautionary Statements


With the exception of historical information, the matters discussed in this Management’s Discussion and Analysis of Financial Condition and Results of Operations include certain forward-looking statements that involve risks and uncertainties. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the Company is hereby identifying information that is forward-looking and, accordingly, involves risks and uncertainties, including, without limitation, statements regarding the Company’s future financial performance, the results or success of discussions with other entities on mergers, acquisitions, or alliance possibilities and expansion of the Company’s current product offerings. Other risks are discussed in the Annual Report 2003. As a result, actual results may differ materially from those described in the forward-looking statement. The Company cautions that the foregoing list of important factors is not exclusive. The Company does not undertake to update any forward-looking statement in this Report.



Item 3. Controls and Procedures



Evaluation of Disclosure Controls and Procedures



The Company has a CEO and a CFO/CAO, constituting all of management, and six employees to conduct operations. The CEO and CFO/CAO performed an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of June 30, 2003. Because of its small size and limited number of personnel, the Company does not currently have elaborate written procedures, nor does management believe that such elaborate written procedures are currently necessary to ensure accurate reporting in the Company’s periodic reports. The Audit Committee and management will review this requirement should the Company’s operations expand, as to which expansion there can be no assurance. In making their evaluation, the CEO and CFO/CAO consulted with the Company’s outside counsel. Based on that evaluation, the two officers concluded that the Company’s disclosure controls and procedures were adequate and effective, as of June 30, 2003, to ensure that material information relating to the Company would be made known to them by others within the Company, particularly during the period in which this Report was being prepared. Their evaluation was reported to the Chairman of the Audit Committee in connection with his review, acting on behalf of the Audit Committee as permitted by the Audit Committee Charter, of this Report prior to its filing.



Changes in Internal Controls



There have been no significant changes in the Company’s internal controls or in other factors that could significantly affect internal controls since the date of their evaluation.



8


--------------------------------------------------------------------------------





PART II. OTHER INFORMATION



Item 5. Other Information



During recent months certain major shareholders of the Company on their own initiative had discussed with Harris A. Shapiro, the Chairman of the Board and Chief Executive Officer of the Company, what actions in their opinion the Board should adopt that would be most beneficial to the shareholders of the Company. Mr. Shapiro pointed out to these shareholders, among other matters, that, especially in view of the contemplated transaction with SuperCom, the major customers of the Company were concerned as to how much longer the Company would continue its current operations, and that the lease for the Company’s premises would expire on June 20th, raising the question as to whether it was feasible to renew the lease on any long-term basis. He also reported to these shareholders that the Company was in discussions with several possible purchasers. As a result of these discussions, the participants concluded that the Company should seek to sell these operations, whether or not the SuperCom transaction was consummated, or, if a sale to a third party was not feasible, to liquidate the Company’s inventory and collect its accounts receivable, while waiting the outcome of the SuperCom transaction. The participants in these discussions concluded that either such action, if successfully implemented, would cut the continuing losses and thereby help preserve the Company’s principal asset, its cash and cash equivalents.



On June 22, 2003, the Company’s Board of Directors authorized, subject to obtaining shareholders’ approval, a sale of its operations or, if a sale is not feasible, a liquidation thereof.



By an agreement dated as of July 15, 2003, a copy of which is filed as Exhibit 10 hereto and incorporated herein by this reference, these shareholders and the directors and executive officers of the Company agreed to seek shareholder consent to a sale or liquidation of the current operations of the Company in accordance with Sections 153 and 1001(a) of the California General Corporation Law and Section 14 of the Securities Exchange Act of 1934, as amended, and Regulation 14C thereunder.



Item 6. Exhibits and Reports on Form 8-K



(a)

Exhibits







Exhibit No.

Description of Exhibit







2.1

Agreement and Plan of Merger and Recapitalization dated July 2, 2003 by and between the Company and SuperCom(1)









10.

Agreement dated as of July 15, 2003 by and among certain principal shareholders, the directors and the executive officers of the Company(2)









31.1

Certification of Chief Executive Officer Pursuant to Rule 13a-14 under the Securities Exchange Act of 1934 (2)




9


--------------------------------------------------------------------------------







Exhibit No.

Description of Exhibit









31.2

Certification of Chief Financial Officer Pursuant to Rule 13a-14 under the Securities Exchange Act of 1934 (2)









32

Certification Pursuant to Section 906 of Sarbanes-Oxley Act of 2002 (3)





--------------------------------------------------------------------------------



(1) Incorporated by reference to the Company’s Current Report on Form 8-K filed on July 9, 2003.



(2) Filed herewith.



(3) Furnished herewith.



(b) Reports on Form 8-K



(1) On April 17, 2003, the Company filed a Form 8-K reporting, under Item 5, that on April 15, 2003 the Company issued a press release reporting that, effective as of the opening of business on April 17, 2003, the Company’s Common Stock would be delisted from the Nasdaq SmallCap Market.



(2) On May 5, 2003, the Company filed a Form 8-K reporting, under item 5, that on May 5, 2003, the Company issued a press release reporting that SuperCom Ltd. and the Company executed a non-binding letter of intent which set forth the preliminary terms and conditions of a proposed merger transaction.





10


--------------------------------------------------------------------------------





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.







PERFECTDATA CORPORATION


















By:
/s/ Irene J. Marino





Irene J. Marino




Authorized Officer and Principal Financial




and Accounting Officer











Date: August 8, 2003










11


--------------------------------------------------------------------------------





PerfectData Corporation

Index to Exhibits Filed with
Quarterly Report on Form 10-QSB



Exhibit No.

Description of Exhibit

Page







10

Agreement dated as of July 15, 2003 by and among certain principal shareholders, the directors and executive officers of the Company

E-2







31.1

Certification of Chief Executive Officer Pursuant to Rule 13a-14 under the Securities Exchange Act of 1934

E-9







31.2

Certification of Chief Financial Officer Pursuant to Rule 13a-14 under the Securities Exchange Act of 1934

E-11







32

Certification Pursuant to Section 906 of Sarbanes-Oxley Act of 2002

E-13




E-1


--------------------------------------------------------------------------------


👍️0
jobynimble jobynimble 21 years ago
PERF news (and also applies to FAME, which owns a chunk of PERF)

SuperCom Ltd. and PerfectData Corporation Enter into Definitive Merger Agreement

RAANANA, Israel & SIMI VALLEY, Calif., Jul 8, 2003 (BUSINESS WIRE) --

SuperCom (Nasdaq Europe: SPRC), an Israel-based developer of smart card and ID solutions, and PerfectData Corporation (OTCBB:PERF) announced today that they entered into a definitive merger agreement. As part of the proposed merger, if approved by the respective shareholders, PerfectData plans to change its name to SuperCom Corporation or similar name. The terms of the proposed merger are as previously reported.

SuperCom (http://www.supercomgroup.com) is one of the world leaders in research, development and marketing of advanced technologies and products for government secured ID projects and Smart Card production technology. The Company provides customized solutions and advanced technologies to produce secure and durable documents such as national identity cards, passports, visas, driving licenses and vehicle registration.

The closing of the merger agreement is subject to various conditions, including shareholder approvals, the registration of the shares issued to SuperCom shareholders on a Registration Statement on Form S-4, Israeli Governmental entity approvals, Nasdaq Europe and Belgian law approvals and other conditions related to the obligations of SuperCom and PerfectData under the merger agreement.

Commenting on the announcement, Avi Schechter, CEO of SuperCom, stated, "This merger agreement is an important step toward migrating our business operations to the United States, which we believe will be the core market for our products. We also believe that the merger will both significantly increase the liquidity of shares of SuperCom's stock as well as allow Supercom to access the U.S. capital markets when appropriate."

Harris Shapiro, CEO of PerfectData, commented, "I firmly believe that this transaction with SuperCom provides an outstanding opportunity to maximize shareholder value for the PerfectData shareholders."

About SuperCom

SuperCom Ltd. (Nasdaq Europe: SPRC) is one of the world leaders in research, development and marketing of advanced technologies and products for government secured ID projects and Smart Card production technology. SuperCom provides customized solutions and advanced technologies to produce secure and durable documents such as national identity cards, passports, visas, driving licenses and vehicle registration. SuperCom also provides application software for the management of national population registries. Together with its subsidiaries, SuperCom offers advanced, innovative and flexible solutions in contactless smart card technologies. Headquartered in Israel, SuperCom has offices in the United States, Hong Kong and China.

About PerfectData

PerfectData Corporation based in Simi Valley, California, designs and markets a broad line of computer, office care and maintenance products and accessories. The products are designed to eliminate or minimize contamination in and around computers and office automation equipment, and to enhance user performance.

Additional Information and Where to Find It

PerfectData will be filing relevant documents concerning this transaction with the Securities and Exchange Commission, including a Registration Statement on Form S-4 containing a joint prospectus/proxy statement. PERFECTDATA AND SUPERCOM URGE INVESTORS TO READ THESE DOCUMENTS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors will be able to obtain the joint prospectus/proxy statement and other documents that will be filed by PerfectData with the Commission free of charge at the Commission's web site (http://www.sec.gov) or by directing a request after such a filing is made to PerfectData Corporation, 110 West Easy Street, Simi Valley, California 93065-1689, Tel: (805) 581-4000, Attn: Irene J. Marino, Vice President Finance or to SuperCom Ltd., Millennium Building, 3 Tidhar Street, P.O. Box 2094, Raanana 43665, Israel +972-9-7750800, Attn: Eyal Tuchman.

PerfectData and its directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information about PerfectData directors and executive officers and their ownership of PerfectData voting securities is set forth in the proxy statement for PerfectData's 2002 annual meeting of stockholders as filed with the Commission on November 18, 2002. Additional information about the interests of those participants may be obtained from reading the definitive proxy statement regarding the proposed transaction when it becomes available.

Safe Harbor

This news release contains forward-looking statements. Such statements are valid only as of today, and we disclaim any obligation to update this information. These statements, which include, but are not limited to, the successful completion of the proposed merger and the benefits expected to be derived therefrom, are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes.

SOURCE: PerfectData Corporation

PerfectData Corporation
Harris A. Shapiro, 805/581-4000
or
SuperCom Ltd.
Mr. Eyal Tuchman, +972-97750800
eyalt@supercomgroup.com
www.supercomgroup.com

http://www.businesswire.com

Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.


--------------------------------------------------------------------------------
Copyright (C) 2003 Business Wire. All rights reserved.

👍️0
jobynimble jobynimble 22 years ago
Flamemaster Declares 51st Consecutive Quarterly Cash Dividend
SUN VALLEY, Calif., Feb. 26, 2002 (PRIMEZONE via COMTEX) -- Flamemaster Corporation (Nasdaq:FAME), announced that it's Board of Directors declared a quarterly cash dividend of .032 cents payable on April 11, 2002 to shareholders of record March 21, 2002.

Flamemaster Corporation is a specialty chemicals manufacturer servicing the aerospace and defense industries with high performance aircraft sealants and coatings. Flamemaster continues to hold a significant interest in PerfectData Corporation (Nasdaq:PERF), and an extensive investment portfolio.

The release herein may contain or identify a forward-looking statement. These statements are based on a number of assumptions and estimates, which are inherently subject to uncertainty and contingencies, many of which are beyond the control of the Company and reflect future business decisions, which are subject to change.


SUBJECT: Dividend Reports and Estimates

KEYWORDS: CHEMICALS, DIVIDEND

CONTACT: Flamemaster Corporation

Joseph Mazin, President & CEO
(818) 982-1650
Fax: (818) 765-5603
http:/www.flamemaster.com
flamemaster@cyberhotline.com

DELIVERED BY PRIMEZONE MEDIA NETWORK 800-307-6627

Copyright (c) 2002. PrimeZone Media Network, Inc.


👍️0
jobynimble jobynimble 22 years ago
boatRgirl, Good point!!
Regards...

👍️0
boatRgirl boatRgirl 22 years ago
It may be for the best that the deal fell through. Seems like the fiasco that happened at the Olympics with Graphco, is not going to be "let go lightly". Graphco put all their resources (people & equipment) at the Olympics, only to be shut down. The PR from Graphco said "We CANNOT let this go unanswered!". So it could be a lawsuit down the line, that I wouldn't want to be involved with. JMO

👍️0
boatRgirl boatRgirl 22 years ago
Well, I had to buy some @ 1.55 Couldn't stand it anymore ! Sure was a LOT of volume today.! Lots of stock changing hands. I guess some who bought it under a dollar, were shaken out of their positions today. Good for them, if they made some money ! Thats all that counts !

👍️0
jobynimble jobynimble 22 years ago
boatRgirl, Yup, I started this a little while ago - nice to see you here. IHub is the best around!!
Regards...

👍️0
boatRgirl boatRgirl 22 years ago
WOW, I didn't know that PERF had an IHUB message board ! I have just about quit the RB boards with all their bashings on them.

👍️0
fantastic57 fantastic57 22 years ago
It's time , I need a birthday present.eom

👍️0
TheSaint TheSaint 22 years ago
Have to agree fan57, end of the year is always slow, tax selling, people closing positions and the usual holiday decreased volume with two holidays. We will have a happy new year though.

👍️0
fantastic57 fantastic57 22 years ago
When is almost as big a word as IF, But it seems to me they would not disclose any details until after the hoidays are over.Right now is not a good time.

👍️0
TheSaint TheSaint 22 years ago
Any Idea when, pray tell??

👍️0
fantastic57 fantastic57 22 years ago
New kids in town are always welcome.Stick around for a while. Should be a few fireworks in the future.

👍️0
TheSaint TheSaint 22 years ago
New Kid in Town

PERF will be the next hot play when they announce the final letter. Huge gains expected.

👍️0
fantastic57 fantastic57 22 years ago
I think it would be pushing it for a Christmas present but that would be nice.
And yes R/B does stink now.

👍️0
jobynimble jobynimble 22 years ago
fantastic57, I like the way PERF has been trading lately. I'm hoping for a nice Christmas present...
Regards...

👍️0
fantastic57 fantastic57 22 years ago
Nice to see another board for PERF. Looks like we might have some excitement on PERF soon.

👍️0

Your Recent History

Delayed Upgrade Clock