COLUMBUS, OH -- (Marketwire) -- 03/30/12 -- SCI Engineered Materials, Inc. (OTCBB: SCIA) develops and commercializes technologies and also manufactures ceramics and metals for advanced applications in the physical vapor deposition industry, today filed Form 12b-25 concerning its inability to timely file all or any required portion of its 2011 Annual Report on Form 10-K ("Form 10-K") with the U.S. Securities and Exchange Commission ("SEC"). The company plans to file its 2011 Annual Report on Form 10-K on or before April 16, 2012.
On March 20, 2012, the Ohio Air Quality Development Authority ("OAQDA") approved an amendment to its 166 Direct Loan with the company which included a waiver for non-compliance with a financial covenant as of December 31, 2011. The OAQDA amendment was filed with the U.S. Securities and Exchange Commission on Form 8-K on March 26, 2012.
Following receipt of the OAQDA amendment, the company initiated discussions with the Ohio Department of Development ("ODOD") seeking approval to use funds from a separate loan with the ODOD to repay a Promissory Note to a financial institution. As of March 30, 2012, the company's request to the ODOD is being actively considered.
The events occurring in late March 2012 which included the OAQDA loan amendment and subsequent discussions with the ODOD resulted in unreasonable time and cost burdens for the company to file its 2011 Annual Report on Form 10-K by March 30, 2012.
About SCI Engineered Materials, Inc.
SCI Engineered Materials, Inc. manufactures ceramics and metals for advanced applications such as photonics, thin film solar, thin film batteries and semiconductors. SCI Engineered Materials, Inc. is a global materials supplier with clients in more than 40 countries. Additional information is available at http://www.sciengineeredmaterials.com.