WASTE TECHNOLOGY CORP (Form: 8-K, Received: 07/08/1997 10:26:04)

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8K

PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of Earliest Event Reported) June 27, 1997

Commission File Number 0-14443

WASTE TECHNOLOGY CORP.
(Exact name of Registrant as specified in its charter)

           DELAWARE                                13-2842053
(State or other jurisdiction of       (I.R.S. Employer Identification No.)
incorporation or organization)

5400 Rio Grande Avenue
Jacksonville, Florida 32205
(Address of Principal Executive Offices)

(800) 231-9286
(Registrant's Telephone number, including area code)

Item 1. BUSINESS.

Merger of Partially Owned Subsidiary into Wholly Owned Subsidiary

On June 24, 1997 International Baler Corporation ("IBC"), a subsidiary of Waste Technology Corp. (the "Company"), which owns 85.3

percent of the outstanding and issued shares of IBC stock, entered into an Agreement of Merger (the "Merger Agreement") with IBC Merger Corporation (the "Subsidiary"), a wholly owned subsidiary of the Company which provided for the merger of IBC with and into the Subsidiary (the "Merger"). In accordance with the provisions of section 228 of the Delaware General Corporation Law ("DGCL"), the Merger Agreement was approved by the Board of Directors of IBC, the Subsidiary and the Company and consented to by the Company as the sole shareholder of the Subsidiary and the owner of 85.3% of the outstanding and issued stock of IBC. The Merger became effective on June 27, 1997 (the "Effective Date") when a Certificate of Merger was filed with the Secretary of State of the State of Delaware.

As of the Effective Date, IBC was merged into the Subsidiary and ceased to exist. The Subsidiary and IBC became a single corporation with the Subsidiary being the surviving corporation which shall continue to exist under, and be governed by, the laws of the State of Delaware. On the Effective Date, the Subsidiary filed an amendment to its Certificate of Incorporation changing its name to International Baler Corporation.

After the Effective Date, all of the property, rights, privileges and any other assets of IBC became vested in and held by the Subsidiary fully and entirely and without change or diminution as they were previously held by IBC, and the Subsidiary assumed all of the debts and liabilities of IBC.

Pursuant to the Merger Agreement, each outstanding share of the Common Stock, $.10 par value per share, of IBC (the "IBC Shares") is to be converted into shares of the common stock, $.01 par value, of the Company (the "Company Shares") according to the following formula: Each outstanding IBC Share shall be valued at $.19 per share. The total number of IBC Shares held by a stockholder of IBC as of the Effective Date shall be multiplied by $.19 (this number is hereafter the "Total Dollar Value"). To determine the number of Company Shares each shareholder of IBC is to receive, such shareholder's Total Dollar Value is divided by the average of the closing bid and the ask price of the Company's stock as reported by The Nasdaq Stock Market on the Effective Date. The average of the closing bid and ask price of the Company's stock on the Effective Date was $0.78 per share.

Pursuant to section 262 of the Delaware General Corporation Law ("DGCL"), shareholders of IBC prior to the Effective Date who perfect their appraisal rights in accordance with section 262 of the DGCL are entitled to an appraisal by the Court of Chancery of the State of Delaware of the fair value of any or all of their IBC shares exclusive of any element of value arising from the accomplishment or expectation of the Merger, together with a fair rate of interest, if any, to be paid upon the amount determined

to be the fair value in lieu of receiving Company Shares. The appraised

value of IBC Shares may be equal to, more than, or less than the value assigned to such shares pursuant to the Merger. Shareholders who wish to perfect their appraisal rights must comply with the provisions of DGCL section 262. Notice of the Merger which advised the former IBC shareholders of their appraisal rights was mailed to the IBC shareholders on June 27, 1997.

Item 7. Financial Statements and Exhibits.

The following documents are filed herewith:

10.39 Agreement of Merger between International Baler Corporation and IBC Merger Corporation dated June 24, 1997.

10.39.1 Certificate of Merger of International Baler Corporation into IBC Merger Corporation.

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused and authorized this report to be signed on its behalf by the undersigned.

Dated: July 8, 1997

Waste Technology Corp.

By: s/Morton S. Robson
   -------------------------------
    Morton S. Robson,
    Executive Vice President

AGREEMENT OF MERGER

INTERNATIONAL BALER CORPORATION
(a Delaware Corporation)

AND

IBC MERGER CORPORATION
(a Delaware Corporation)

AGREEMENT OF MERGER entered into this 24th day of June, 1997 by and between International Baler Corporation (the Merging Corporation"), IBC Merger Corporation (the "Company") and Waste Technology Corp. ("Waste Tech"), each of which is a corporation duly organized and existing under the laws of the State of Delaware with its principal place of business at 5400 Rio Grande Avenue, Jacksonville, Florida 32205.
WITNESSETH:
WHEREAS, the Merging Corporation is a business corporation duly organized and existing under the laws of the State of Delaware;
WHEREAS, the Company is a business corporation duly organized and existing under the laws of the State of Delaware; WHEREAS, the total number of shares of capital stock which the Company has authority to issue is 1,000 all of which are of one class and without par value;
WHEREAS, Waste Tech is the owner of 85.3% of all of the outstanding and issued stock of the Merging Corporation and the Company is a wholly owned subsidiary of Waste Tech; WHEREAS, the General Corporation Law of the State of

Delaware permits the merger of a business corporation of the State of Delaware with and into another business corporation of the State of Delaware:
WHEREAS, the Company, the Merging Corporation and Waste Tech and their respective Boards of Directors thereof deem it advisable and to the advantage, welfare and best interest of said corporation and their respective stockholders to merge the Merging Corporation with and into the Company, with the Company being the surviving corporation (the "Merger") pursuant to the provisions of the General Corporation Law of the State of Delaware upon the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual covenants, conditions and promises contained herein, the parties hereto agree as follows:
ARTICLE I
1.1 The Merger. On the Effective Date, as hereinafter

defined in Article 1.2 hereof, the Merging Corporation shall be merged with and into the Company in accordance with the applicable provisions of the Delaware General Corporation Law ("DGCL"). After the Effective Date, the Company shall continue its existence as a Delaware corporation and be governed by the DGCL and shall amend its certificate of incorporation to change its name to "International Baler Corporation". At the effective Date, the separate existence of the Merging Corporation shall cease.
1.2 The Effective Date. The Merger shall become effective (the "Effective Date") at the time when a properly executed

Certificate of Merger under the DGCL is duly filed with the Secretary of State of Delaware.
1.3 Effect of Merger. On the Effective Date, the Company shall thereupon and thereafter possess any and all of the rights, privileges, powers, franchises, patents, trademarks, licenses, registrations and other assets of every kind and description of the Merging Corporation, as well as of a public and private nature, and be subject to all the restrictions, disabilities and duties of the Merging Corporation; and all and singular, the rights, privileges, powers and franchises of the Merging Corporation, and all the property, real personal and mixed, and all debts due to the Company, on whatever account as well as for stock subscriptions as all other things in action or belonging to the Merging Corporation shall be vested in the Company; and all property, rights, privileges, powers, franchises, patents, trademarks, licenses, registrations and other assets of every kind and description of the Merging Corporation, and all and every other interest shall be thereafter as effectively the property of the Company as they were of the Merging Corporation, and the title to any real estate vested by deed or otherwise, under the laws of the State of Delaware, in the Merging Corporation, shall not revert or be in any way impaired by reason of the DGCL; but all rights of creditors and all liens upon any property of the Merging Corporation shall be preserved and unimpaired and all debts, liabilities and duties of the Merging Corporation shall thenceforth attach to the Company and may be enforced against it to the same extent as if said debts,

liabilities and duties had been incurred or contracted by it.
(b) From and after the Effective Date and until further amended in accordance with the DGCL, the Certificate of Incorporation of the Company as in effect immediately prior to the Effective Date shall continue to be the Certificate of Incorporation of the Company.
(c) From and after the Effective Date and until altered, amended or repealed in accordance with law, the By-Laws of the Company in

effect immediately prior to the Effective Date shall continue to be the By-Laws of the Company as the surviving corporation.
(d) The officers and directors of the Company in office immediately prior to the Effective Date shall continue in office until the next annual meeting of stockholders and until their respective successors are duly appointed or elected and qualified.
1.4 Additional Actions. If, at any time after the Effective Date, the Company shall consider or be advised that any further assignments or assurances in law or any other acts are necessary or desirable (a) to vest, perfect or confirm, of record or otherwise, in the Company title to and possession of any property or right of the Merging Corporation acquired or to be acquired by reason of, in connection with, or as a result of the Merger, or (b) otherwise to carry out the purposes of this Agreement of Merger, the Company and its respective officers shall be deemed to have granted to the Company an irrevocable power of attorney to execute and deliver all such proper deeds, assignments,

assurances in law and to do all acts necessary or proper to vest, perfect or confirm title to and possession of such property or rights in the Company and otherwise to carry out the purposes of this Agreement of Merger; and the proper officers and directors of the Company are fully authorized in the name of the Merging Corporation or otherwise to take any and all such action.
ARTICLE II CONVERSION OF SECURITIES
2.1 Exchange Ratio; Cancellation. As of the Effective Date, by virtue of the Merger and without any action on the part of any securityholder of the Company or the Merging Corporation:
(a) Each share of Common Stock, no par value, of the Company (sometimes the "Company Common Stock") outstanding, shall remain unchanged, issued and outstanding.
(b) Each share of the Company Common Stock held by the Company as treasury stock shall remain unchanged, issued and outstanding.
(c) i) Each outstanding share of the Common Stock, $.10 par value per share, of the Merging Corporation shall be converted into shares of the common stock, $.01 par value, of Waste Tech (the Waste Tech Shares") according to the following formula: Each outstanding share of Common Stock of the Merging Corporation shall be valued at $.19 per share. The total number of shares held by a stockholder of the Merging Corporation as of the Effective Date shall be multiplied by $.19 (this number is hereafter the "Total Dollar Value"). To determine the number of Waste Tech Shares

each shareholder of the Merging Corporation shall receive such shareholder's Total Dollar Value shall be divided by the average of the closing bid and the ask price of Waste Tech as reported by The Nasdaq Stock Market on the Effective Date. For example, if a shareholder of the Merging Corporation has 100 shares of common stock of the Merging Corporation his Total Dollar Value would be $19.00. If on the Effective Date, the average of the bid and ask price of Waste Tech is $1.00 per share, the shareholder of the Merging Corporation would receive nineteen (19) shares of Waste Tech stock in exchange for his shares of stock of the Merging Corporation.
(ii) No fractional shares shall be issued and all fractional shares shall be rounded up to the next whole share.
2.2 Stock Certificates. On and after the Effective Date, all of the outstanding stock certificates which prior to that time represented shares of the Merging Corporation Common Stock shall be deemed for all purposes to evidence ownership of and to represent shares of the Waste Tech Shares into which the shares of the Merging Corporation Common Stock represented by such stock certificates have been converted as herein provided. The registered owner on the books and records of Waste Tech or its transfer agent of any such outstanding stock certificate shall, until such certificate is surrendered for transfer or otherwise accounted for to Waste Tech or its transfer agent, have and be entitled to exercise any voting or other rights with respect to and receive any dividend and other distributions upon the Waste Tech Shares

evidenced by such outstanding certificate as provided above.
2.3 Appraisal Rights. Any issued and outstanding Waste Tech Shares held by stockholders of the Merging Corporation who properly exercise their appraisal rights (collectively the Dissenting Stockholders and individually a "Dissenting Stockholder") shall be converted into the right to receive such consideration as may be determined to be due to such Dissenting Stockholder pursuant to the DGCL; provided, however, that Waste Tech Shares outstanding at the Effective Date and held by a Dissenting Stockholder who shall, after the Effective Date, withdraw his demand for appraisal or otherwise lose such right as provided in the DGCL shall be deemed to have approved the Merger and as of the Effective Date, such Waste Tech Shares shall remain unchanged.
2.4 Closing of Merging Corporation Transfer Books. At the Effective Date, the stock transfer books of the Merging Corporation shall be closed and no transfer of shares of the Merging Corporation shall thereafter be made. If, after the Effective Date, certificates for the stock of the Merging Corporation are presented to the Company or Waste Tech, they shall be cancelled and exchanged for Waste Tech Shares as provided in this Article II.
ARTICLE III AMENDMENT AND TERMINATION
3.1 Amendment. This Agreement of Merger may be amended at

any time by the Boards of Directors of each of the parties hereto, either prior to or after stockholder approval, to the fullest

extent permitted by law and at any time upon the action of the Board of Directors and stockholders of each party hereto, by an amendment duly executed by the parties hereto, at any time prior to the Effective Date.
3.2 Termination. At any time prior to the Effective Date, this Agreement of Merger may be terminated and the Merger abandoned by resolution of either of the Boards of Directors of the Merging Corporation and the Company. The filing of the Certificate of Merger with the Secretary of state of Delaware pursuant to section 1. hereof shall constitute certification that this Agreement of Merger has not theretofore been terminated. If terminated as provided in this section 3.2, this Agreement of Merger shall forthwith become wholly void and of no further force or effect.
ARTICLE IV CONDITIONS
4.1 Conditions precedent to Obligations of the Merging Corporation. The obligations of the Merging Corporation to consummate the Merger are subject to the fulfillment, prior to or at the Effective Date, of each of the following conditions:
(a) Shareholder Approval. This Agreement of Merger shall have been approved by the affirmative vote or consent, in person or by proxy, of the holders of at least a majority of the voting power represented by all of the outstanding stock of the Merging Corporation.
(b) Consents. All consents, authorizations, orders or approvals of any governmental commission, board, other

regulatory body or any third party required in connection with the execution, delivery and performance of this Agreement of Merger shall have been obtained.
4.2 Conditions precedent to Obligations of the Company. The obligations of the Company to consummate the Merger are subject to the fulfillment, prior to or at the Effective Date, of each of the following conditions:
(a) Shareholder Approval. This Agreement of Merger shall have been approved by the affirmative vote or consent, in person or by proxy, of the holders of at least a majority of the voting power represented by all of the outstanding stock of the Company.
(b) Consents. All consents, authorizations, orders or approvals of any governmental commission, board, other regulatory body or any third party required in connection with the execution, delivery and

performance of this Agreement of Merger shall have been obtained.

ARTICLE V
MISCELLANEOUS

5.1 No Waiver. The failure of any of the parties hereto to enforce any provision hereof on any occasion shall not be deemed to be a waiver of any preceding or succeeding breach of such provision or of any other provision.
5.2 Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties hereto and no amendment, modification or waiver of any provision herein shall be

effective unless in writing, executed by the party charged therewith.
5.3 Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with and shall be governed by the laws of the State of Delaware, without regard to the principles of conflicts of laws.
5.4 Binding Effect. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors and assigns.
5.5 Assignment and Delegation of Duties. No party may assign its rights or delegate its obligations under this Agreement.
5.6 Paragraph Headings. The paragraph headings herein have been inserted for convenience of reference only, and shall in no way modify or restrict any of the terms or provisions hereof.
5.7 Notices. All notices sent pursuant to this Agreement shall be sent via fax transmission and certified mail, return receipt requested, or via a reputable overnight carrier, to the other party at the addresses indicated hereinabove (or to any new address of which any party hereto shall have informed the others by the giving of notice in the manner provided herein).
5.8 Unenforceability; Severability. If any term or condition of this Agreement shall be illegal, invalid or unenforceable, all other provisions hereof shall continue in full force and effect as if the illegal, invalid or unenforceable provision was not a part hereof.
5.9 Execution of Documents. At any time and from time to

time hereafter, the parties hereto will execute and deliver such further instruments, documents and certificates and other written assurances as shall reasonably be required in order to consummate the transactions contemplated hereunder.
5.10 Counterparts. This Agreement may be executed in counterparts all of which shall be deemed to be duplicate

originals.
IN WITNESS WHEREOF, the parties hereto have executed this instrument the date first above written.

International Baler Corporation

By: s/Ted C. Flood
   ---------------------------------
     Ted C. Flood, President

IBC Merger Corporation

By: s/Ted C. Flood
   ---------------------------------
     Ted C. Flood, President

Waste Technology Corp.

By: s/Ted C. Flood
   ---------------------------------
     Ted C. Flood, President

CERTIFICATE OF MERGER

INTERNATIONAL BALER CORPORATION

INTO

IBC MERGER CORPORATION

Pursuant to Section 251 of the General Corporation Law of the State of Delaware

IBC MERGER CORPORATION, a Delaware Corporation hereby certifies as follows:
FIRST: The names of the constituent corporations are International Baler Corporation, IBC Merger Corporation and Waste Technology Corp. Each constituent corporation is incorporated under the laws of the State of Delaware.
SECOND: An Agreement of Merger dated June 24, 1997 among International Baler Corporation, IBC Merger Corporation and Waste Technology Corp. has been approved, adopted, certified, executed and acknowledged in accordance with section 251(c) of the General Corporation Law of the State of Delaware.
THIRD: The name of the surviving corporation is IBC Merger Corporation. Effective upon the filing of this Certificate, the name of the surviving corporation shall be International Baler Corporation (the "Surviving Corporation").
FOURTH: The Certificate of Incorporation of the Surviving Corporation is hereby amended to read in its entirety as set forth in Exhibit A annexed hereto.
FIFTH: An executed copy of the Agreement of Merger is on

file at the principal place of business of the Surviving Corporation, International Baler Corporation, 5400 Rio Grande Avenue, Jacksonville, Florida 32205, and a copy of the Agreement of Merger will be furnished by the Surviving Corporation, on request and without cost, to any stockholder of any constituent corporation
IN WITNESS WHEREOF, International Baler Corporation has caused this Certificate of Merger to be executed in its name this 25th day of June, 1997.

International Baler Corporation

                                             By: s/Ted C. Flood
                                                 ----------------------------
                                                  Ted C. Flood, President


Attest:



s/Morton S. Robson
----------------------------
Morton S. Robson, Secretary