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): June 4, 1998
BATTERIES BATTERIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-27994 13-383-5420
(State or other juris- (Commission File (I.R.S. Employer
diction of incorporation) Number) Identification No.)
50 Tannery Road
Unit 2
North Branch, New Jersey 08876
(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including Area Code: (908) 534-2111
<PAGE>
ITEM 5. OTHER EVENTS.
(a) On June 4, 1998 Alan Baldwin resigned as a member of
the Board of Directors and as President and CEO of the Company.
(b) On June 5, 1998 the Board of Directors appointed
Stephen Rade as the Company's President and CEO.
(c) Exhibit:
(1) Copy of Press Release relating to the appointment
of Stephen Rade and the resignation of Alan
Baldwin.
<PAGE>
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 hereunto duly authorized.
Dated: June 16, 1998 BATTERIES BATTERIES, INC.
(Registrant)
By: /s/ Robert C. Meehan
Robert C. Meehan, Chairman
<PAGE>
EXHIBIT (1)
BATTERIES BATTERIES, INC.
FOR IMMEDIATE RELEASE Contact: Robert C. Meehan,
June 5, 1998 Chairman of the Board or
Robert Badke,
Chief Financial Officer
Phone (908) 534-2111
BATTERIES BATTERIES, INC. APPOINTS PRESIDENTS & CEO
North Branch, New Jersey -- The Board of Directors of
Batteries Batteries, Inc. (Nasdaq: BATS) met today and voted to
appoint Stephen Rade President & CEO. Mr. Rade is the Company's
largest shareholder and President of the cellular accessories
division, the Company's fastest growing and most profitable
division. In the Company's April 17th press release announcing
1997 financial results, Mr. Rade's division, along with Tauber
Electronics, were credited with having contributed in excess of
88% of the Company's operating profit and net income during the
year.
Mr. Rade succeeds Alan Baldwin who resigned on Thursday
as President & CEO and a member of the Board of Directors.
Mr. Baldwin, along with John Simon and Bruce Barnet who also
resigned from the board during the past week, are long time
associates of Warren Haber and John Teeger who each resigned from
the board on May 5th in response to pressure brought by
shareholders of the Company. On April 30th, a shareholder group
led by Mr. Rade and two other shareholder-directors controlling
30% of the Company's outstanding shares, filed a SEC
Schedule 13-D stating that the purpose of the group was to remove
from the Board of Directors Warren Haber, Chairman, and John
Teeger, Vice President and Director, and to replace them with two
independent directors. Reasons cited by the group for seeking
the removal of Haber and Teeger included:
- Steady Deterioration in Financial Performance
- Drastic Decline in Shareholder Value
- Drain on Company Resources by Haber and Teeger's
collection of over $700,000 in fees from the
Company at a time when shareholder value had been
plummeting.
For Messrs. Haber and Teeger, their resignations from
the Company's board represented the second time in less than 6
months that they had been ousted by the shareholders from the
board of a public company. In January, Haber and Teeger, along
with the other directors of HealthRite, Inc. (Nasdaq: HLRT) were
ousted from the board in a proxy fight initiated and won by a
shareholder group upset with the company's poor performance and
Haber and Teeger's generous fee arrangements.
Robert C. Meehan, who was elected Chairman of the Board
of Directors on May 29th, stated that Mr. Rade's appointment as
CEO represents a significant victory for the shareholders of this
company. Mr. Meehan is a principal of Carriage House
Investments, a private investment fund which holds 80,000 shares
of the company's stock.
Batteries Batteries, Inc. is a value-added assembler
and distributor of specialty batteries and cellular products with
facilities nationwide.
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