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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) March 6, 1998
FIREARMS TRAINING SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-21773 57-0777018
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
7340 MCGINNIS FERRY ROAD
SUWANEE, GEORGIA 30024
(Address of principal executive offices)
TELEPHONE NUMBER (770) 813-0180
(Registrant's telephone number, including area code)
NO CHANGE
(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
On March 6, 1998 the Registrant issued the following press release:
FATS PURCHASES SIMTRAN TECHNOLOGIES, INC.
MARCH 6, 1998, SUWANEE (ATLANTA), GA - Firearms Training Systems, Inc. ("FATS")
(Nasdaq: FATS), today announced that it has completed the purchase for cash all
of the outstanding stock of Simtran Technologies, Inc. ("Simtran"), a
Canadian-based simulation company.
Simtran has contracts to develop and deliver three unique products: an air
defense missile trainer; an appended armored vehicle crew trainer; and a
stand-alone armored vehicle crew trainer. In addition, Simtran has fielded an
anti-armor missile system trainer. Simtran operates in a 38,800 square foot
facility in Montreal and has 91 employees, including 39 engaged in research and
development activities.
"Simtran's dedicated and talented employees along with their products fit nicely
into FATS' plans for the future. We believe that Simtran's operations and
products combined with FATS(R) small arms and indirect fire training systems
will provide our worldwide customer base a full range of simulation training
systems," said Peter Marino, Chief Executive Officer and President of FATS.
FATS has not yet completed the allocation of the purchase price to the net
assets acquired; however, FATS expects that up to $4 million will be allocated
to in-process research and development and expensed immediately in the current
statement of operations.
Firearms Training Systems, Inc. is the leading worldwide producer of interactive
simulation systems designed to provide training in the handling and use of small
and supporting arms to military and law enforcement agencies and for hunter and
sports training; and, with the Simtran acquisition, will add air defense and
armored vehicle training products. Over its 13 year history, the Company has
developed over 180 types of simulated weapons and more than 1,000 training
scenarios. To date, the Company has sold more than 2,500 FATS(R) systems in
the U.S. and over 30 other countries.
Certain of the foregoing information are forward-looking statements regarding
future events or the future financial performance of the Company, and are
subject to a number of risks and other factors which could cause the actual
results to differ materially from those contained in the forward-looking
statements. Among such factors including those discussed above are: general
business and economic conditions; the company's success in competing for new
contract awards; customer acceptance of and demand for the Company's new
products; the Company's overall ability to design, test, and introduce new
products on a timely basis; the cyclical nature of the markets addressed by the
Company's products; and the risk factors listed from time to time in documents
on file with the SEC.
FOR IMMEDIATE RELEASE
CONTACT: INVESTOR RELATIONS
(770) 622-3236
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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 thereunto duly authorized.
DATED: March 17, 1998
FIREARMS TRAINING SYSTEMS, INC.
(Registrant)
/s/ David A. Apseloff
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David A. Apseloff
Vice President, Chief Financial Officer and Treasurer
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