SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): May 31, 2000
ADVANCED ELECTRONIC SUPPORT PRODUCTS, INC.
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(Exact name of registrant as specified in its charter)
Florida 001-12739 59-2327-381
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(State or other (Commission File (I.R.S. Employer
jurisdiction Number) Identification
of incorporation) No.)
1810 N.E. 144th Street
North Miami, Florida 33181
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(Address of principal executive offices)
Registrant's telephone number, including area code: (305) 944-7710
N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On May 31, 2000 (the "Closing Date"), Advanced Electronic Support
Products, Inc. (the "Company") closed its acquisition of Lanse AS, a Norwegian
corporation ("Lanse"), pursuant to a Stock Purchase Agreement (the "Purchase
Agreement") dated May 31, 2000 by and among Jotec/AESP AS, a wholly owned
subsidiary of the Company ("Buyer") and the shareholders of Lanse (the
"Sellers"). Pursuant to the Purchase Agreement, Buyer purchased from Sellers all
of the outstanding common stock of Lanse for a purchase price of $575,000 in
cash and 294,170 shares of the Company's common stock (valued at $533,000).The
purchase price was determined in arms-length negotiations between the Company
and the Sellers.
Lanse, located in Oslo, Norway, manufactures and distributes networking
hardware to the installation industry in Norway and also holds exclusive rights
in Norway for the Telesafe(TM) product line of passive networking products.
Pursuant to the terms of the Purchase Agreement, the Sellers previously employed
by Lanse have agreed not to conduct, promote or otherwise engage, directly or
indirectly, in businesses which are in competition with Lanse for a period of 2
years following the Closing Date. During 1999, Lanse had revenues and net income
of approximately $3.3 million and $53,000, respectively.
The foregoing is a summary of certain information contained in the
Purchase Agreement. Reference is made to the more detailed information contained
therein and attached hereto as Exhibit 2.1.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements
The Company is not required file historical financial
statements of Lanse under Rule 3-05 of Regulation S-X since
Lanse is not a significant subsidiary of the Company.
(x) Exhibits
2.1 Stock Purchase Agreement dated May 31, 2000 by and
among Jotec AESP AS and the shareholders of Lanse AS
(English translation).
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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 hereunto duly authorized.
ADVANCED ELECTRONIC SUPPORT
PRODUCTS, INC.
Dated: July 5, 2000 By: /s/ Slav Stein
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Slav Stein, Chief Executive Officer and
President
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INDEX TO EXHIBITS
Exhibit Exhibit
Number Description
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2.1 Stock Purchase Agreement dated May 31, 2000 by and among
Jotec AESP AS and the shareholders of Lanse AS (English
translation)
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