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) December 18, 1996
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Adage, Inc.
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(Exact name of registrant as specified in its charter)
Pennsylvania 33-31797 04-2225121
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400 Willowbrook Lane, West Chester, Pa 19382
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Registrant's telephone number, including area code 610-430-3900
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(Former name or former address, if changed since last report.)
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ITEM 5 -- OTHER EVENTS
THE REGISTRANT ISSUED A PRESS RELEASE DATED DECEMBER 18, 1996 ANNOUNCING THE
COMPANY'S BUSINESS STRATEGY AND UPDATED STATUS OF ITS IMPLEMENTATION. THE PRESS
RELEASE IS APPENDED AS EXHIBIT 1.
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Pursuant to the requirements of securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
ADAGE, INC.
/s/ Robert T. Holland
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Robert T. Holland
Vice President - Finance
Date: December 18, 1996
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Summary: Adage, Inc. (NASDAQ:ADGE) Annual
Stockholders' Meeting outlined
Company's business strategy and
updated status of its implementation
Company Contact:
Donald F.U. Goebert
Chairman & President
Adage, Inc. (610) 430-3900
FOR IMMEDIATE RELEASE:
WEST CHESTER, PA, DECEMBER 18, 1996 ... ADAGE, INC. (NASDAQ:ADGE). At the
conclusion of its Annual Stockholders' Meeting, Mr. Donald Goebert, President of
Adage, Inc. outlined the Company's business strategy and updated the status of
its implementation.
"For the last few years our strategy has been to reposition Adage's asset base
so as to allow the Company to exploit opportunities in the wireless
communication business", reported Mr. Goebert.
"Our implementation of this strategy has already produced strong results. We
have grown RELM Communications, our wireless communications subsidiary, to where
it now has annualized sales approaching $50 million, and is the most substantial
source of profits for the Company."
"One indication of the success of this strategy is RELM's recent award of a
contract for approximately $40,000,000 from the U.S. Army for wireless
communications equipment. RELM also recently announced the introduction of a new
line of multi-band programmable radio scanners, which marks its return to the
scanner segment after a ten-year hiatus. The Company plans to expand its already
strong international sales and has recently added an experienced sales person to
service this area."
"Adage continues to reposition its asset base to support these successes. RELM
has recently hired a Chief Scientist, who will help to focus its research and
development activities. The Company plans to begin construction on a 30,000
square foot addition to its Melbourne, Florida facility, which will allow
further expansion of its business. On January 1, 1997 the Company is
implementing a new state-of-the-art integrated information system for RELM which
will link on a real-time basis all aspects of the Company."
"We intend to continue our asset repositioning strategy, and are exploring a
variety of opportunities to identify those which are potentially viable. We plan
to carry out this repositioning so as to ensure that it benefits our employees,
our customers and our shareholders."
Adage, Inc. is a producer of wireless communications equipment and electronics
products and also has interests in paperboard manufacturing.
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