SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Act of 1934
Date of Report (date of earliest event reported) July 7, 1999
COMARCO, Inc.
(Exact name of registrant as specified in its charter)
CALIFORNIA
(state or other jurisdiction of incorporation)
0-5449 95-2088894
(commission File Number) (IRS Employer Identification Number)
1551 N. Tustin Avenue, Suite 840, Santa Ana, California 92705
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (714) 796-1808
(former name or address, if changed since last report)
Item 5. Other Events.
There is incorporated herein by reference to Exhibit 99.1 hereto, a press
release of registrant released on July 7, 1999
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1
Press release dated July 7, 1999
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.
COMARCO, Inc.
Dated: July 22, 1999
By: Thomas P. Baird
Vice President, Chief Financial Officer
Exhibit 99.1
July 7, 1999
COMARCO ANNOUNCES PLAN TO ENHANCE
SHAREHOLDER VALUE; TO BECOME PURE PLAY
WIRELESS COMMUNICATIONS PRODUCT COMPANY
SELECTS QUARTERDECK INVESTMENT PARTNERS TO SELL NON-WIRELESS
SERVICES BUSINESSES
Santa Ana, California (July 7, 1999) - COMARCO, Inc. (NASDAQ: CMRO) today
announced plans aimed at strengthening the Company's focus in the wireless
communications sector. COMARCO has retained Quarterdeck Investment Partners,
Inc. as its financial advisor to sell the Company's engineering and information
technology, management and staffing services business. These non-wireless
business units had revenues of $58 million in the company's latest fiscal year.
COMARCO will use the proceeds from any sale to invest in growth initiatives for
its core wireless communications business.
Don M. Bailey, Chairman and Chief Executive Officer of COMARCO, stated, "Our
high-growth wireless communications business represents the cornerstone of the
Company's future. We believe this decision to heighten our competitiveness in
our most dynamic business segment will create a stronger, more streamlined
company. As a pure play wireless communications company, COMARCO will be well
positioned to capitalize on the tremendous growth potential in that sector.
"We selected Quarterdeck for this critical assignment because they are the
leading investment bank in the merger, acquisition and divestiture market for
government professional services and information technology businesses. They
have been involved in more than 20 transactions of this nature in the last
year," concluded Mr. Bailey.
Jon Kutler, President of Quarterdeck, commented, "The financial community has
consistently placed a premium on companies with a well defined business
strategy. COMARCO has already established an excellent track record of growth in
the wireless communications industry. By capitalizing on the attractive market
window that exists for its services business and positioning itself as a focused
growth company in the dynamic wireless communications sector, COMARCO stands to
reap significant rewards for its shareholders."
A California corporation whose common stock has been publicly traded since 1971,
COMARCO provides wireless communications products, as well as engineering and
information technology, management and staffing services, to the public and
private sectors. With nearly 800 employees in 15 states and 4 foreign countries,
COMARCO generated $92 million in revenues for the fiscal year ended January 31,
1999.
Quarterdeck, a leading international investment banking firm with offices in
Washington, DC and Los Angeles, focuses exclusively on servicing clients in the
aerospace, defense, government services, and information technology industries.
Except for historical information contained herein, the matters set forth in
this news release are forward-looking statements that involve certain risks and
uncertainties that could cause actual results to differ materially from those in
the forward-looking statements. Potential risks and uncertainties include such
factors such as the level of sales of the company's wireless communications
products, timely and cost-effective product development, foreign marketing, the
level of competition for the company's products and services, the company's
ability to meet contractual commitments with its customers, and the ability to
meet the technical requirements of its customers. Investors are also directed to
consider a more detailed description of risks and uncertainties facing the
company discussed in documents filed by the company with the SEC.
For further information contact Don Bailey at (714) 796-1800 or the Shareholder
Information Office at (714) 796-1818. Our web sites can be found at www.cmro.com
or www.comarco.com .
To contact Quarterdeck Investment Partners, call Jon Kutler or John Allen at
310-788-5573.
