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 11, 1996
Alden Electronics, Inc.
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(Exact name of registrant as specified in its charter)
Massachusetts 1-7404 04-2156392
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
40 Washington Street, Westboro, Massachusetts 01581
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 508-366-8851
None
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(Former name or former address, if changed since last report.)
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Item 2. Disposition of Assets.
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On June 11, 1996, Alden Electronics, Inc. (the "Company"), pursuant to
an Asset Purchase Agreement, sold its manufacturing and distribution rights for
its line of emergency position indicating radio beacons ("EPIRBs"), and related
equipment and inventory, to Northern Airborne Technology Inc., an affiliate of
Chelton Ltd., a UK company. The purchase price for the Company's line of
EPIRBs, a marine communication product, was $930,809, which was paid in cash at
closing.
The assets sold and transferred to Northern Airborne Technology Inc.
included the machinery, production equipment, tooling and inventory used in the
production of EPIRBs, intangible assets relating thereto, and certain contracts
and licensing agreements relating to the manufacturing and distribution of the
EPIRBs. The net gain realized on the sale of these assets was approximately
$75,000.
Revenues from the sales of EPIRBs during the year ended March 31, 1996
amounted to $2,494,559 and generated gross profits of $188,825 for the same
period.
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SIGNATURES
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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.
ALDEN ELECTRONICS, INC.
Date: June 26, 1996 By: /s/ Robert J. Wentworth
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Robert J. Wentworth, Treasurer
and Chief Operating Officer
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