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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) April 24, 1995
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INTEK DIVERSIFIED CORPORATION
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-9160 04-2450145
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(Commission File Number) (I.R.S. Employer Identification No.)
5800 West Jefferson Boulevard, Los Angeles, California 90016-3187
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(Address of Principal Executive Offices) (Zip Code)
(213) 870-7665
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(Registrant's Telephone Number, Including Area Code)
______________________________________________________________________________
(Former Name or Former Address, if Changed Since Last Report)
Page 1 of 5 Pages
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Item 5. Other Events.
On April 24, 1995, Intek Diversified Corporation ("Intek") issued a
press release announcing that Intek has signed a $7.0 million financing
agreement with Linear Modulation Technology of Surrey, England. The press
release is attached as an exhibit hereto and is hereby incorporated by
reference.
Item 7. Financial Statements and Exhibits.
Page
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(c) Exhibit 7.1 - Press release dated April 24, 1995 4
Page 2 of 5 Pages
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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.
INTEK DIVERSIFIED CORPORATION
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(Registrant)
Date: May 3rd, 1995 By: /s/ Steven L. Wasserman
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(Signature)
Steven L. Wasserman
Secretary
Page 3 of 5 Pages
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EXHIBIT 7.1
NEWS RELEASE
INTEK ARRANGES $7 MILLION FINANCING WITH SECURICOR FOR
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DEVELOPMENT OF ROAMER ONE 220 MHz SMR NETWORK
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Los Angeles, California - April 24, 1995 - Intek Diversified Corporation
("INTEK") today announced that it has signed a $7 Million financing
agreement with Linear Modulation Technology Limited ("Lmt"), of Surrey,
England. The financing consists of a $3 million loan and a $4 million
equity investment in common shares of INTEK. The proceeds will be used
for the purchase of Securicor base station repeater equipment and
subscriber radio equipment for the Roamer One Specialized Mobile Radio
("SMR") network. Roamer One, Inc., a Delaware corporation, is a wholly
owned subsidiary of INTEK.
Under the terms of the agreement, Roamer One will initially purchase
from LMT 200, five channel, base stations and 3,600 mobile radio units.
The financing will be in the form of a $4 million equity investment by
LMT in the common shares of INTEK to be valued at current market rates,
and a loan of $3 million payable over 12 months. In exchange for its
equity investment, Securicor will receive approximately 1 million common
shares of INTEK stock. The equity investment by LMT is conditional upon
the execution of a merger agreement between INTEK and the wireless
business of Simmonds Communications, Ltd. ("SCL") as announced on March
9, 1995.
Roamer One is constructing and managing 220 MHz SMR systems in the
United States. The Company intends to join these local systems into
super-regional systems, and to link the regions together to form a
nationwide network. The company has entered into management agreements
with licensees of 220 MHz systems who, collectively, represent over
2,250 channels. SCL Systems, a division of SCL, has been responsible
for the design, construction, and engineering support functions related
to the build-out of the radio systems infra-structure for the Roamer One
network.
David Neibert, President of Roamer One, stated that "This financing and
proposed equity investment by LMT is a very significant step forward in
the development of the Roamer One Network. Through our supply
agreements with both LMT and SCL, Roamer One will have the equipment and
the engineering expertise to build out a nationwide SMR network with
super-regional and inter-system roaming capability. The proposed merger
with SCL's wireless business, including SCL Systems and Midland
International Corporation, will give INTEK large system integration
capability and two-way radio product distribution throughout the
country. Our ability to build-out, load, and manage the Roamer One SMR
network is significantly enhanced with LMT and the SCL as both suppliers
and investment partners".
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Linear Modulation Technology Limited is a wholly owned subsidiary of the
Securicor Group, a major UK international organization specializing in
parcels handling and delivery, all forms of security services, and fixed
and mobile telecommunications. Annual revenues for the Securicor Group
are approximately 900 million pounds. LMT has developed linear
modulation radio technology and manufactures base stations and
subscriber radio equipment at its factory in Bath, England. It also
supplies this equipment through partnerships and licensing agreements
in other key markets.
Intek Diversified Corporation is a publicly traded company listed on the
NASDAQ small cap exchange. (symbol: "IDCC") Intek acquired Roamer One
in September 1994. On March 9, 1995, Intek announced the signing of a
letter of intent to acquire the wireless communications business of
Simmonds Communications, Ltd. The businesses to be acquired included
Midland International Corporation, Midland Europe Limited, and SCL
Systems. The transaction, which is subject to the negotiation of a
definitive agreement and shareholder approval, is expected to close
later this year.
Simmonds Communications, Ltd., of Toronto, Ontario is a diversified
electronics company involved as a manufacturer, distributor, and systems
integrator in the global wireless communications market and the
production and distribution of electronic components. Simmonds
Communications, Ltd. is listed on the Toronto Stock Exchange (symbol:
"SMM").
For further information:
David Neibert
Roamer One, Inc.
tel: (310) 366-7703 fax: (310) 366-7712
