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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): November 21, 2000
LOGIMETRICS, INC.
(Exact name of registrants as specified in their charters)
DELAWARE
(State or other jurisdiction of incorporation)
000-10696 11-2171701
(Commission file numbers) (IRS Employer Identification No.)
435 MORELAND ROAD
HAUPPAUGE, NY 11788
(631) 231-1700
(Address of principal executive office)
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Item 5. Other Events
On February 17, 2000, LogiMetrics (the "Company") and Signal Technology
Corporation ("Signal") entered into a non-binding Letter of Intent (the "Letter
of Intent"). In connection with the Letter of Intent, the Company and Signal
entered into a Management Agreement (the "Management Agreement") pursuant to
which Signal, through its Keltec division, assumed the management and operation
of the Company's high-power amplifier business, formerly conducted by the
Company at its Bohemia, New York facility (the "New York Business") and assumed
certain liabilities of the New York Business. Under the Management Agreement,
Signal was responsible for all expenses incurred and was entitled to retain all
revenues generated in connection with its operation of that business. Signal
also agreed to make interest payments on the Company's outstanding bank
indebtedness during the period it was operating the New York Business. In July
2000, the Company terminated the Letter of Intent. In November 2000, the Company
and Signal finalized negotiations resulting in Signal's acquisition of the New
York Business. Pursuant to the acquisition terms, the Company paid Signal
approximately $2.1 million to offset certain costs incurred by Signal during the
course of its management of the New York Business and for certain known
liabilities of this business. Additionally, the Company has agreed to retain
other specific liabilities of the New York Business. In connection with the sale
of the New York Business to Signal, the Company recorded a loss on disposal of
approximately $2.1 million ($0.07 per share). The Company will report the New
York Business as a discontinued operation.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LOGIMETRICS, INC.
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Registrant
Date: January 11, 2001 By: /s/ Erik S. Kruger
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Erik S. Kruger
Vice President
Finance and Administration
and Principal Accounting Officer
