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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): September 16, 1998
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Connectivity Technologies Inc.
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(exact name of registrant as specified in its charter)
Delaware 0-12113 94-2691724
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(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
680 Mechanic Street, Ste 1201, PO Box 786, Leominster, Massachusetts 01453
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(Address of principal executive offices) (zip code)
Registrant's Telephone Number, including Area Code: (978) 537-9138
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On September 16, 1998, Connectivity Products Incorporated, a
subsidiary of the issuer, Connectivity Technologies Inc. ("CTI"), concluded a
non-binding Letter of Intent to sell all of the business and assets of its
Energy Electric Assembly division ("EEA") to a subsidiary of Orion Capital
Partners, LP, a Boston-based private equity fund. The transaction is subject to
due diligence and other conditions, including the conclusion of a mutually
satisfactory asset purchase agreement. CTI anticipates that the closing will
take place within 60 days of the date hereof, although no assurances can be
given that the sale will be consummated. CTI has recently filed several prior
reports with the Securities and Exchange Commission on Form 8-K covering
various developments including those relating to its indebtedness to its
lenders. The Letter of Intent provides for a cash purchase price of
$10,750,000, subject to upward or downward adjustment, and CTI intends to
utilize the proceeds, net of expenses and taxes generated by the sale, to
reduce its bank debt, now standing at $16,172,053.
Item 7. Financial Statements and Exhibits
None.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of
1995.
This report contains, in addition to historical information,
forward-looking statements. Forward-looking statements are subject by their
nature to risks and uncertainty and actual results could differ materially from
those set forth in the forward-looking statements. Typical risks and
uncertainties include, but are not limited to, whether a sale of EEA will
actually take place and the terms and conditions of any such sale and other
factors described from time to time in CTI's reports filed with the Securities
and Exchange Commission including CTI's Form 10-KSB for the year ended December
31, 1997 and subsequent reports on form 8-K. Any forward-looking statements are
made pursuant to the Private Securities Litigation Reform Act of 1995 and as
such, speak only as of the date made. CTI has not undertaken to update any
information in the foregoing report.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
CONNECTIVITY TECHNOLOGIES INC.
(Registrant)
Dated: September 16, 1998 By: /s/ George H. Buckham
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Name: George H. Buckham
Title: Secretary
