FORM 8 - K
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
January 7, 2000
CIRCUIT RESEARCH LABS, INC.
(Exact Name of Registrant as specified in its Charter)
Arizona
(State or other jurisdiction of incorporation)
0-11353 86-0344671
Commission IRS
File Employer
Number Identification No.
2522 West Geneva Drive
Tempe, Arizona 85282
(Address of principal executive offices)
(602) 438-0888
(Registrants telephone number)
Item 5. Other Events
Tempe, AZ January 5, 2000 - Circuit Research Labs, Inc.
(OTC/BB: CRLI or the Company) and Harman International
Industries, Inc. (NYSE: HAR) announced on December 27th that
they have signed a letter of intent whereby CRLI will
acquire Harmans Orban subsidiary. The $15 million
transaction is expected to close at the end of January 2000,
and will be financed by debt, the structure of which has not
yet been announced. The transaction is subject to the
ratification of a definitive agreement as well as customary
closing conditions.
Based in San Leandro, California, Orban, Inc. is a leading
manufacturer of audio processing for radio and TV stations
worldwide. Orban has about 75 employees and annual sales of
approximately $15 million. Circuit Research Labs will
retain the Orban brand and employees, including founder and
chief engineer Bob Orban.
The management of the Company believes this business
combination is highly complementary and synergistic, since
roughly 80% of Orbans products are digital and
approximately 80% of Circuit Researchs products are analog.
Upon the acquisition being completed the Company will soon
be equipped to offer a full range of digital and analog
audio processing solutions at many price points.
Circuit Research Labs, Inc. manufactures and markets high
quality electronic audio processing, transmission encoding
and noise reduction equipment for the worldwide radio,
television and professional audio markets.
This Form 8K contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of
1995. Managements anticipation of future events is based
upon assumptions regarding levels of competition, research
and development results, raw material markets, the markets
in which the Company operates, and stability of the
regulatory environment. Further, the assumptions contained
in this release may depend on the integration of the
operations of Orban with those of the Company. Any of these
assumptions could prove inaccurate, and therefore there can
be no assurance that the forward-looking information will
prove to be accurate.
Date: January 7, 2000
Gary D. Clarkson
Secretary
