<PAGE> 1
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 ) April 4, 1997
-------------
CINCINNATI MICROWAVE, INC.
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
Ohio 0-13136 31-0903863
--------------------------- ------------- --------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
One Microwave Plaza, Cincinnati, Ohio 45249-9502
--------------------------------------- -------------
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (513) 489-5400
--------------------------
- -------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
<PAGE> 2
Form 8-K Cincinnati Microwave, Inc.
Item 2. Acquisition or Disposition of Assets
------------------------------------
and
Item 5. Other Events
------------
The United States Bankruptcy Court for the Southern District of Ohio, Western
Division, approved the previously announced sale of substantially all of the
assets of the Company's radar detector business and its real property to Escort
Acquisition Corp. for $10.9 million plus the aggregate amount of certain interim
advances. Escort Acquisition Corp. is a company owned by Matthew Coleman, a
Chicago-area businessman. The parties anticipate that the transaction will close
on Thursday, April 10, 1997.
The Company is continuing its efforts to find purchasers for its phone and modem
businesses, and to determine whether a plan of reorganization is possible. To
date, it appears that, even if the Company is able to reorganize and emerge from
bankruptcy proceedings, there is little likelihood that any plan of
reorganization would provide any value, or more than only minimum value, to its
existing shareholders.
At the present time, the Company is unable to complete its Annual Report on Form
10-K and its quarterly reports that will be due on Form 10-Q in a timely
fashion. In lieu of filing those reports with the Securities and Exchange
Commission, the Company will be filing copies of the Financial Reports that it
is required to file with the United States Bankruptcy Court for the Southern
District of Ohio, Western Division, each month under cover of Form 8-K within
ten days of filing the Financial Reports with the Bankruptcy Court. On April 4,
1997, the Company filed its Financial Reports with the Bankruptcy Court for its
operations during the period ended February, 1997. The Financial Reports consist
of the following: (i) Operating Statement, (ii) Balance Sheet, (iii) Summary of
Operations, (iv) Monthly Cash Statement, and (iv) Statement of Compensation.
<PAGE> 3
Form 8-K Cincinnati Microwave, Inc.
Item 7. Financial Statements and Exhibits
---------------------------------
(c) Exhibits.
99(i) - Financial reports, as amended, as filed with the United States
Bankruptcy Court for the Southern District of Ohio, Western Division,
for the Company's operations during the period ended February 1997
(without exhibits to the Monthly Cash Statement (Form 5)).
99(ii) - Agreement to provide omitted Schedules to Monthly Cash
Statement upon request.
99(iii) - Press release of Cincinnati Microwave, Inc. dated April 8,
1997.
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, Cincinnati
Microwave, Inc. has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
April 4, 1997
CINCINNATI MICROWAVE, INC.
By /s/ Kurt H. Stump
--------------------------
Kurt H. Stump
Vice President and
Chief Financial Officer/
Treasurer/Secretary
<PAGE> 1
Exhibit 99(i)
FORM 2 (7/94)
<TABLE>
<CAPTION>
OPERATING STATEMENT
Debtor: IN RE: CINCINNATI MICROWAVE, INC. Case No: 97 - 10882
---------------------------------- ------------
Month Ending: FEBRUARY 28, 1997
-------------------
Total
Current Month Since Filing
<S> <C> <C>
Total Revenue / Sales $ 1,313,996 $ 1,313,996
Cost of Sale $ 1,005,281 $ 1,005,281
- --------- - ---------
Gross Profit $ 308,715 $ 308,715
Expenses:
Officer Compensation $ 57,300 $ 57,300
Employee Salaries $ 196,811 $ 196,811
Benefits & Pensions $ 0 $ 0
Payroll Taxes $ 0 $ 0
Other Taxes $ 14,053 $ 14,053
Rent & Lease Expense $ 5 $ 5
Interest Expense $ 0 $ 0
Insurance $ 0 $ 0
Auto & Truck Expenses $ 176 $ 176
Utilities $ 1,781 $ 1,781
Depreciation $ 65,713 $ 65,713
Travel & Entertainment $ 405 $ 405
Repairs & Maintenance $ 196 $ 196
Advertising $ 11,193 $ 11,193
Supplies, Office Expense $ 5,397 $ 5,397
Other: Specify $ 0 $ 0
TOTAL EXPENSES: $ 353,030 $ 353,030
NET OPERATING PROFIT / (LOSS) $ (44,315) $ (44,315)
Add: Non-Business Income
Interest Income $ 0 $ 0
Other Income $ 0 $ 0
Less: Non-Business Expenses:
Professional Fees $ 0 $ 0
Other $ 8,700 $ 8,700
----- - -----
TOTAL NON-BUSINESS PROFIT / (LOSS) $ (8,700) $ (8,700)
NET INCOME / (LOSS) $ (53,015) $ (53,015)
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
FORM 3 (7/94)
BALANCE SHEET
Debtor: CINCINNATI MICROWAVE, INC. Case No. 97 - 10882
---------------------------- ----------------
Month Ending: February 28, 1997
-----------------
ASSETS CURRENT MONTH PRIOR MONTH AT FILING
<S> <C> <C>
Cash: $ 868,084 $ 724,343
Inventory: $ 4,894,868 $ 5,643,874
Accts. Rec: $ 1,844,514 $ 1,819,744
Insider Receivables: $ 0 $ 0
Land & Buildings: $ 12,492,980 $ 12,492,980
Furn., Fixtures & Equip: $ 25,374,571 $ 25,373,681
Accumulated Depreciation: $(29,229,400) $(29,118,554)
Other: $ 1,738,694 $ 1,120,823
------------ ------------
TOTAL ASSETS: $ 17,984,311 $ 18,056,891
LIABILITIES:
POST-PETITION LIABILITIES:
Accts. Payable: $ 11,992
Wages & Salaries: $ 77,146
Taxes Payable: $ 0
Other: $ 0 $ 0
---------------------- - - - -
TOTAL POST-PETITION LIAB $ 89,138 $ 0
SECURED LIABILITIES:
Subject to Post-Petition $ 3,807,200 $ 3,794,500
Coll. or Financing Order $ 0 $ 0
All Other Secured Liab $ 0 $ 0
------------ ------------
TOTAL SECURED LIAB $ 3,807,200 $ 3,794,500
PRE-PETITION LIABILITIES:
Taxes & Other Pri. Liab $ 1,529,831 $ 1,539,168
Unsecured Liabilities: $ 10,581,784 $ 10,630,261
Other: Accruals & estimates $ 6,174,291 $ 6,237,879
----------------------- ------------ ------------
TOTAL PRE-PETITION LIAB $ 18,285,906 $ 18,407,308
EQUITY:
Owners' Capital: $ 10,937,861 $ 10,937,861
Retained Earnings-PrePet $(15,082,778) $(15,082,778)
Retained Earnings-PostPet $ (53,013) $ 0
TOTAL EQUITY $ (4,197,930) $ (4,144,917)
------------ ------------
TOTAL LIAB. & EQUITY $ 17,984,314 $ 18,056,891
</TABLE>
<PAGE> 3
FORM 4 (7/94)
<TABLE>
<CAPTION>
SUMMARY OF OPERATIONS
<S> <C> <C>
Debtor: CIN. MICROWAVE Period Ended: February 28, 1997 Case No. 97-10882
--------------- ------------------- -----------
<CAPTION>
Taxes Payable Schedule
----------------------
Beginning Accrued/ Payment/ Ending
Balance Withheld Deposit Balance
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Income Taxes Withheld:
Federal: $ 37,946.56 $ 34,210.77 $ (74,920.46) $ (2,763.13)
State: $ (2,071.52) $ 8,910.53 $ (6,839.01) $ 0.00
Local: $ (513.56) $ 0.00 $ (20.33) $ (533.89)
FICA Withheld: $ 21,979.48 $ 15,678.46 $ (39,106.83) $ (1,448.89)
Employers FICA: $ 21,979.48 $ 15,678.46 $ (39,106.83) $ (1,448.89)
Unemployment Tax:
Federal: $ (17,987.85) $ 0.00 $ (1,840.91) $ (19,828.76)
State: $ (22,711.42) $ 23,715.18 $ (3,547.48) $ (2,543.72)
Sales, Use & Excise:
Sales Tax: $ (11,541.97) $ 11,410.16 $ (7,791.51) $ (7,923.32)
Real Estate Tax: $ (53,149.81) $ 0.00 $ 0.00 $ (53,149.81)
Property Taxes: $ (459444.52) $ 0.00 $ 0.00 $(459,444.52)
Use Tax: $ (1,500.00) $ 0.00 $ 0.00 $ (1,500.00)
Other: Worker's, etc $ (63,623.85) $ 5,392.15 $ (10,406.64) $ (68,638.34)
TOTALS: $(550,638.98) $114,995.71 $(183,580.00) $(619,223.27)
<CAPTION>
AGING OF ACCOUNTS RECEIVABLE
AND POST-PETITION ACCOUNTS PAYABLE
<S> <C> <C> <C>
Age in Days 0-30 30-60 Over 60
Post Petition
Accts. Payable $ 11,992 $ 0 $ 0
Accts. Rec. $ 1,153,343 $88,125 $603,046
</TABLE>
FOR ALL POST-PETITION ACCOUNTS PAYABLE OVER 30 DAYS OLD, PLEASE ATTACH A SHEET
LISTING EACH SUCH ACCOUNT, TO WHOM THE ACCOUNT IS OWED, THE DATE THE ACCOUNT WAS
OPENED, AND THE REASON FOR NON-PAYMENT OF THE ACCOUNT.
Describe events or factors occuring during this reporting period materially
affecting operations and formulation of a Plan of Reorganization.
<PAGE> 4
<TABLE>
<CAPTION>
FORM 5 (7/94)
MONTHLY CASH STATEMENT
<S> <C>
Debtor: CINCINNATI MICROWAVE, INC. Statement for the period:
------------------------------
Case No: 97 - 10882 From: Feb 14, 1997 To: Feb 28, 1997
--------------------------- --------------- --------------
<CAPTION>
Cash Activity Analysis (Cash Basis Only):
General Payroll Tax Cash Coll.
Acct. Acct. Acct. Acct.
----- ----- ----- -----
<S> <C> <C> <C> <C>
A. Beginning Balance $ 724,343
B. Receipts, Attach $ 1,255,033
separate schedule:
-----------
C. Balance Available $ 1,979,376
(A + B)
D. Less Disbursements $(1,111,292)
Attach separate
-----------
schedule
E. ENDING BALANCE $ 0 $ 0 $ 0 $ 868,084
(C - D)
</TABLE>
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FORM EACH
ACCOUNT)
<TABLE>
<CAPTION>
General Account:
<S> <C> <C>
1. Depository Name & Add. Fifth Third Bank Cincinnati Ohio
----------------------------------------------------------------
2. Account Number Cash collateral accts 728-51998, 999-41002, 733-55267, 727-19671
----------------------------------------------------------------
Payroll Account:
1. Depository Name & Add.
-----------------------------------------------------------------
2. Account Number
-----------------------------------------------------------------
Tax Account:
1. Depository Name & Add.
-----------------------------------------------------------------
2, Account Number
-----------------------------------------------------------------
</TABLE>
Other monies on hand (specify type and location) (i.e. CD's, petty cash, etc.)
APPROXIMATELY $950 IN PETTY CASH. INCLUDED IN BOOK CASH IS A RESERVE OF $500,000
MAINTAINED BY THE CREDIT CARD COMPANY TO OFFSET CLAIMS ETC.
Date: 4/4/97 /s/ Kurt H. Stump
-------- ------------------------------
Debtor in Possession
<PAGE> 5
FORM 6 (7/94)
<TABLE>
<CAPTION>
MONTHLY STATEMENT OF COMPENSATION
---------------------------------
The following information is to be provided for each shareholder, office,
director, manager, insider, or owner that is employed by the debtor in
possession. ATTACH ADDITIONAL PAGES IF NECESSARY.
<S> <C>
Name: ERIKA WILLIAMS Capacity: Principal
----------------------- ----
X Officer
-----
X Director
-----
Insider
-----
<CAPTION>
Detailed Description of Duties: Daily responsibilities of President and Chief
-----------------------------------------------
Executive Officer.
- ------------------
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
$30,000
---------------- ----------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $204
---------------- ----------------
Life Insurance
---------------- ----------------
Retirement
---------------- ----------------
Company Vehicle
---------------- ----------------
Entertainment
---------------- ----------------
Travel
---------------- ----------------
Other Benefits
---------------- ----------------
CURRENT TOTAL:
Weekly or Monthly
$30,204.00
---------------- ----------------
</TABLE>
Date: 4/4/97 /s/ Kurt H. Stump
----------- -------------------------------------
Principal, Officer, Director, Insider
<PAGE> 6
FORM 6 (7/94)
<TABLE>
<CAPTION>
MONTHLY STATEMENT OF COMPENSATION
---------------------------------
The following information is to be provided for each shareholder, office,
director, manager, insider, or owner that is employed by the debtor in
possession. ATTACH ADDITIONAL PAGES IF NECESSARY.
<S> <C>
Name: KURT H. STUMP Capacity: Principal
----------------------------------------- ------
X Officer
------
X Director
------
Insider
<CAPTION>
Detailed Description of Duties: Daily work activities of Chief Financial
------------------------------------------------
Officer, Director, and Treasurer
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
$11,250
---------------- ----------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $204
---------------- ----------------
Life Insurance
---------------- ----------------
Retirement
---------------- ----------------
Company Vehicle
---------------- ----------------
Entertainment
---------------- ----------------
Travel
---------------- ----------------
Other Benefits
---------------- ----------------
CURRENT TOTAL:
Weekly or Monthly
$11,454
---------------- ----------------
</TABLE>
Date: 4/4/97 /s/ Kurt H. Stump
------------------- -------------------------------------
Principal, Officer, Director, Insider
<PAGE> 7
FORM 6 (7/94)
<TABLE>
<CAPTION>
MONTHLY STATEMENT OF COMPENSATION
---------------------------------
The following information is to be provided for each shareholder, office,
director, manager, insider, or owner that is employed by the debtor in
possession. ATTACH ADDITIONAL PAGES IF NECESSARY.
<S> <C>
Name: R. GREGORY BLAIR Capacity: Principal
--------------------------- ------
X Officer
------
Director
------
Insider
------
<CAPTION>
Detailed Description of Duties: Daily work activities of Vice President -
- -------------------------------------------------------------------------
Production
- -------------------------------------------------------------------------
- -------------------------------------------------------------------------
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
$11,917
---------------- ----------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $204
---------------- ----------------
Life Insurance
---------------- ----------------
Retirement
---------------- ----------------
Company Vehicle
---------------- ----------------
Entertainment
---------------- ----------------
Travel
---------------- ----------------
Other Benefits
---------------- ----------------
CURRENT TOTAL:
Weekly or Monthly
$12,121
---------------- ----------------
Date: 4/4/97 /s/ Kurt H. Stump
------------------ -------------------------------------
Principal, Officer, Director, Insider
</TABLE>
<PAGE> 8
FORM 6 (7/94)
<TABLE>
<CAPTION>
MONTHLY STATEMENT OF COMPENSATION
---------------------------------
The following information is to be provided for each shareholder, office,
director, manager, insider, or owner that is employed by the debtor in
possession. ATTACH ADDITIONAL PAGES IF NECESSARY.
<S> <C>
Name: CARROLL J. HALVA Capacity: Principal
----------------------------------- ------
X Officer
------
Director
------
Insider
------
<CAPTION>
Detailed Description of Duties: Daily work activities of Vice President -
----------------------------------------------
Manufacturing
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<S> <C> <C>
CURRENT COMPENSATION PAID: Weekly or Monthly
$12,333
---------------- ----------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $204
---------------- ----------------
Life Insurance
---------------- ----------------
Retirement
---------------- ----------------
Company Vehicle
---------------- ----------------
Entertainment
---------------- ----------------
Travel
---------------- ----------------
Other Benefits
---------------- ----------------
CURRENT TOTAL:
Weekly or Monthly
$12,537
---------------- ----------------
</TABLE>
Date: 4/4/97 /s/ Kurt H. Stump
------------------------ ---------------------------------------
Principal, Officer, Director, Insider
<PAGE> 9
FORM 6 (7/94)
MONTHLY STATEMENT OF COMPENSATION
---------------------------------
The following information is to be provided for each shareholder, office,
director, manager, insider, or owner that is employed by the debtor in
possession. ATTACH ADDITIONAL PAGES IF NECESSARY.
Name: DANIEL MURPHY Capacity: Principal
------------------------- --------
X Officer
--------
Director
--------
-------- Insider
Detailed Description of Duties: Daily work activities of Vice President -
- -------------------------------------------------------------------------------
Marketing
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
CURRENT COMPENSATION PAID: Weekly or Monthly
$10,000
------------ ------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $204
------------ ------------
Life Insurance
------------ ------------
Retirement
------------ ------------
Company Vehicle
------------ ------------
Entertainment
------------ ------------
Travel
------------ ------------
Other Benefits
------------ ------------
CURRENT TOTAL:
Weekly or Monthly
$10,204
------------ ------------
Date: 4/4/97 /s/ Kurt H. Stump
------------- ---------------------------------------
Principal, Officer, Director, Insider
<PAGE> 10
FORM 6 (7/94)
MONTHLY STATEMENT OF COMPENSATION
---------------------------------
The following information is to be provided for each shareholder, office,
director, manager, insider, or owner that is employed by the debtor in
possession. ATTACH ADDITIONAL PAGES IF NECESSARY.
Name: JOSEPH MARSHALL Capacity: Principal
--------
X Officer
--------
Director
--------
Insider
--------
Detailed Description of Duties: Daily work activities of Vice President -
- -------------------------------------------------------------------------------
Materials
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
CURRENT COMPENSATION PAID: Weekly or Monthly
$7,500
----------- -----------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $204
----------- -----------
Life Insurance
----------- -----------
Retirement
----------- -----------
Company Vehicle
----------- -----------
Entertainment
----------- -----------
Travel
----------- -----------
Other Benefits
----------- -----------
CURRENT TOTAL:
Weekly or Monthly
$7,704
----------- -----------
Date: 4/4/97 /s/ Kurt H. Stump
----------- ----------------------------------------
Principal, Officer, Director, Insider
<PAGE> 11
FORM 6 (7/94)
MONTHLY STATEMENT OF COMPENSATION
---------------------------------
The following information is to be provided for each shareholder, office,
director, manager, insider, or owner that is employed by the debtor in
possession. ATTACH ADDITIONAL PAGES IF NECESSARY.
Name: THOMAS H. PERSZYK Capacity: Principal
--------------------------------- -----
X Officer
-----
Director
-----
Insider
-----
Detailed Description of Duties: Daily work activities of Vice President -
- -------------------------------------------------------------------------------
Engineering
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
CURRENT COMPENSATION PAID: Weekly or Monthly
$12,500
---------------- -------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance $204
---------------- -------------
Life Insurance
---------------- -------------
Retirement
---------------- -------------
Company Vehicle
---------------- -------------
Entertainment
---------------- -------------
Travel
---------------- -------------
Other Benefits
---------------- -------------
CURRENT TOTAL:
Weekly or Monthly
$12,704
---------------- -------------
Date: 4/4/97 /s/ Kurt H. Stump
---------- -----------------------------------------
Principal, Officer, Director, Insider
<PAGE> 12
FORM 6 (7/94)
MONTHLY STATEMENT OF COMPENSATION
---------------------------------
The following information is to be provided for each shareholder, office,
director, manager, insider, or owner that is employed by the debtor in
possession. ATTACH ADDITIONAL PAGES IF NECESSARY.
Name: GILBERT L. WACHSMAN Capacity: Principal
------------------------------------- ------
------ Officer
X Director
------
Insider
------
Detailed Description of Duties: Member of Board of Directors
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
CURRENT COMPENSATION PAID: Weekly or Monthly
Retainer $1,000
------------ ------------
CURRENT BENEFITS RECEIVED: Weekly or Monthly
Health Insurance
------------ ------------
Life Insurance
------------ ------------
Retirement
------------ ------------
Company Vehicle
------------ ------------
Entertainment
------------ ------------
Travel
------------ ------------
Other Benefits: Meeting fee $1,000
------------ ------------
CURRENT TOTAL:
Weekly or Monthly
$2,000
------------ -----------
Date: 4/4/97 /s/ Kurt H. Stump
------------- -----------------------------------------
Principal, Officer, Director, Insider
<PAGE> 1
EXHIBIT 99(ii)
The Financial Reports, as amended, which are being filed as an exhibit
to the Form 8-K of Cincinnati Microwave, Inc., date of report April 4, 1997, are
being filed without the schedules to the Monthly Cash Statement (Form 5). Set
forth below is a list of the omitted Schedules to Form 5 which Cincinnati
Microwave, Inc. hereby agrees to furnish supplementally to the Securities and
Exchange Commission upon request: (i) Fifth-Third Bank statement regarding the
Company's General Account and (ii) the Supplement to Disbursements containing a
listing of the Company's wire transfers, system checks and manual checks.
CINCINNATI MICROWAVE, INC.
By: /s/ E. Williams
----------------------------
E. Williams
Chairman of the Board (Acting),
President and Chief Executive Officer
<PAGE> 1
EXHIBIT 99(iii)
FOR FURTHER INFORMATION:
- ------------------------
AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
Elaine Bacon Bill Schmidle, Analyst Inquiries
513-489-5400 312-640-6753
[email protected] Karl Plath, General Inquiries
312-640-6738
FOR IMMEDIATE RELEASE
COURT APPROVES ASSET PURCHASE AGREEMENT
CINCINNATI, APRIL 8, 1997--CINCINNATI MICROWAVE, INC. (NASDAQ: CNMWQ) announced
today that the previously announced sale of substantially all of the assets of
the Company's radar detector business and its real property to Escort
Acquisition Corp. for $10.9 million plus the aggregate amount of certain interim
advances was approved yesterday by the United States Bankruptcy Court for the
Southern District of Ohio, Western Division. Escort Acquisition Corp. is a
company owned by Matthew Coleman, a Chicago-area businessman. The parties
anticipate that the transaction will close on Thursday, April 10, 1997.
The Company is continuing its efforts to find purchasers for its phone and modem
businesses, and to determine whether a plan of reorganization is possible. To
date, it appears that, even if the Company is able to reorganize and emerge from
bankruptcy proceedings, there is little likelihood that any plan of
reorganization would provide any value, or more than only minimum value, to its
existing shareholders.
At the present time, the Company is unable to complete its Annual Report on Form
10-K and its quarterly reports that will be due on Form 10-Q in a timely
fashion. In lieu of filing those reports with the Securities and Exchange
Commission, the Company will be filing copies of the Financial Reports that it
is required to file with the United States Bankruptcy Court for the Southern
District of Ohio, Western Division, each month under cover of Form 8-K within
ten days of filing the Financial Reports with the Bankruptcy Court. On April 4,
1997, the Company filed its Financial Reports with the Bankruptcy Court for its
operations during the period ended February, 1997. The Financial Reports consist
of the following: (i) Operating Statement, (ii) Balance Sheet, (iii) Summary of
Operations, (iv) Monthly Cash Statement, and (iv) Statement of Compensation.
Cincinnati Microwave designs, manufactures and markets ultrahigh frequency and
microwave wireless communications products. The Company's product lines include
radar warning devices, digital spread spectrum cordless telephones and wireless
data modems for use on the Cellular Digital Packet Data (CDPD) network.
ADDITIONAL INFORMATION ON THE COMPANY, ITS PRODUCTS AND MARKETS
CAN BE OBTAINED FROM THE COMPANY'S WORLDWIDE WEB SITE:
HTTP://WWW.CNMW.COM/WELCOME.HTM. INFORMATION ABOUT
CINCINNATI MICROWAVE ALSO IS AVAILABLE, FREE OF
CHARGE VIA FAX, BY DIALING 1-800-PRO-INFO
AND USING TICKER SYMBOL CNMW.
-30-
