UNITED STATES
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): July 27, 1998
CIRCUIT SYSTEMS, INC.
Exact name of registrant as specified in its charter
Illinois 0-15047 36- 2663010
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification Number)
2350 East Lunt Avenue
Elk Grove Village, Illinois 60007
847-439-1999
_________________________________________
Registrant's telephone number, including area code
N/A
__________________________________________________
(Former name or former address, if changed since last report)
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Item 5. Other Event
Elk Grove Village, Illinois - Circuit Systems, Inc. (NASDAQ:CSYI)
reported that Magan H. Patel, Executive Vice President of the
Company, resigned as an officer and Director of the Company effective
Monday, July 27, 1998, and, in connection therewith, entered into an
agreement to sell back to the Company his entire stockholdings in the
Company, which approximated a 4% interest. The Company and Mr. Patel
also entered into a severance and non-compete agreement and the
Company agreed to sell to Mr. Patel its 70% interest in Circuit
Systems (India) Limited, a printed circuit board manufacturer in
Gandhinagar, India, and its 100% interest in Circuit Sigma India
Limited, which holds partially developed land in an industrial park
near Bombay, India.
There were no disagreements between Mr. Patel and the Registrant.
NOTE: To the extent any statements in this press release may be
deemed to be forward-looking, such statements should be evaluated in
the context of the risks and uncertainties inherent in the Company's
business which include, but are not limited to, those discussed
herein, as well as those discussed in the Company's Annual Report on
Form 10-K for the year ended April 30, 1998. Readers are cautioned
not to place undue reliance on these forward-looking statements. The
Company undertakes no obligation to publicly release any updates or
revisions to these forward-looking statements, which may be made to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.
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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.
Date: July 30, 1998
Circuit Systems, Inc.
(Registrant)
/s/ D.S. Patel
D.S. Patel, President and
Chief Executive Officer
