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
October 7, 1997
Date of Report (Date of earliest event reported)
ALLIED HEALTHCARE PRODUCTS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
0-19266 23-1370721
(Commission File Number) (I.R.S. Employment Identification No.)
1720 SUBLETTE AVENUE 63110
ST. LOUIS, MISSOURI (Zip Code)
(Address of principal executive offices)
(314) 771-2400
(Registrant's telephone number, including area code)
<PAGE>
ITEM 5. OTHER EVENTS
On October 7, 1997, Allied Healthcare Products, Inc. (the "Company") announced
that it had entered into a definitive agreement with Thermo Electron Corporation
to sell substantially all of the assets of Bear Medical Systems, Inc. and its
subsidiary BiCore Monitoring Systems, Inc. for $37.5 million. Completion of the
transaction is subject to a number of conditions, including clearance under the
Hart-Scott-Rodino Act. A copy of the press release announcing such agreement is
attached hereto as an exhibit, and incorporated herein by reference thereto.
ITEM 7. EXHIBITS
(a) Press Release of the Company dated October 7, 1997.
<PAGE>
SIGNATURE
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.
ALLIED HEALTHCARE PRODUCTS, INC.
Date: October 16, 1997 By: /S/ BARRY F. BAKER
-----------------------------------------
Barry F. Baker
Vice President - Finance and
Chief Financial Officer
<PAGE>
INDEX TO EXHIBITS
a) Press Release of the Company dated October 7, 1997.
NEWS RELEASE
Allied Healthcare Products Announces Sale of Ventilator Division
ST. LOUIS, Oct. 7 /PRNewswire/ -- Allied Healthcare Products, Inc. (Nasdaq:
AHPI) today announced that it has signed an agreement to sell the assets of Bear
Medical Systems and its subsidiary BiCore Monitoring Systems, based in
Riverside, California, to Thermo Electron Corporation (NYSE: TMO) for $37.5
million. The sale has been approved by the board of directors of both companies.
The transaction is subject to a number of conditions, including clearance under
the Hart-Scott-Rodino Act.
Uma Aggarwal, president and chief executive officer, stated, "The sale
enables Allied to focus on its core business and will allow the company to
eliminate a significant portion of its term notes and repay all of its
subordinated debt."
In August 1997, Allied refinanced the company's debt through a new $46.0
million credit facility with Foothill Capital Corporation, a division of Norwest
Bank and through the placement of $5.0 million in subordinated debt. Upon
completion of the transaction, the Company believes it will have approximately
$22.0 million in debt outstanding under the Foothill Capital Corporation credit
facility.
Allied Healthcare Products, Inc. is a leading manufacturer of respiratory
therapy equipment, medical gas equipment and emergency medical products used in
a wide range of hospital and alternate site settings.
SOURCE Allied Healthcare Products, Inc.
-0- 10/07/97
/CONTACT: Uma Nandan Aggarwal, President and CEO or Barry F. Baker, Chief
Financial Officer, 314-771-2400, both of Allied Healthcare Products, Inc.; or
Gary S. Maier of Pondel Parsons & Wilkinson, 310-207-9300/
(AHPI TMO)
