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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
April 1, 1998
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Date of Report (Date of earliest event reported)
Salton/Maxim Housewares, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-19557 36-3777824
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
550 Business Center Drive, Mount Prospect, Illinois 60056
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(Address of principal executive offices) (Zip Code)
(708) 803-4600
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(Registrant's telephone number)
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ITEM 5. OTHER EVENTS.
On April 1, 1998, Salton/Maxim Housewares, Inc. (the "Registrant") issued
a press release confirming certain disputes with Windmere-Durable Holdings,
Inc., the 50% stockholder of the Registrant.
A copy of the Registrant's press release, dated April 1, 1998, is attached
hereto as Exhibit 99.1, and is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
Exhibit No. Description
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99.1 Press Release of Salton/Maxim Housewares, Inc. issued
April 1, 1998
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SALTON/MAXIM HOUSEWARES, INC.
/s/ WILLIAM B. RUE
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William B. Rue
Senior Vice President and
Chief Operating Officer
Dated: April 1, 1998
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release of Salton/Maxim Housewares, Inc.
issued April 1, 1998
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FOR IMMEDIATE RELEASE: NEWS
April 1, 1998 Nasdaq National Market-SALT
SALTON/MAXIM HOUSEWARES CONFIRMS DISPUTE WITH WINDMERE
MOUNT PROSPECT, Illinois - The Chief Executive Officer of Salton/Maxim
Housewares, Inc., Leon Dreimann, today confirmed that, he, David Sabin, the
Chairman and William Rue, the Chief Operating Officer, had no intention of
leaving Salton despite the fact that their employment contracts had expired in
December, 1997. Mr. Dreimann said that, while discussions are underway
concerning Salton's claims that Windmere-Durable Holdings, Inc., the 50%
stockholder of Salton, has breached the terms of its July 11, 1996 Marketing
Cooperation Agreement with Salton and is competing unfairly with Salton, and
that directors designated by Windmere as members of Salton's Board are not
fulfilling their fiduciary duty to Salton, there is no assurance that any
resolution of these claims will be reached.
Windmere acquired 50% of the outstanding Salton shares pursuant to a stockholder
agreement with Salton dated July 11, 1996. The agreement gave Windmere the
right to designate 50% of the members for election to Salton's Board and, also,
barred Windmere from acquiring more Salton shares before July 11, 1999 and
required Windmere, if it acquired more Salton shares at any time in the future,
to offer to acquire all of the remaining outstanding Salton shares.
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CONTACT:
Salton/Maxim Housewares, Inc.
Bill Rue, Senior Vice President & Chief Operating Officer
847-803-4600
