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 25, 1997
LIBERTY TECHNOLOGIES, INC.
(Exact name of issuer as specified in charter)
Pennsylvania 0-21274 23-2295708
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation or file Identification
Organization) number) Number)
555 North Lane, Lee Park
Conshohocken, Pennsylvania 19428
(Address of principal executive offices)
(610) 834-0330
(Registrant's telephone number, including area code)
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Item 5. Other Events
On July 25, 1997, Liberty Technologies, Inc. (the "Company")
issued a press release in respect of entering into a definitive agreement for
the sale of its nondestructive evaluation and testing services business, the
text of which is set forth in Exhibit 99.1 hereto (the "Press Release").
Item 7. Financial Statements, Pro Forma
Financial Information and Exhibits
(c) Exhibits
99.1 Text of Press Release, dated July 25, 1997, issued by the Company.
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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.
LIBERTY TECHNOLOGIES, INC.
Date: July 25, 1997 By: /s/ R. Nim Evatt
-------------------------------
R. Nim Evatt
President and Chief Executive
Officer
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EXHIBIT INDEX
Exhibit Sequential
No. Description Page No.
- ------- ----------- ----------
99.1 Text of Press Release, dated July 25, 1997, issued by 5
the Company.
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Exhibit 99.1
For Immediate Release
LIBERTY TECHNOLOGIES, INC.
TO SELL ITS NON DESTRUCTIVE TESTING SERVICES BUSINESS TO GE
CONSHOHOCKEN, PA (July 25, 1997) ... Liberty Technologies, Inc.
(NASDAQ:LIBT) today announced that it has entered into an asset purchase
agreement with General Electric Company (NYSE:GE) wherein Liberty Technologies
has agreed to sell the nondestructive evaluation and testing services portion of
its Liberty Technical Services (LTS) business unit to a subsidiary of GE for
$13.6 million in cash, plus the assumption of certain operating liabilities.
Liberty Technologies will retain the Nuclear Service group of LTS, as well as
the Condition Monitoring and RADView product businesses.
The purchase price is subject to reduction based on the balance sheet
at closing, and 10% of the purchase price will be held in escrow to secure
Liberty Technologies, Inc.'s indemnification liabilities. Consummation of the
transaction is subject to approval by Liberty Technologies, Inc. shareholders
and such other terms and conditions as are set forth in the asset purchase
agreement. If the transaction is successfully approved and all conditions set
forth therein are satisfied, it is expected that the acquisition will be
consummated by October 31, 1997.
Liberty Technologies is a worldwide provider of innovative products and
services that improve industrial productivity and safety. Internet address:
libertytech.com or e-mail: [email protected].
For further information please contact Dan Clare of Liberty
Technologies at (610) 834-0330 or Lynn Wallis of General Electric at
(408) 925-1149.
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