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): May 8, 1997
TOROTEL, INC.
(Exact name of registrant as specified in its charter)
Missouri
(State or other jurisdiction of incorporation)
2-33256 44-0610086
(Commission File Number) (IRS Employer Identification No.)
13402 South 71 Highway, Grandview, Missouri 64030
(Address of principal executive offices) (Zip Code)
(816) 761-6314
Registrant's telephone number, including area code
N/A
(Former name or former address, if changed since last report)
Item 5. Other Events.
On May 8, 1997, Torotel, Inc. (the "Company")
announced the termination of the previously announced definitive
agreement to sell newly issued shares of common stock to Brockson
Technologies Group LLC. The transactions between Brockson and the
founder's family shareholders of the Company that were to occur
simultaneously with the consummation of the definitive agreement have
also been terminated.
The parties agreed that it was in the best interests of
both the Company and Brockson not to consummate the transactions
contemplated by the definitive agreement. The costs to the Company
associated with the transaction are approximately $110,000, which the
Company will charge to earnings during the fourth fiscal quarter ended
April 30, 1997.
As for future plans, the Company has continued with the
restructuring plan for operations that was announced this past
November. The execution of the plan, which focuses on the Torotel
Products' subsidiary, has been ongoing simultaneously with the
Brockson transaction.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit Description
1. Press release dated May 8, 1997
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.
TOROTEL, INC.
By: /s/ H. James Serrone
H. James Serrone
Vice President of Finance and Chief
Financial Officer
Date: May 8, 1997
EXHIBIT INDEX
Exhibit
Description
Page
1.
Press release dated May 8, 1997 1
PRESS RELEASE EXHIBIT 1
TOROTEL ANNOUNCES TERMINATION OF BROCKSON DEAL
KANSAS CITY, MO, May 8, 1997 - Torotel, Inc. (AMEX:TTL)
announced today the termination of the previously announced definitive
agreement to sell newly issued shares of common stock to Brockson
Technologies Group LLC. The transactions between Brockson and the
founder's family shareholders of Torotel that were to occur
simultaneously with the consummation of the definitive agreement have
also been terminated.
The parties agreed that it was in the best interests of both the Company
and Brockson not to consummate the transactions contemplated by the
definitive agreement. The costs to Torotel associated with this
transaction are approximately $110,000, which the Company will
charge to earnings during the fourth fiscal quarter ended April 30,
1997.
As for future plans, the Company has continued with the restructuring
plan for operations that was announced this past November. The
execution of the plan, which focuses on the Torotel Products'
subsidiary, has been ongoing simultaneous with the Brockson
transaction.
Torotel, Inc. specializes in the design and manufacture of high-power
switching power supplies and a broad range of precision magnetic
components used in commercial and military electronics. Torotel's
products are sold to original equipment manufacturers for use in
telecommunications systems, digital control devices, and avionics
equipment. The Company has a base of more than 700 customers.
