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):
April 13, 1999
TOROTEL, INC.
(Exact name of registrant as specified in its charter)
Missouri
(State or other jurisdiction of incorporation)
1-8125 44-0610086
(Commission File Number) (IRS Employer Identification No.)
13402 South 71 Highway, Grandview, Missouri 64030
(Address of principal executive of offices) (Zip Code)
Registrant's telephone number, including area code
(816) 761-6314
N/A
(Former name or former address, if changed since
last report)
Item 5. Other Events.
On April 13, 1999, OPT Industries, Inc., a wholly-owned
subsidiary of Torotel, Inc., provided official notice,
pursuant to federal law, to the union representing its
production employees that the subsidiary had made the
decision to sell its assets to a third party. In the
notice, Torotel stated that the sale and resulting closing
of the subsidiary would occur no earlier than April 19,
1999, and no later than April 23, 1999. The terms of the
sale have yet to be finalized.
In addition, Torotel has received a notice of default from
its primary lender, Phillipsburg National Bank & Trust
Company, with respect to the Company's line of credit.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit Description
I News Release dated April 13, 1999
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.
Date: April 13, 1999 By: /s/ H. James Serrone
H. James Serrone
Vice President
of Finance and
Chief Financial
Officer
EXHIBIT INDEX
Exhibit Description
I News Release dated April 13, 1999
Exhibit I
NEWS RELEASE
FOR IMMEDIATE RELEASE
TUESDAY, April 13, 1999
TOROTEL ISSUES NOTICE CONCERNING
CLOSE OF OPT INDUSTRIES
KANSAS CITY, MO, APRIL 13 - Torotel, Inc. (OTC:TTLO)
announced that its wholly owned subsidiary, OPT Industries,
Inc. today provided official notice, pursuant to federal
law, to the union representing its production employees that
the subsidiary had made the decision to sell its assets to a
third party. In the notice, Torotel stated that the sale
and resulting closing of the subsidiary would occur no
earlier than April 19, 1999, and no later than April 23,
1999. The terms of the sale have yet to be finalized.
Torotel also announced it received a notice of default from
its primary lender, Phillipsburg National Bank & Trust, with
respect to the Company's line of credit.
Torotel, through OPT, specializes in the custom design and
manufacture of high power, switching power supplies and a
broad line of magnetic components. Torotel through a second
subsidiary - Torotel Products, Inc. - also specializes in
the custom design and manufacture of precision magnetic
components, consisting of transformers, inductors, reactors,
chokes and toroidal coils. These components modify and
control electrical voltages and currents in electronic
devices.
