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): July 27, 2023

 

TEL-INSTRUMENT ELECTRONICS CORP.

(Exact name of registrant as specified in its charter)

 

New Jersey

001-31990

22-1441806

(State or other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

One Branca Road

East Rutherford, New Jersey 07073

(Address of principal executive offices)

 

(201) 933-1600

(Telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading Symbol(s)

  

Name of each exchange on which registered

N/A

  

N/A

  

N/A

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 

 

Item 8.01 Other Events. 

 

On July 27, 2023, Tel-Instrument Electronics Corp. (the “Company”) issued a press release announcing the Kansas Appeals Court’s decision against the Company in its appeal of the judgment for Aeroflex Wichita, Inc. [and the Company’s obligation to pay damages in full]. A copy of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

 

The information furnished under this Item 8.01 and in the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. 

 

Item 9.01.  Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.

 

Description
     

99.1

  

Press Release, dated June 27, 2023, Tel-Instrument Electronics Corp. Reports Aeroflex Appeal Loss

104

  

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

 
 

 

SIGNATURES

 

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 thereunto duly authorized.

 

 

TEL-INSTRUMENT ELECTRONICS CORP.
   
       

Date: July 27, 2023

By:

/s/ Jeffrey O’Hara

  
   

Name: Jeffrey O’Hara

  
   

Title: Chief Executive Officer

  

 

 

 
NONE false 0000096885 0000096885 2023-07-27 2023-07-27

Exhibit 99.1 

 

Tel-Instrument Electronics Corp. Reports Aeroflex Appeal Loss

 

East Rutherford, NJ – July 26, 2023 – Tel-Instrument Electronics Corp. (“Tel-Instrument,” “TIC,” or the “Company”) (OTCQB: TIKK), a leading designer and manufacturer of avionics test and measurement solutions, today reported that the Kansas Appeals Court has rejected each of TIC’s appeal arguments in the Aeroflex litigation.

 

Mr. Jeffrey O’Hara, Tel-Instrument’s President and CEO commented, “Despite strong legal arguments, the Kansas Appeals Court elected to uphold the jury verdict in its entirety. This will entail TIC paying the full $6.45 million judgement and accrued interest amount. In our view, TIC won the Army TS-4530A competition by providing a better product at a lower price. Defending a N.J. company in the Kansas state court system was always an uphill battle but we are still disappointed by the final decision. From a practical standpoint, losing the appeal will not affect our net worth as the damages have already been fully accrued. It will also end the judgement amount interest accrual which has been a significant drag on profitability. We are looking forward to improved results for this fiscal year and steady growth going forward.”

 

About Tel-Instrument Electronics Corp.

 

Tel-Instrument is a leading designer and manufacturer of avionics test and measurement solutions for the global commercial air transport, general aviation, and government/military aerospace and defense markets. Tel-Instrument provides instruments to test, measure, calibrate, and repair a wide range of airborne navigation and communication equipment. For further information please visit our website at www.telinstrument.com.

 

 

This press release includes statements that are not historical in nature and may be characterized as “forward-looking statements,” including those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Company’s outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and, accordingly, actual results could differ materially. Among the factors which could cause a difference are:  changes in the general economy; changes in demand for the Company’s products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances.  A number of these factors are discussed in the Company’s previous filings with the U.S. Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the “Act”) protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

 

 

 

Contact:

Pauline Romeo
 

Tel-Instrument Electronics Corp.

Promeo@telinst.com
 

(201) 933-1600 (Ext 309)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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Document And Entity Information
Jul. 27, 2023
Document Information Line Items  
Entity Registrant Name TEL-INSTRUMENT ELECTRONICS CORP.
Trading Symbol N/A
Document Type 8-K
Amendment Flag false
Entity Central Index Key 0000096885
Document Period End Date Jul. 27, 2023
Entity Emerging Growth Company false
Entity Incorporation, State or Country Code NJ
Entity File Number 001-31990
Entity Tax Identification Number 22-1441806
Entity Address, Address Line One One Branca Road
Entity Address, City or Town East Rutherford
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 07073
City Area Code (201)
Local Phone Number 933-1600
Title of 12(b) Security N/A
Security Exchange Name NONE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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