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): August 15, 2014
AMERICAN ELECTRIC TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Florida | 000-24575 | 59-3410234 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
1250 Wood Branch Park Drive, Houston, TX | 77079 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code 713-644-8182
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 (see General Instruction A.2. below):
¨ | 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)) |
Item 2.01 Completion of Acquisition or Disposition of Assets
On August 15, 2014, American Electric Technologies, Inc.s wholly-owned subsidiary, American Access Technologies, Inc. (AAT) completed the sale of substantially all of the non-real estate assets of AAT to Fabricating Technologies Joint Venture, LLC, (the Purchaser). The purchase price, subject to post-closing adjustments, was $2.3 million. AAT manufactured and marketed zone cabling enclosures and manufactured custom formed metal products at its facilities in Keystone Heights, Florida.
The AAT asset sale was announced in a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by this reference.
Item 9.01 Financial Statements and Exhibits
Exhibit No. |
Description | |
99.1 | Press release dated August 19, 2014 announcing the sale of the assets of American Access Technologies, Inc. |
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 hereunto duly authorized.
AMERICAN ELECTRIC TECHNOLOGIES, INC. | ||||||
Date: August 20, 2014 | By: | /s/ Charles M. Dauber | ||||
Charles M. Dauber | ||||||
President and CEO |
EXHIBIT INDEX
Exhibit |
Description | |
99.1 | Press release dated August 19, 2014 announcing the sale of the assets of American Access Technologies, Inc. |
Exhibit 99.1
American Electric Technologies, Inc 1250 Wood Branch Park Drive Houston, Texas 77079 713.644.8182 |
AETI Sells American Access Technologies
Capital to be Redeployed into AETIs Core Power Delivery Solutions Business
HOUSTON, August 19, 2014American Electric Technologies, Inc. (NASDAQ: AETI), a leading supplier of power delivery solutions for the global energy industry, today announced it completed the sale of its American Access Technologies (AAT) business to Fabricating Technologies, LLC on August 15, 2014 for $2.3 million in cash. The sale did not include AATs real estate which was leased to the purchaser.
Based in Keystone Heights, Florida, AAT is a precision sheet metal fabrication services company primarily focused on the industrial and commercial markets in the greater Southeastern United States.
AAT has great products and people, but it is not a strategic business for us. said Charles Dauber, AETI president and CEO. The sale gives AAT and its employees a new owner that can capitalize on the things AAT does well. The sale will also strengthen our operating results as AAT had been a drag on our earnings in recent periods.
As of June 30, 2014, the AAT business was classified as discontinued operations.
Catalyst Strategic Advisors, LLC served as the exclusive business advisor to American Electric Technologies, Inc. on the sale.
###
American Electric Technologies, Inc. (NASDAQ:AETI) is a leading provider of power delivery solutions to the global energy industry. AETI offers M&I Electric power distribution and control products, electrical services, and E&I Construction services. South Coast Electric Systems L.L.C., a subsidiary, services Gulf Coast marine and vessel customers.
AETI is headquartered in Houston and has global sales, support and manufacturing operations in Beaumont, Texas; Bay St. Louis, Miss.; Macaé and Rio de Janeiro, Brazil. In addition, AETI has minority interests in two joint ventures, which have facilities located in Xian, China and Singapore. AETIs SEC filings, news and product/service information are available at www.aeti.com.
American Electric Technologies, Inc 1250 Wood Branch Park Drive Houston, Texas 77079 713.644.8182 |
Forward Looking Statements
This press release contains forward-looking statements, as defined in Section 27A of the Securities Exchange Act of 1934, concerning the sale of the AAT segment, and other future plans and objectives. While the Company believes that such forward-looking statements are based on reasonable assumptions, there can be no assurance that such future revenues, profits, plans and objectives will be achieved on the schedule or in the amounts indicated. Investors are cautioned that these forward-looking statements are not guarantees of future performance. Actual events or results may differ from the Companys expectations, and are subject to various risks and uncertainties, including those listed in Item 1A of the Form 10-K filed with the Securities and Exchange Commission on March 28, 2014. The Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future events make it clear that any of the projected results expressed or implied herein will not be realized.
Investor Contact:
American Electric Technologies, Inc.
Andrew L. Puhala
713-644-8182
investorrelations@aeti.com
Media Contact:
Molly LeCronier
Ward
713.869.0707
mlecronier@wardcc.com
&YXS'DJ>8EYYWI&>J5[!'MC>\)\(7R!?.%]07VA?@%^8G["?R-_
MA'_E@$>`J($*@6N!S8(P@I*"](-7@[J$'82`A..%1X6KA@Z& IJ'C*Q1S22-)[KW5%OP;^.O\W_`.7OR-^:
M_>'QN^*X[;[4[CV'W;M/Y'R]SXK;6TL/C\-\R#NC'[SJ\#)V[NK8,,>[Z^&3
M(G'S4E14U%%&C.\9C/J]U[H0/Y?^X?D5\?/AG_./^"W;?4'2RV3JI:B>5R6>60DGWF5%;I;`Q1BD0``'```4[0.
M`/$_/K$^ZN'NW%Q(M':OF3BM%!)))TJ`H)S05-34]1B0O+$*+@7)L"2;`7/'
MU_WGVXW9I+.H#&@^WI.155T(Q/GZ==_[[_??['W8J5)5OB''KS:=1T`Z?*O'
MJ/54ZU=-/3,S()XGBUJJLR%U*APC^ARI-]+>D_0\>Z2()(Y$8T5E()]*BE?R
MX].02-#-#*J@LK`T]:'A49%>%1D<1UM9[N_X5*3_9>>KNO.H?C[UAU]WIM
MG';?Q'8W;>YB;X[<2!EC0U7:FXL>)*25HTE&!HL?&W.N^6?MKRN_+>Q1SW
M"`;A.:M7C0<*^0IPP/4C#=8T>X',9WG