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 26, 2011
DRI
Corporation
(Exact
Name of Registrant as Specified in Charter)
|
North Carolina |
000-28539 |
56-1362926 |
|
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.)
|
|
13760 Noel Road, Suite 830 Dallas, Texas (Address of Principal Executive Offices) |
75240 (Zip Code) |
Registrant’s telephone number, including area code: (214) 378-8992
Not
Applicable.
(Former Name or Former Address, if Changed Since Last
Report)
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 7.01 | Regulation FD Disclosure. |
On May 26, 2011, DRI Corporation announced in a press release that the Company’s Mobitec AB subsidiary in Herrljunga, Sweden, has received an order for Mobitec® electronic information display systems from an original equipment manufacturer on behalf of a large transit operator in Eastern Europe. The order is valued at approximately $850,000 USD.
The Company incorporates by reference the information included in Item 7.01 and Item 9.01 of this Form 8-K. This Form 8-K and the attached exhibit are furnished to, but not filed with, the U.S. Securities and Exchange Commission.
| ITEM 9.01 | Financial Statements and Exhibits. |
| (a) | Exhibits. |
|
99.1 Press release dated May 26, 2011. |
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.
|
Date: |
May 26, 2011 |
||
|
DRI CORPORATION |
|||
|
|
|||
|
|
|
By: |
/s/ Kathleen B. Oher |
|
Kathleen B. Oher |
|||
|
Vice President, Chief Financial Officer, Secretary and Treasurer |
|||
Exhibit 99.1
DRI Corporation Announces Mobitec® Order in Eastern Europe
Order Valued at Approximately $850,000 USD
DALLAS--(BUSINESS WIRE)--May 26, 2011--DRI Corporation (NASDAQ: TBUS), a digital communications technology leader in the global surface transportation and transit security markets, announced today that the Company’s Mobitec AB (the “Mobitec Group”) subsidiary in Herrljunga, Sweden, has received an order for Mobitec® electronic information display systems (“EIDS”) from an original equipment manufacturer (“OEM”) on behalf of a large transit operator in Eastern Europe. The order is valued at approximately $850,000 USD.
David L. Turney, the Company’s Chairman of the Board and Chief Executive Officer, said: “This project, which includes the delivery of high-resolution Mobitec® light-emitting diode sign systems, is for an Eastern European transit operator that provides transit service covering more than 80 million passenger kilometers per year. This is our second order in Eastern Europe for this particular type of product. Our Mobitec® EIDS systems are being installed in new bus vehicles being built by a local OEM. The project is underway and we anticipate delivery will conclude in fourth quarter 2011.”
Oliver Wels, the Company’s President and Chief Operating Officer, Global Operations, said: “We are pleased to be the EIDS supplier for this large-city project and for the ongoing success of our cooperation with OEMs and transit operators in Eastern Europe in general. This order marks a great achievement in our long-term commitment to the Eastern European market and serves as our reward for providing first-class service to our customers.”
ABOUT MOBITEC
The Mobitec Group, established in 1987 and acquired by DRI Corporation in 2001, is a premier supplier of electronic information display systems in more than 50 countries around the world. Products include: Mobitec® MobiLED, Mobitec® MobiLED Colour, Mobitec® Smartblind, and Mobitec® MobiSTOP electronic information display systems; Mobitec® NSI Next Stop Indicator; Mobitec® MobiQuickCard™; Mobitec® MobiVOICE voice announcement system; Mobitec® ICU 400 and ICU 600 control units; and Mobitec® MobiInfoEdit software. The Mobitec Group is based in Herrljunga, Sweden. It presently operates business units in Australia, Brazil, Germany and Singapore, as well as a joint venture in India. For more information about the Mobitec Group, visit www.mobitec.eu.
ABOUT THE COMPANY
DRI Corporation is a digital communications technology leader in the global surface transportation and transit security markets. We manufacture, sell and service Mobitec® and TwinVision® electronic information display systems and Digital Recorders® engineered systems. These proprietary systems and other related products and services help increase the mobility, flow, safety and security of public transportation agencies and their passengers. From our inception in 1983 through our fiscal year-end on Dec. 31, 2010, we’ve grown our product installations to include public transit fleets in more than 50 countries, our annual sales revenues to $87.3 million, and our global workforce to 275 people. We presently have operations and/or sales offices in Australia, Brazil, Germany, Singapore, Sweden and the United States, a joint venture in India, and corporate administrative offices in Dallas, Texas. We also are expanding into Russia. The next time you see a bus, think of us.SM For more information, visit www.digrec.com.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements regarding the anticipated product delivery and installation timeframe; the ongoing success of our cooperation with OEMs and transit operators in Eastern Europe; and any statement, express or implied, concerning future events or expectations or which use words such as “expect,” “fully expect,” “expected,” “appears,” “believe,” “plan,” “anticipate,” “would,” “goal,” “potential,” “potentially,” “range,” “pursuit,” “run rate,” “stronger,” “preliminarily,” “forecast,” “opinion,” etc., is a forward-looking statement. These forward-looking statements are subject to risks and uncertainties, including the risks and uncertainties that the anticipated product delivery and installation timeframe may change; the ongoing success of our cooperation with OEMs and transit operators in Eastern Europe may not continue; as well as other risks and uncertainties set forth in the Company’s Annual Report on Form 10-K filed April 15, 2011 and its Quarterly Report on Form 10-Q as filed May 16, 2011, particularly those identified in Risk Factors Affecting Our Business. There can be no assurance that any expectation, express or implied, in a forward-looking statement will prove correct or that the contemplated event or result will occur as anticipated.
CONTACT:
DRI Corporation Contact:
Veronica B. Marks
Vice
President, Corporate Communications and Administration
Phone: (214)
378-4776
Fax: (214) 378-8437
E-Mail: ir@digrec.com