0001445260-20-000013.txt : 20200220 0001445260-20-000013.hdr.sgml : 20200220 20200220165346 ACCESSION NUMBER: 0001445260-20-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200220 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200220 DATE AS OF CHANGE: 20200220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADDVANTAGE TECHNOLOGIES GROUP INC CENTRAL INDEX KEY: 0000874292 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-DURABLE GOODS [5000] IRS NUMBER: 731351610 STATE OF INCORPORATION: OK FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10799 FILM NUMBER: 20635978 BUSINESS ADDRESS: STREET 1: 1221 E. HOUSTON CITY: BROKEN ARROW STATE: OK ZIP: 74012 BUSINESS PHONE: 9182519121 MAIL ADDRESS: STREET 1: 1221 EAST HOUSTON STREET CITY: BROKEN ARROW STATE: OK ZIP: 74012 FORMER COMPANY: FORMER CONFORMED NAME: ADDVANTAGE MEDIA GROUP INC /OK DATE OF NAME CHANGE: 19930328 8-K 1 02202020-8k.htm DEPARTURE OF CFO
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) February 17, 2020

ADDVANTAGE TECHNOLOGIES GROUP, INC.
(Exact name of Registrant as specified in its Charter)

Oklahoma
(State or other Jurisdiction of Incorporation)

1-10799
73-1351610
(Commission file Number)
(IRS Employer Identification No.)
 
 
13757 N. Stemmons Freeway, Farmers Branch, Texas
75234
(Address of Principal Executive Offices)
(Zip Code)

(918) 251-9121
(Registrant's Telephone Number, Including Area Code)


(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 InstructionA.2. below):

□
Written Communication 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© under the Exchange Act (17 CFR 240.13e-4(c))


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 17, 2020, the Company announced that Kevin Brown, the Chief Financial Officer of ADDvantage Technologies Group, will be leaving the Company effective March 6, 2020. Mr. Brown has accepted a new opportunity in Houston where he and his family reside. He has been commuting to Dallas and Tulsa, Oklahoma for over a year.  Joe Hart, the Company's Chief Executive Officer, and the Board of Directors will begin the search for a long-term replacement in Dallas to help take ADDvantage to the next level.  In the meantime, Scott Francis, who serves as the Company’s Chief Accounting Officer and former Chief Financial Officer, will serve as the company’s Principal Financial Officer.

 Item 8.01 Other Events.

On February 20, 2020, the Company issued a press release announcing the departure of Kevin Brown as Chief Financial Officer.  A copy of the press release is attached as Exhibit 99.1 to this Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits
 
The following exhibit is furnished herewith:
 
Exhibit 99.1
Press Release dated February 20, 2020 issued by the Company.


 
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.

 
 
ADDVANTAGE TECHNOLOGIES GROUP, INC.
 
 
 
 
 
Date: February 20, 2020
 
 
 
 
 
By: /s/ Scott Francis
 
 
Scott Francis
 
 
Vice-President & Chief Accounting Officer
 
 
 
 
 
 Exhibit Index

Exhibit Number
Description
99.1
Press Release dated February 20, 2020 issued by the Company.

EX-99.1 2 pressrelease_02202020.htm PRESS RELEASE DATED FEBRUARY 20, 2020 ISSUED BY THE COMPANY
ADDvantage Technologies Announces CFO Transition

Farmers Branch, Texas, February 20, 2020 – ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that Kevin Brown, the Chief Financial Officer of ADDvantage Technologies Group, will be leaving the Company effective March 6, 2020. Mr. Brown has accepted a new opportunity in Houston where he and his family reside. He has been commuting to Dallas and Tulsa, Oklahoma for over a year.

“Kevin has been instrumental in the Company’s turnaround, and he led the integration of Fulton Technologies after the acquisition in early January of last year,” said CEO Joe Hart. “We accomplished a lot during his time here, and he helped establish a framework for the business to take advantage of the upcoming opportunities with 5G. We will miss Kevin’s energy, intelligence and insight, but family matters are important for both Kevin and the ADDvantage team.”

Over the last year, the Management Team has:

•
Purchased, successfully integrated and ramped up Fulton Technologies, establishing the Company’s Wireless segment
•
Completed moving Triton Datacom to a new facility
•
Continued the turnaround of Nave Communications
•
Implemented a new ERP system at Fulton, laying the foundation for the Company to be on a single cloud-based ERP in the future for all of its subsidiaries
•
Built a Financial Planning & Analysis Organization to assist with modelling, budgeting and cash flow planning
•
Moved the Company’s headquarters to Dallas and consolidated all accounting functions in a single location
•
Expanded the Company’s credit facilities and borrowing capacity
•
Expanded our inventory analysis process at Nave and Triton

Joe Hart and the Board of Directors will begin the search for a long-term replacement in Dallas to help take ADDvantage to the next level. In the meantime, Scott Francis, who serves as the Company’s Chief Accounting Officer and former CFO, will serve as the company’s Principal Financial Officer.


About ADDvantage Technologies Group, Inc.
ADDvantage Technologies Group, Inc. (Nasdaq: AEY) is a communications infrastructure services and equipment provider operating a diversified group of companies through its Wireless Infrastructure Services and Telecommunications segments. Through its Wireless segment, Fulton Technologies provides turn-key wireless infrastructure services including the installation, modification and upgrading of equipment on communication towers and small cell sites for wireless carriers, national integrators, tower owners and major equipment manufacturers.
Through its Telecommunications segment, Nave Communications and Triton Datacom sell equipment and hardware used to acquire, distribute, and protect the communications signals carried on fiber optic, coaxial cable and wireless distribution systems. The Telecommunications segment also offers repair services focused on telecommunication equipment and recycling surplus and related obsolete telecommunications equipment.

ADDvantage operates through its subsidiaries, Fulton Technologies, Nave Communications, and Triton Datacom. For more information, please visit the corporate web site at www.addvantagetechnologies.com.

Cautions Regarding Forward-Looking Statements
The information in this announcement may include forward-looking statements. All statements, other than statements of historical facts, which address activities, events or developments that the Company expects or anticipates will or may occur in the future, are forward-looking statements. These statements are subject to risks and uncertainties, which could cause actual results and developments to differ materially from these statements. A complete discussion of these risks and uncertainties is contained in the Company’s reports and documents filed from time to time with the Securities and Exchange Commission.

For further information:
Hayden IR
Brett Maas
(646) 536-7331
aey@haydenir.com