Effective August 3, 2009, the Company entered into a Waiver and First Amendment ("Amendment") to the credit agreement dated May 7, 2007 with JPMorgan Chase Bank, N.A. and J.P. Morgan Europe Limited. The Amendment (i) provides a waiver of the covenant violation for the quarter ended June 30, 2009, (ii) reduces the revolving loan commitment to $8 million plus €2 million, (iii) increases the interest rate pricing grid, (iv) requires the Company to pay off the term loan balance of $2.4 million, and (v) changes the maturity date to July 31, 2010.

The interest rate for borrowings may be a combination of one or more of interest rate indices plus a margin as described below.

                          Margin
Index                     range          Interest payments due
ALTERNATE BASE RATE (1)    1.5%    End of applicable interest period
LIBOR                      2.5%    End of applicable interest period
EURIBOR                    2.5%    End of applicable interest period

The Amendment contains financial covenants related to minimum EBITDA and minimum tangible net worth, and certain limitations on capital expenditures.

No principal payments are required on the revolving credit facilities prior to maturity.

See Item 1.01 above.

The foregoing is a summary only and is qualified by the full text of the Waiver and First Amendment filed herewith as Exhibit 99.1.

See Item 1.01 above.

The foregoing is a summary only and is qualified by the full text of the waiver and First Amendment filed herewith as Exhibit 99.1.

(d) Exhibits.

Exhibit 99.1 Waiver and First Amendment to Credit Agreement dated as of August 3, 2009 among Allied Motion Technologies Inc., Precision Motor Technology B.V., JPMorgan Chase Bank, N.A. and J.P. Morgan Europe Limited.