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ATRO > SEC Filings for ATRO > Form 8-K on 1-Oct-2013All Recent SEC Filings

Show all filings for ASTRONICS CORP

Form 8-K for ASTRONICS CORP


1-Oct-2013

Completion of Acquisition or Disposition of Assets, Financial Statements and Exhib


Item 2.01 Completion of Acquisition or Disposition of Assets.

On October 1, 2013, Astronics Corporation (the "Company"), acquired certain assets and liabilities from AeroSat Corporation and related entities (the "Sellers"), a supplier of aircraft antenna systems. Pursuant to the terms of the Asset Purchase Agreement (the "Agreement") between the Company and the Sellers, the consideration for the purchased assets is twelve million dollars ($12,000,000) (the "Purchase Price") in cash, plus the a potential additional purchase consideration of up to $53.0 million based upon the achievement of certain revenue targets in 2014 and 2015. Based upon current sales projections, the Company expects the aggregate additional purchase consideration to be between $5 and $20 million.

The Agreement has been provided solely to inform the Company's shareholders and investors of its terms. The representations, warranties and covenants contained in the Agreement were made only for purposes of such agreement and as of specific dates, were made solely for the benefit of the parties to the Agreement and may be intended not as statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate. In addition, such representations, warranties and covenants may have been qualified by certain disclosures not reflected in the text of the Agreement, and may apply standards of materiality in a way that is different from what may be viewed as material by shareholders of, or other investors in, the Company. Such shareholders and investors are not third-party beneficiaries under the Agreement and should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of the Company, Aerosat or any of their respective subsidiaries or affiliates.

The foregoing summary of the Agreement and the transactions contemplated thereby do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the Agreement, which is filed herewith as Exhibit 10.1 and incorporated herein by reference.

On October 1, 2013, the Company issued a press release announcing the transaction. A copy of the press release is included as Exhibit 99.1 to this Current Report and is incorporated herein by reference.




Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number         Description

10.1                   Asset Purchase Agreement dated October 1, 2013 among
                       Astronics Corporation, Aerosat Corporation, Aerosat Airborne
                       Internet LLC , Aerosat Avionics LLC and Aerosat Tech
                       Licensing LLC

99.1                   Press Release of Astronics Corporation October 1, 2013



iii) 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.

Astronics Corporation

Dated: October 1, 2013 By: /s/ David C. Burney Name: David C. Burney Vice President and Chief Financial Officer


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