Nortech Systems Inc 8-K, filed Aug 20, 2020
Nortech Systems Inc (NSYS)
About this 8-K
Nortech Systems Inc filed this 8-K on August 20, 2020, reporting on events of August 17, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
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 17, 2020
NORTECH SYSTEMS INCORPORATED
(Exact name of registrant as specified in charter)
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Minnesota |
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0-13257 |
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41-16810894 |
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(State or other jurisdiction |
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(Commission |
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IRS Employer |
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of incorporation) |
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File Number) |
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Identification No.) |
7550 Meridian Circle N, Maple Grove, MN 55369
(Address of principal executive offices)
(952) 345-2244
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed from 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 14-2(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))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class:
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Trading Symbol(s) |
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Name of each exchange on which registered:
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Common Stock, par value $.01 per share |
NSYS |
NASDAQ Capital Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b) On August 17, 2020, Constance Beck tendered her resignation as Chief Financial Officer and Vice President of the Company, effective August 28, 2020. The Company issued a press release announcing Ms. Beck’s resignation on August 20, 2020 which is furnished herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
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99.1 |
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 20, 2020
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Nortech Systems Incorporated |
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(Registrant) |
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/s/ Jay D. Miller |
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Jay D. Miller Chief Executive Officer |
Exhibit 99.1
August 20, 2020
Nortech Systems Announces CFO Resignation & New CFO Search
MINNEAPOLIS, MINNESOTA, USA – Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, has announced today that Connie Beck has tendered her resignation as Chief Financial Officer of the company effective August 28, 2020. Ms. Beck is leaving Nortech to pursue an executive position at a private, Minnesota based company. Nortech will immediately commence a search for its next CFO. In the interim, the company’s Corporate Controller, Alan Nordstrom, will serve also as the acting CFO.
Ms. Beck stated “I am proud of the work we have done in the past few years to improve Nortech’s balance sheet and how we have navigated through the current economic and pandemic challenges. I am confident that Nortech is well-positioned for the future.”
Jay D. Miller, Chief Executive Officer and President commented, "On behalf of Nortech, I want to thank Connie for her valued leadership and contributions on strengthening Nortech’s financial foundation as well as the accounting and finance department. We wish Connie continued success and are grateful for her commitment to enable a smooth transition. Connie will always be an important and respected member of the Nortech family and we wish her the best of luck with her new company.”
Nortech, in partnership with our medical, industrial and defense customers, uses intelligence, innovation, speed and global expertise to provide manufacturing and engineering solutions. This enables our customers to be leaders in digital connectivity and data management to achieve their business goals. Nortech strives to be a premier workplace that fosters valued relationships internally and in our communities.
About Nortech Systems Incorporated Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.
Forward-Looking Statements This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. While this release is based on management’s best judgment and current expectations, actual results may differ and involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: volatility in market conditions which may affect market supply of and demand for the company’s products; increased competition; changes in the reliability and efficiency of operating facilities or those of third parties; risks related to availability of labor; commodity and energy cost instability; general economic, financial and business conditions that could affect the company’s financial condition and results of operations; as well as risk factors listed from time to time in the company’s filings with the SEC.