HILLER 13D FILED, KEY TRONIC SAYS
HILLER 13D FILED, KEY TRONIC SAYS SPOKANE, Wash., March 6 /PRNewswire/ -- Key Tronic Corp.
(NASDAQ-NMS: KTCC), the Spokane-based manufacturer of computer keyboards, today announced that Stanley Hiller and Hiller Key Tronic Partners, a California Limited Partnership, have filed a Schedule 13D report with the Securities and Exchange Commission which discloses further details of the arrangement between Hiller Key Tronic Partners and the company, and between Stanley Hiller and LGZ Inc.
Under the arrangement approved by the Key Tronic board of directors on Feb. 1, Key Tronic granted non-qualified options to purchase 2,396,923 shares of the company's common stock at $4.50 per share to Hiller Key Tronic Partners. The options are exercisable 50 percent after March 1, 1993, and 50 percent after March 1, 1994. The company currently has 7,735,720 shares of common stock outstanding. With the approval of the Key Tronic Board, Stanley Hiller entered into an agreement with LGZ Inc. ("LGZ"), pursuant to which LGZ has granted Mr. Hiller an option to acquire 1,000,000 shares of the company's common stock held by LGZ, at $6.00 per share exercisable at any time before March 2, 1995. The LGZ option was granted subject to the Key Tronic shareholders approving the company option granted to Hiller Key Tronic Partners. In addition, LGZ has agreed to vote all of the shares of the company's stock which it holds in favor of the company option at a special meeting of the company's shareholders. As announced following the Feb. 29 meeting of the company's board, Stanley Hiller has been appointed a director and elected chief executive officer of the company. Royce G. Pearson, a member of the Hiller Group, has been elected president and chief operating officer and has been appointed a director. Kenneth Holtby, retired senior vice president of Corporate Engineering of The Boeing Co., and Dale Pilz, past president of Kaiser Steel and past chief executive officer of GTE SPRINT Communications, also have been appointed directors of the company. The above description is qualified in its entirety by reference to the full text of the 13D and its exhibits. Key Tronic operates facilities in Spokane, Wash., Cheney, Wash., Dundalk, Ireland, and Hsinchu, Taiwan. The company's common stock is traded in the over-the-counter market and is listed on the NASDAQ National Market System under the symbol KTCC. -0- 3/6/92 /CONTACT: Steven P. Benner of Key Tronic, 509-928-8000/ (KTCC) CO: Key Tronic Corp.; Hiller Key Tronic Partners; LGZ Inc. ST: Washington IN: CPR SU:
SC-LM -- SE006 -- 5915 03/06/92 14:05 EST
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|Date:||Mar 6, 1992|
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