Form 8-K Braintree
UNITED STATES 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)
June 17, 2005
ASTRO-MED, INC
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
COMMISSION FILE NUMBER 0-13200
RHODE ISLAND 05-0318215
(STATE OR OTHER JURISDICTION OF (IRS EMPLOYER IDENTIFICATION
INCORPORATION OR ORGANIZATION) NUMBER)
600 EAST GREENWICH AVENUE, WEST WARWICK, RI 02893
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
(401-828-4000)
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
ITEM 1.01. ENTRY INTO MATERIAL DEFINITIVE AGREEMENT.
On June 17, 2005, Astro-Med, Inc. (the "Company") entered into an agreement
with Hanover R.S. Limited Partnership, a Texas limited partnership (the
"Purchaser") with a principal business address of 5847 San Felipe, Suite 3600,
Houston, Texas, for the sale of approximately 24.692 acres of land located in
Braintree, Massachusetts owned by the Company (the "Property") for the purchase
price of $6,100,000 to be paid in cash at the closing. The sale of the Property
is subject to a 90 day feasibility period ending on September 17, 2005, during
which time the Purchaser may inspect the Property and terminate the sale due to
any adverse conditions discovered on the Property. Following the feasibility
period, the Purchaser shall have 16 months to obtain final zoning and site plan
approval from all state and local governmental entities for use of the Property
as a multi-family residential rental property, subject to two 30 day extensions
exercisable at the option of the Purchaser upon payment to the Company of
$25,000 per extension.
Upon execution of the agreement, $250,000 of earnest money was placed in
escrow pending completion of the sale and an additional $250,000 is to be placed
in escrow at the expiration of the feasibility period. Following the feasibility
period, all such earnest money is forfeited by the Purchaser in the event that
the sale is not completed due to a breach by the Purchaser. In the event of a
termination of the agreement by the Purchaser during the feasibility period, all
earnest money is to be returned to the Purchaser, less $5,000.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Exhibit No. Exhibit
None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
DATE: June 20, 2005 ASTRO-MED, INC.
By: /s/Joseph P. O'Connell
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Joseph P. O'Connell
Vice President, Treasurer and
Chief Financial Officer