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) March 9, 2005
THE DEWEY ELECTRONICS CORPORATION.
(Exact name of registrant as specified in its charter)
New York
(State or other
jurisdiction of
incorporation)
0-2892
(Commission File
Number)
13-1803974
(I.R.S. Employer
Identification Number)
27 Muller Road
Oakland, New Jersey
(address of principal executive
offices)
07436
(Zip Code)
Registrant's telephone number, including area code: (201) 337-4700
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:
__ Written communications pursuant to Rule 425 under the Securities
Act
__ Soliciting material pursuant to Rule 14a-12 under the Exchange
Act
__ Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act
__ Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act
Item 8.01. Other Events
On March 8, 2005, The Dewey Electronics Corporation (the "Company")
held its annual meeting of stockholders. At the annual meeting,
stockholders (1) re-elected the five members of the Board of Directors
and (2) approved a proposal to sell approximately 68 acres of
undeveloped and unused land owned by the Company in Bergen County, New
Jersey to K. Hovnanian North Jersey Acquisitions, L.L.C. The
Company's press release announcing the results of the annual meeting is
attached as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01. Exhibits
99.1 Press Release of the Company dated March 9, 2005.
SIGNATURES
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.
THE DEWEY ELECTRONICS CORPORATION
Date: March 9, 2005 /s/ Thom A. Velto
Thom A. Velto, Treasurer
Principal Accounting Officer
INDEX TO EXHIBITS
Exhibit Number Description
99.1 Press Release of The Dewey Electronics Corporation,
dated March 9, 2005
Exhibit 99.1
THE DEWEY ELECTRONICS CORPORATION
ANNUAL STOCKHOLDERS' MEETING
OAKLAND, N.J., March 9, 2005 - The Dewey Electronics Corporation (OTC:
DEWY.OB) held its annual stockholders' meeting on March 8, 2005 in
Oakland, New Jersey.
Stockholders voted to re-elect the Company's existing Board members:
Alexander A. Cameron, Frances D. Dewey, John H.D. Dewey, James M. Link
and Nathaniel Roberts.
Stockholders also approved the sale of approximately 68 acres of
undeveloped and unused land owned by the Company in Oakland, New Jersey
to K. Hovnanian North Jersey Acquisitions, L.L.C.
Stockholder approval satisfies a condition to K. Hovnanian's
obligations under the land sale agreement. Completion of the land sale
remains subject to the satisfaction of additional conditions, including
extensive regulatory and rezoning approvals from New Jersey state and
local entities. The land sale agreement may also be terminated by K.
Hovnanian within 90 days from March 8, 2005 if it is not satisfied with
the results of its investigation relating to the land. Under the land
sale agreement, K. Hovnanian has up to eight years from March 8, 2005
to obtain the necessary regulatory approvals. The Company believes
that eight years would be an unlikely duration for the regulatory
process, but cannot give any assurances that the land sale will be
completed or (if the sale is completed) the timing thereby.
In addressing the shareholders, John H.D. Dewey, President and Chief
Executive Officer, said, "We are very pleased that our shareholders
have approved the land sale proposal. Although much remains to be
done, this allows the parties involved to begin to move forward with
other aspects of the land sale agreement."
About The Dewey Electronics Corporation
The Dewey Electronics Corporation, founded in 1955, is a diversified
manufacturer of sophisticated electronic and electromechanical systems
for the military. Visit our website at www.deweyelectronics.com.
This release contains forward-looking statements as defined in Section
21E of the Securities and Exchange Act of 1934, including statements
about future business operations, financial performance and market
conditions. Such forward-looking statements involve risks and
uncertainties including those involved in the Company's dependence upon
its Department of Defense business, as further described in our filings
under the Securities Exchange Act.