Tel-Instrument Electronics Corp. Announces an Outside Investor Returns Profits to Company after Inadvertent Failure to Comply...
September 27 2018 - 5:00PM
Business Wire
Tel-Instrument Electronics Corp. (“Tel”, or the “Company”) (NYSE
American:TIK) announced today that an outside investor returned to
the Company “short swing” profits of approximately $156,000 after
inadvertently failing to comply with Section 16(b) of the
Securities Exchange Act of 1934 (“Section 16(b)”).
Section 16(b) provides that directors, officers and holders of
more than 10% of a company’s securities are liable to the company
for any profits realized from the purchase and sale of the
company’s stock within six months. An outside investor of the
Company received profits of approximately $156,000 from the
purchase and sale of the Company’s stock within a six month period;
however, upon being notified of such non-compliance, this investor
disgorged all such profits to the Company.
About Tel-Instrument Electronics Corp.
Tel-Instrument is a leading designer and manufacturer of
avionics test and measurement solutions for the global commercial
air transport, general aviation, and government/military aerospace
and defence markets. Tel-Instrument provides instruments to test,
measure, calibrate, and repair a wide range of airborne navigation
and communication equipment. For further information please visit
our website at www.telinstrument.com.
This press release includes statements that are not historical
in nature and may be characterized as “forward-looking statements,”
including those related to future financial and operating results,
benefits, and synergies of the combined companies, statements
concerning the Company’s outlook, pricing trends, and forces within
the industry, the completion dates of capital projects, expected
sales growth, cost reduction strategies, and their results,
long-term goals of the Company and other statements of
expectations, beliefs, future plans and strategies, anticipated
events or trends, and similar expressions concerning matters that
are not historical facts. All predictions as to future results
contain a measure of uncertainty and, accordingly, actual results
could differ materially. Among the factors which could cause a
difference are: changes in the general economy; changes in demand
for the Company’s products or in the cost and availability of its
raw materials; the actions of its competitors; the success of our
customers; technological change; changes in employee relations;
government regulations; litigation, including its inherent
uncertainty; difficulties in plant operations and materials;
transportation, environmental matters; and other unforeseen
circumstances. A number of these factors are discussed in the
Company’s previous filings with the U.S. Securities and Exchange
Commission. The Company disclaims any intention or obligation to
update any forward-looking statements as a result of developments
occurring after the date of this press release. The safe harbour
for forward-looking statements contained in the Securities
Litigation Reform Act of 1995 (the “Act”) protects companies from
liability for their forward-looking statements if they comply with
the requirements of the Act.
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version on businesswire.com: https://www.businesswire.com/news/home/20180927005900/en/
Tel-Instrument Electronics Corp.Joseph P. Macaluso,
201-933-1600
Tel Instrument Electronics (QB) (USOTC:TIKK)
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