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) September 16, 2004
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Elecsys Corporation
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(Exact name of registrant as specified in its charter)
KANSAS 0-22760 48-1099142
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
15301 W. 99th Street Lenexa, Kansas 66219
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (913) 647-0158
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Not Applicable
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(Former name or former address, if changed since last report)
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation
or an Obligation under an Off-Balance Sheet Arrangement.
On September 16, 2004, the Company satisfied its obligations under two
promissory notes (each a "Note" and collectively, the "Notes") due on February
7, 2005 in the original principal amounts of $135,208.33 and $270,416.67,
respectively. Pursuant to the terms of each Note, the Company had the right to
prepay each Note and the Holders (the "Holders") of each Note had the option to
convert the amount of any prepayment into shares of the Company's Common Stock
at a conversion price of $1.93 per share. On September 1, 2004, the Company
informed the Holders of its intention to prepay the Notes as of September 16,
2004, and on September 15, 2004, the Holders informed the Company of their
election to convert a portion of the prepayment amount into shares of the
Company's Common Stock. Thus, on September 16, 2004, the Company, in
satisfaction of its obligations under the Notes, issued to the Holders 127,420
shares of the Company's Common Stock and paid to the Holders $164,887.39. The
cash payment was made from available cash and did not require the Company to
draw on its line of credit.
A copy of the press release issued by the Company announcing the
prepayment of the Notes is filed as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(c) EXHIBITS. The following exhibits are filed herewith:
99.1 Press Release dated September 16, 2004.
SIGNATURE
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.
Date: September 16, 2004
ELECSYS CORPORATION
By: _______________________________
Todd A. Daniels
Vice President and Chief Financial Officer
