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 11, 1999
WESTELL TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-27266 36-3154957
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification Number)
750 North Commons Drive, Aurora, Illinois 60504
(Address of principal executive offices) (Zip Code)
(630) 898-2500
(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
On June 11, 1999, Westell Technologies, Inc. entered into agreements
with Fujitsu Telecom Europe Limited ("FTEL") pursuant to which Westell sold
certain assets in its Cambridge, England operations (Westell Europe Limited
(WEL)) to FTEL, assigned its lease to FTEL, transferred the employees of WEL to
FTEL, and FTEL agreed to fund Westell for continued certain xDSL research and
development work on the SuperVision DSLAM to meet FTEL's current and evolving
requirements. The agreements also provide for licensing to FTEL of nonexclusive
manufacturing rights to Westell's HDSL and ADSL products. A Press Release was
issued by Westell on June 14, 1999 in respect to these matters, a copy of which
is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by
reference.
These agreements with FTEL are anticipated to result in reduction of
operating expenses of Westell for its 2000 fiscal year of approximately
$10,500,000, consisting of $6,500,000 in savings from discontinuation of its
Cambridge operations and the balance from FTEL's payments for the continued xDSL
research and development work.
"Safe Harbor" statement under the Private Securities
Litigation Reform Act of 1995:
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Certain statements contained herein including, without limitation, the statement
containing the phrase "anticipated to result in reduction of operating
expenses," are forward looking statements that involve risks and uncertainties.
These risks include, but are not limited to, product demand and market
acceptance risks (including the future commercial acceptance of the Company's
ADSL systems by telephone companies and other customers), the impact of
competitive products and technologies (such as cable modems and fiber optic
cable), competitive pricing pressures, product development, excess and obsolete
inventory due to new product development, commercialization and technological
delays or difficulties (including delays or difficulties in developing,
producing, testing and selling new products and technologies, such as ADSL
systems), the effect of the Company's accounting policies, the effect of
economic conditions and trade, legal, social, and economic risks (such as
import, licensing and trade restrictions) and other risks more fully described
in the Company's Annual Report on Form 10-K for the fiscal year ended March 31,
1998 under the section "Risk Factors". The Company undertakes no obligation to
release publicly the result of any revisions to these forward looking statements
that may be made to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Exhibit 99.1 Press Release dated June 14, 1999 issued by Westell
Technologies, Inc.
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.
WESTELL TECHNOLOGIES, INC.
By: /s/ Nicholas C. Hindman
Dated: June 14, 1999