Wireless Telecom Group, Inc. (NYSEMKT:WTT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On December 16, 2016, Wireless Telecom Group, Inc. and its wholly
owned subsidiary Boonton Electronics Corporation (the Company)
and WTT Acquisition Corp. entered into a Settlement Agreement and
Site Release (the Settlement Agreement) with Century Indemnity
Company, as successor to Insurance Company of North America
(INA/Century) and Federal Insurance Company (Federal and together
with INA/Century, the Chubb Insurers).
Under the terms of the Settlement Agreement, the Company will
receive a payment of $485,000 for full and final settlement of
any and all claims. The Settlement Agreement settles prior
disputes between the parties related to whether insurance
policies were issued by the Chubb Insurers and whether they
provided coverage for expenses arising from an investigation by
the New Jersey Department of Environmental Protection (the NJDEP)
in 1982 concerning a water remediation plan (the Plan) at a
facility previously leased by Boonton Electronics Corporation.
The Company will continue to be liable under the Plan, until such
time as the NJDEP releases it from all future obligations.
As disclosed in previous filings, the Company believes that it is
in material compliance with all environmental laws and does not
anticipate any material expenditure to meet current or pending
environmental requirements.
The foregoing descriptions of the Settlement Agreement do not
purport to be complete and are qualified in their entirety by
reference to the Settlement Agreement, a copy of which is
attached hereto as Exhibit 10.1 and incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
| Exhibit No. | Description | |
| 10.1 |
Settlement Agreement and Site Release, dated December 16, 2016 by and between Century Indemnity Company and Federal Insurance Company and Boonton Electronics Corporation, WTT Acquisition Corp., and Wireless Telecom Group, Inc. |
About Wireless Telecom Group, Inc. (NYSEMKT:WTT)
Wireless Telecom Group, Inc. designs and manufactures radio frequency (RF) and microwave-based products for wireless and communications industries. The Company markets its products and services across the world under the brand names, Boonton, Microlab and Noisecom. It serves both commercial and government markets with solutions in distributed antenna systems (DAS), cellular/mobile, wireless fidelity (Wi-Fi), worldwide interoperability for microwave access (WiMAX), private mobile radio, satellite, cable, radar, avionics, medical and computing applications. It operates through two segments: network solutions, and test and measurement. The network solutions segment includes the operations of its subsidiary, Microlab/FXR (Microlab). The test and measurement segment is comprised primarily of the operations of Boonton Electronics Corporation (Boonton) and Noise Com, Inc. (Noisecom). Its suite of instruments and components includes peak power meters and signal analyzers. Wireless Telecom Group, Inc. (NYSEMKT:WTT) Recent Trading Information
Wireless Telecom Group, Inc. (NYSEMKT:WTT) closed its last trading session up +0.15 at 1.79 with 12,249 shares trading hands.
