================================================================================
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 16, 1999
CELLULAR TECHNICAL SERVICES COMPANY, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 0-19437 11-2962080
(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.)
Incorporation)
2401 FOURTH AVENUE
SEATTLE, WASHINGTON 98121
(Address of Principal Executive Offices) (Zip Code)
(206) 443-6400
(Registrant's telephone number, including area code)
================================================================================
This Current Report on Form 8-K is filed by Cellular Technical
Services Company, Inc., a Delaware corporation (the "Company"), in connection
with the matters described herein.
ITEM 5. OTHER EVENTS
On March 16, 1999, the Company issued a press release (the "Press
Release") reporting that a stipulation of settlement of a securities class
action lawsuit brought against the Company and certain current or former
executives has been filed with the United States District Court for the Western
District of Washington.
A copy of the Press Release is attached to this report as Exhibit
99.01.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial statements of business acquired:
Not applicable.
(b) Pro forma financial information:
Not applicable.
(c) Exhibits:
99.01: Press Release dated March 16, 1999.
-2-
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.
Date: March 29, 1999
CELLULAR TECHNICAL SERVICES,
COMPANY, INC.
By: /s/ Michael E. McConnell
------------------------
Michael E. McConnell
Chief Financial Officer
-3-
EXHIBIT INDEX
Exhibit
Number Description
- ------- -----------
99.01 Press Release dated March 16, 1999.
-4-
Exhibit 99.01
FOR IMMEDIATE RELEASE
Company Contact: Sue Marshall
Director, Investor Relations
516-887-0727
CELLULAR TECHNICAL SERVICES ANNOUNCES SETTLEMENT OF CLASS ACTION SUIT
Seattle, WA, March 16, 1999 - Cellular Technical Services Company, Inc. (Nasdaq
NM Symbol CTSC) ("CTS"), a leading provider of real-time information management
systems for the wireless communications industry, today announced that a
stipulation of settlement of the securities class action originally commenced in
July 1997 has been filed with the United States District Court for the Western
District of Washington.
The stipulation, in which no liability or fault is admitted by CTS or any of its
executives, provides for a settlement payment of $4.1 million that will be paid
by CTS' insurance carriers. The settlement is subject to various terms and
conditions, including final court approval. If such terms and conditions are
fulfilled, all claims brought against CTS and certain of its executives will be
dismissed.
Commenting on the settlement, Kyle Sugamele, CTS' Vice President and General
Counsel, stated, "We actively defended against this lawsuit since its inception
as we continue to believe it is without merit. However, this settlement allows
our company to again focus on reaching our goals without the expense and
distraction associated with protracted litigation."
CTS provides leading technological solutions for the wireless communications
industry to assist with call data collection and distribution and to prevent
fraud. The Company's Blackbird Platform fraud prevention product line prevents
millions of fraudulent calls each week in more than 40 of the largest markets
across the United States, including: New York, Boston, Hartford/New Haven,
Philadelphia, Pittsburgh, Baltimore, Washington D.C., Chicago, Detroit,
Milwaukee, Atlanta, Los Angeles, San Francisco, and San Diego.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release may
contain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties that could
cause actual results to differ materially from those expressed or implied in the
applicable statements. A description of these risks and uncertainties can be
found in the Company's filings with the Securities and Exchange Commission.
