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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): February 24, 2004
UNIVERSAL SECURITY INSTRUMENTS, INC.
(Exact name of registrant as specified in its charter)
Maryland 0-7885 52-0898545
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
7-A Gwynns Mill Court, Owings Mills, Maryland 21117
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (410) 363-3000
Inapplicable
(Former Name or Former Address if Changed Since Last Report)
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events and Required FD Disclosure.
Reference is made to the press release issued by the Registrant on
February 24, 2004, the text of which is attached hereto as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
The following exhibits are filed herewith:
Exhibit No.
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99.1 Press Release dated February 24, 2004
1
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 thereunto duly authorized.
UNIVERSAL SECURITY INSTRUMENTS, INC.
(Registrant)
Date: February 24, 2004 By: /s/ Harvey B. Grossblatt
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Harvey B. Grossblatt
Chief Executive Officer
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Exhibit 99.1
For Immediate Release
Contact: Harvey Grossblatt, President
Universal Security Instruments, Inc.
410-363-3000, Ext. 224
or
Don Hunt, Jeff Lambert
Lambert, Edwards & Associates, Inc.
616-233-0500
Universal Security Instruments, Inc. To Resume Shipping GFCI Units
Product Supplier Secures New Underwriters Laboratories (UL) Listing
Owings Mills, MD - February 24, 2003 - Universal Security Instruments, Inc.
(AMEX: UUU) today announced it expects to resume shipments of ground fault
circuit interrupter (GFCI) units in April 2004.
As previously announced, Underwriters Laboratories (UL) had identified potential
problems with GFCI units which were manufactured for the Company by Shanghai
Meihao Electric, Inc. The Company also reported that the U.S. Consumer Product
Safety Commission (CPSC) reviewed UL's concerns and test results of the GFCI
units and closed its inquiry into the Company's GFCI units without recommending
a recall. The Company voluntarily stopped sales in August following the concerns
announced by UL. As reported earlier, the Company's results of operations for
the period ended December 31, 2003 reflect the voluntary hold on GFCI sales.
UL has advised that it is satisfied that the previously identified potential
problems are resolved and has now approved Shanghai Meihao GFCI units for
listing and sale. Universal expects to resume GFCI sales during April/May 2004.
Steve Knepper, chairman of the board and chief executive officer of Universal
Security Instruments, said "Universal is pleased to be able to resume sales of
GFCI units to give our customers a high quality, lower cost alternative."
UNIVERSAL SECURITY INSTRUMENTS, INC. (www.universalsecurity.com), founded in
1969, is a worldwide marketer of safety and security products directly and
through its 50%-owned Hong Kong joint venture.
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Statements contained in this press release that are not historical facts are
forward-looking statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Although UNIVERSAL SECURITY INSTRUMENTS, INC.
believes that the expectations reflected in such forward-looking statements are
reasonable; the forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from those
projections.