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): June 21, 2007
FREQUENCY ELECTRONICS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-8061 11-1986657
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
55 Charles Lindbergh Blvd., Mitchel Field, NY 11553
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(Address of principal executive offices) (Zip Code)
(516) 794-4500
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(Registrant's telephone number, including area code)
NONE
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(Former name, former address and former fiscal year,
if changed since last report)
________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01 Other Items
Effective June 21, 2007, Frequency Electronics, Inc., ("Frequency")
completed the sale of 28.5% of the outstanding shares of Morion, Inc. ("Morion")
to Finproject, Ltd. ("Finproject"), a wholly-owned subsidiary of Gazprombank, a
Russian government majority-owned bank. Earlier this year, the Russian
Federation declared Morion to be in a "strategic industry." Russian Federation
regulations limit the ownership by foreign entities or non-Russian investors in
companies with a strategic industry designation. As a consequence, Finproject
acquired the majority interest in Morion, which included the purchase of a
portion of the shares previously held by Frequency. Frequency received total
proceeds of approximately $5.8 million, and as a result, will recognize a
pre-tax book gain of approximately $3.1 million in the first quarter of fiscal
year 2008, which ends July 31, 2007. In future periods, Frequency will account
for its remaining 8% interest in Morion on the cost basis.
ITEM 9.01 (c). EXHIBITS.
99.1 Press Release of Frequency Electronics, Inc., dated June 26,
2007.
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.
FREQUENCY ELECTRONICS, INC.
By: /s/ Alan Miller
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Alan Miller
Chief Financial Officer
and Treasurer
Dated: June 27, 2007
EXHIBIT INDEX
Paper (P) or
Exhibit No. Description Electronic (E)
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99.1 Press Release of Frequency Electronics, E
Inc., dated June 26, 2007.