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): May 20, 1997
KIDDIE ACADEMY INTERNATIONAL, INC.
(Exact name of Registrant as specified in its charter)
DELAWARE 1-4052 52-1938283
(State or other jurisdiction of (Commission File (IRS Employer
incorporation or organization) Number) Identification No.)
108 Wheel Road, Bel Air, Maryland 21015
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 515-0788
N/A
(Former name or former address, if changed since last report)
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Item 5. Other Events
On May 20, 1997, Kiddie Academy International, Inc. (the "Company") issued a
press release which stated that a private placement equity financing to address
the Company's capital needs has not been successful. As a result thereof and the
deterioration of the Company's financial position, unless necessary additional
financing is immediately identified, the Company faces a serious liquidity
problem. The Board is actively considering all of its alternatives with respect
to this problem.
In addition, the Company was previously notified by the Boston Stock Exchange
that the Company does not meet the $500,000 maintenance requirement for
shareholder's equity. The Company was granted an extension until May 23, 1997 to
prove that its shareholder's equity is in compliance with the Boston Stock
Exchange's minimum requirement. As a result of the Company's failure to
consummate the private placement equity financing, the Company will not be able
to meet this requirement and the Boston Stock Exchange has indicated to the
Company that it intends to suspend trading and file for delisting with the
Securities and Exchange Commission.
Item 7. Exhibits
Exhibit No. Description
99............................................... Press Release
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.
Kiddie Academy International, Inc.
May 23, 1997 By: /s/ Angelo D. Bizzarro
------------------------
Angelo D. Bizzarro, CEO
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EXHIBIT INDEX
Exhibit No. Description
99...............................................................Press Release
<PAGE>
May 20, 1997 Contact: Guy A. Matta
Chief Financial Officer
(410) 515-0788, ext. 215
PRESS RELEASE
Kiddie Academy International, Inc. announced today that a private
placement equity financing to address the Company's capital needs has not been
successful. As a result thereof and the deterioration of the Company's financial
position, unless necessary additional financing is immediately identified, the
Company faces a serious liquidity problem. The Board is actively considering all
of its alternatives with respect to this problem.
The Company operates and franchises educational based child care
centers under the name Kiddie Academy Child Care Learning Centers. The Company
also operates a wholesale and retail school supply and equipment distribution
business under the name Kid's Craft. The Kiddie Academy system currently
consists of 20 Company-owned centers and 36 franchise centers.
