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) July 8, 1997
NEW YORK HEALTH CARE, INC.
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(Exact Name of Registrant as Specified in its Charter)
New York 1-12451 11-2636089
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
1850 McDonald Avenue, Brooklyn, N.Y. 11223
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number,
including area code, (718) 375-6700
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Item 5: OTHER EVENTS
On July 8, 1997, the Company entered into a letter of intent to effect an
acquisition of the New York operations of a national home health care company
(the "Target"). The Company intends to acquire all of the assets of the Target,
excluding its accounts receivable, in consideration for a purchase price
consisting of $3,500,000 in cash and 200,000 shares of the Company's $.01 par
value common stock, which will be unregistered when issued but will be subject
to "piggy back" registration rights. Of the cash portion of the purchase price,
$2,000,000 is to be paid at closing and the balance of $1,500,000 together with
interest is to be paid in 12 quarterly installments beginning six months after
closing. This proposed acquisition, which is subject to the negotiation and
execution of a definitive acquisition agreement and approval by stockholders,
among other conditions, is expected to be accounted for as a "purchase" in
accordance with Generally Accepted Accounting Principles.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
July 22, 1997 NEW YORK HEALTH CARE, INC.
By: /s/Jerry Braun
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Jerry Braun
President and Chief
Executive Officer
