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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
July 10, 1998
Date of Report
(Date of earliest event reported)
Marine Management Systems, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-29236 06-886588
(Commission File Number) (IRS Employer Identification No.)
470 West Avenue
Stamford, CT 06902
(Address of principal executive offices) (Zip Code)
(203) 327-6404
(Registrant's telephone number, including area code)
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Item 5. Other Events.
On July 10 and July 14, 1998, Marine Management Systems, Inc. (the
"Company") closed on the sale of $2,000,000 aggregate principal amount of Senior
Convertible Notes (the "Senior Notes") in a financing transaction. The Senior
Notes were purchased by a group of investors led by Wechsler and Co., a New York
based money manager. The Senior Notes call for payments of interest only until
maturity and bear interest at the rate of 10% per annum until such time as the
Senior Notes are paid in full or converted into Common Stock as described below.
If not paid or converted earlier, the Senior Notes are due and payable on March
31, 2003. The Senior Notes are convertible into shares of the Company's Common
Stock, at any time after six months from the date of issuance, at the rate of
$1.00 face value of the Senior Notes for each share of Common Stock, subject to
adjustment under certain circumstances.
Approximately $700,000 of the proceeds from the financing was used to
repay a bridge loan and the remaining proceeds are expected to be used for
working capital.
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MARINE MANAGEMENT SYSTEMS, INC
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.
MARINE MANAGEMENT SYSTEMS, INC
(Registrant)
Dated: July 31, 1998 By: /s/Robert D. Ohmes
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Robert D. Ohmes
Executive Vice President and
Chief Financial Officer
