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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
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): AUGUST 19, 1999
COMPLETE BUSINESS SOLUTIONS, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
MICHIGAN
(STATE OR OTHER JURISDICTION OF INCORPORATION)
0-22141 38-2606945
(COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NUMBER)
32605 WEST TWELVE MILE ROAD, SUITE 250, FARMINGTON HILLS, MI 48334
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)
(248) 488-2088
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
NONE
(FORMER NAME AND FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS
On August 24, 1999 Complete Business Solutions, Inc. ("CBSI") issued a press
release announcing that its Board of Directors had approved a plan to repurchase
up to 2,000,000 shares of its Common Stock over the next 24 months from time to
time in open market or privately negotiated transactions. The entirety of the
press release is attached to this report as an exhibit.
Exhibit No. Description
- ----------- -----------
99.1 Press Release Dated August 24, 1999
ITEM 6. RESIGNATIONS OF THE REGISTRANT'S DIRECTORS
On August 19, 1999, CBSI accepted the resignation of Charles W. Costello from
CBSI's Board of Directors. Mr. Costello's resignation letter furnished to
CBSI did not request any description of any disagreement with CBSI's operations,
policies or practices be disclosed in this Form 8-K.
On August 25, 1999, CBSI's Board of Directors accepted the resignation of Jerry
L. Stone from CBSI's Board of Directors. Mr. Stone's resignation letter
furnished to CBSI did not request any description of any disagreement with
CBSI's operations, policies or practices be disclosed in this Form 8-K.
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Complete Business Solutions, Inc.
Dated: August 26, 1999
By: /s/ Thomas E. Sizemore
---------------------------------
Thomas E. Sizemore
General Counsel
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Exhibit Index
-------------
Exhibit No. Description
- ----------- -----------
99.1 Press Release Dated August 24, 1999
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Complete Business Solutions, Inc.
32605 W. Twelve Mile Rd.
Suite 250
Farmington Hills, MI 48334
Nasdaq: CBSI
<TABLE>
<CAPTION>
AT THE COMPANY: AT FRB CHICAGO: EMAIL ADDRESS:
<S> <C> <C> <C>
Tim Manney Gail Lutey Jim Ketelsen--General Info [email protected]
EVP Finance and Investor/Public Relations Margaret Huebner--Analysts [email protected]
Administration (248) 848-2217 Christopher Dever - Media [email protected]
(248) 848-2203 email: [email protected] (312) 266-7800
</TABLE>
FOR IMMEDIATE RELEASE
TUESDAY, AUGUST 24, 1999
COMPLETE BUSINESS SOLUTIONS, INC.
ANNOUNCES STOCK REPURCHASE PLAN
FARMINGTON HILLS, MI, AUGUST 24, 1999 -- Complete Business Solutions, Inc.
(Nasdaq: CBSI), announced today that its Board of Directors has authorized the
Company to repurchase up to 2,000,000 shares of its Common Stock. The Common
Stock may be purchased by the Company from time to time in open market or
privately negotiated transactions. The repurchase program is expected to be
completed within the next 24 months.
The extent to which the Company repurchases its shares and the timing of such
purchases will depend upon market conditions and other corporate considerations.
Any repurchased shares are expected to be used under stock option and employee
benefit plans and for other general corporate purposes.
CBSI is a worldwide provider of information technology ("IT") services to large
and mid-size organizations. The Company offers its customers a broad range of IT
services, from advising customers on strategic technology plans to developing
and implementing appropriate IT applications solutions. CBSI offers
custom-tailored solutions based on an assessment of each client's needs. The
Company's services include: emerging technology solutions; consulting; large
systems applications development and maintenance; packaged software
implementation, such as ERP; year 2000 conversion and testing services and
contract programming services.
FOR MORE INFORMATION ON CBSI, VISIT THE COMPANY'S WEBSITE AT WWW.CBSINC.COM
OR DIAL 1-800-PRO-INFO AND ENTER THE TICKER "CBSI".
