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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): November 9, 2000
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PROFESSIONAL TRANSPORTATION GROUP LTD., INC.
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(Exact name of registrant
as specified in its charter)
Georgia 000-22571 58-1915632
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
1950 Spectrum Circle, Suite B-100, Marietta, Georgia 30067
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (678) 264-0400
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
On November 9, 2000, Professional Transportation Group Ltd., Inc. (the
Company") announced that it has received a notification from its principal
outside lender that it has accelerated the payment of the entire lending
facility in the approximate amount of $16.3 million. In addition, the Company
announced that it and its auditors, Yohalem Gillman & Company LLP are reviewing
certain revenue recognition matters for the Company's previously filed quarterly
reports on Form 10-Q for the periods ending March 31 and June 30, 2000. Until
this review is completed, the Company's financial statements for these periods
should not be relied upon. The Company also expects that it will not file timely
its quarterly report for the three and nine month periods ending September 30,
2000 because of the uncertainty of the impact of the review for the prior
quarters on the current periods. The Company expects to restate the first two
quarters to show net losses rather than the net income previously reported.
In addition, the Company announced that Dennis A. Bakal, its President
and Chief Executive Officer, resigned as President and Chief Executive Officer
and that W. Anthony Huff, the Chairman of the Company's Board of Directors, has
been removed from his position as Chairman. Messrs. Bakal and Huff will remain
as directors of the Company. William R. Asbell, Jr., the Company's interim Chief
Financial Officer and General Counsel, has agreed to become the Company's Acting
President.
Further information is contained in the Company's press releases which
are attached hereto as Exhibit 99.1 and Exhibit 99.2.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL SCHEDULES AND EXHIBITS.
(c) Exhibits.
99.1 Press Release dated November 9, 2000.
99.2 Press Release dated November 9, 2000.
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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.
PROFESSIONAL TRANSPORTATION GROUP
LTD., INC.
By: /s/ William R. Asbell, Jr.
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William R. Asbell, Jr.
Acting President, Interim Chief Financial
Officer and General Counsel
Dated: November 9, 2000
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EXHIBIT INDEX
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Exhibit
Number Exhibit Name
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<S> <C>
99.1 Press Release dated November 9, 2000
99.2 Press Release dated November 9, 2000
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