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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): APRIL 27, 1999
PRECEPT BUSINESS SERVICES, INC.
(Exact name of registrant as specified in its charter)
Commission file number: 000-23735
Texas 75-2487353
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1909 Woodall Rodgers Freeway, Suite 500 75201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 754-6600
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ITEM 5. OTHER EVENTS.
On April 19, 1999, David L. Neely, Chairman and Chief Executive Officer
of Precept Business Services, Inc., resigned his position as an officer and a
director of Precept due to personal and health reasons. Included with this
Current Report on Form 8-K is a copy of the press release issued by Precept
announcing the resignation of Mr. Neely.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibts
99.1 Press release dated April 19, 1999 announcing the resignation of
Mr. Neely.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly issued this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PRECEPT BUSINESS SERVICES, INC.
April 27, 1999 By: /s/ William W. Solomon, Jr.
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William W. Solomon, Jr.
Senior Vice President, Chief Financial Officer
(Principal Financial and Accounting Officer)
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For Immediate Release
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DAVID NEELY RETIRES AS CHAIRMAN/CEO OF
PRECEPT BUSINESS SERVICES, INC.
DARWIN DEASON NAMED INTERIM CHAIRMAN
DALLAS, Texas (April 19, 1999) -- Precept Business Services, Inc. ("PBSI"),
the nation's largest independent distributor of printed business products and
document management services and one of the largest providers of corporate
personnel transportation services in the United States, today announced that
David L. Neely has resigned his positions as Chairman and Chief Executive
Officer, effective immediately, citing personal health reasons for the
decision.
"This is one of the most difficult, if not the most difficult, decision I've
ever had to make in my business career, but life is just too short and my
family is too important for me to disregard their wishes in this matter,"
stated Mr. Neely. "This was not an easy decision by any means, but it is the
right one."
The Company announced that Darwin Deason will assume the position of Chairman
on an interim basis. Mr. Deason and Mr. Neely were co-founders of Precept
Business Services in 1988, when Precept was a subsidiary of Affiliated
Computer Services, Inc. (NYSE: "AFA"). Precept was spun-off from Affiliated
Computer Services ("ACS") in June 1994.
"David has been with Precept since its beginning and will be missed a great
deal," commented Mr. Deason. "However, one of his greatest accomplishments
has been the development of an outstanding management team at Precept. We
expect things to continue as usual for our customers, vendors or employees."
Precept Business Services, Inc. is the nation's largest nationwide
independent distributor of printed business products and document management
services. The Company also provides corporate transportation services in
Texas, New York, New Jersey, Ohio and Michigan. Recent acquisitions have
diversified the Company's revenue base and positioned Precept as a
consolidator within the $20 billion business products and document management
services industry, and the $12 billion corporate transportation industry. The
Company is headquartered in Dallas, Texas and its common stock is traded on
Nasdaq under the symbol "PBSI".
THIS PRESS RELEASE INCLUDES STATEMENTS WHICH MAY CONSTITUTE "FORWARD-LOOKING"
STATEMENTS, USUALLY CONTAINING THE WORDS "BELIEVE", "ESTIMATE" , "PROJECT",
"EXPECT" OR SIMILAR EXPRESSIONS. THESE STATEMENTS ARE MADE PURSUANT TO THE
SAFE HARBOR
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PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
FORWARD-LOOKING STATEMENTS INHERENTLY INVOLVE RISKS AND UNCERTAINTIES THAT
COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE FORWARD-LOOKING
STATEMENTS. FACTORS THAT WOULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES
INCLUDE, BUT ARE NOT LIMITED TO, CONTINUED ACCEPTANCE OF THE COMPANY'S
PRODUCTS IN THE MARKETPLACE, COMPETITIVE FACTORS, DEPENDENCE UPON THIRD-PARTY
VENDORS, AND OTHER RISKS DETAILED IN THE COMPANY'S PERIODIC REPORT FILINGS
WITH THE SECURITIES AND EXCHANGE COMMISSION. BY MAKING THESE FORWARD-LOOKING
STATEMENTS, THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE THESE STATEMENTS
FOR REVISIONS OR CHANGES AFTER THE DATE OF THIS RELEASE.
For further information, please contact:
Bill Solomon, CFO at (214) 754-6620
or
R. Jerry Falkner, CFA, Investor Relations Counsel at (800) 377-9893
