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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): September 12, 2000
Healthcomp Evaluation Services Corporation
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Nevada 0-28379 88-0395372
(State or other jurisdiction of Commission File No. I.R.S. Employer
incorporation or organization) Identification Number)
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2001 Siesta Drive, Suite 302, Sarasota, Florida 34239
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (941) 925-2625
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events.
The continued operation and growth of the business of Healthcomp
Evaluation Services Corporation (the "Company") is dependent upon the
Company obtaining funding in appropriate amounts to meet its financial
and operating objectives. As the Company has entered into new
contracts for its health screening services, the Company has continued
to seek financing to enable it to service its customers, to pursue
acquisition opportunities and to grow its business. In connection
with short-term bridge financing provided to the Company in July 2000,
the Company issued a $500,000 promissory note, which bears interest at
12.5% per annum and had a maturity date of September 11, 2000 (the
"Note").
In order to obtain sufficient funds necessary to repay the Note,
together with accrued interest thereon, and to finance the Company's
working capital requirements for the remainder of calendar year 2000,
the Company has been pursuing various opportunities for debt financing
and additional capital investment. To date, the Company has been
unable to conclude any definitive agreements that would provide
sufficient funds to satisfy its obligations under the Note and to
provide sufficient working capital to finance and continue the
Company's operations during the third and fourth quarters of 2000. As
a result, the Company is currently in default under the Note, and may
not be able to meet its other financial obligations or to continue its
operations as currently structured.
The Company intends to continue to explore alternative sources of
financing in order to meet its immediate cash requirements through
additional borrowings or investments in equity; however, there can be
no assurance that sources of funds will be available or, if available,
whether the terms thereof will be acceptable or favorable to the
Company. If the Company is unable to secure financing to satisfy its
obligations under the Note and to satisfy its working capital
requirements, the Company will face severe liquidity problems and will
have to take immediate actions to restructure its operations, and to
substantially reduce its operating expenses, in order to continue its
business activities. There can be no assurance that any of the
foregoing can be achieved.
SIGNATURE
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.
HEALTHCOMP EVALUATION SERVICES CORPORATION
By: /s/ Thomas Hartnett
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Name: Thomas Hartnett
Title: Senior Vice President
Date: September 12, 2000
