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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): MAY 31, 2000
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NETZEE, INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
GEORGIA 0-27925 58-2488883
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(STATE OR OTHER JURISDICTION OF (COMMISSION FILE (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION ) NUMBER) IDENTIFICATION NO.)
6190 POWERS FERRY ROAD, SUITE 400, ATLANTA, GEORGIA 30339
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (770) 850-4000
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NOT APPLICABLE
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(FORMER NAME, FORMER ADDRESS AND FORMAL FISCAL YEAR,
IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS.
On May 31, 2000, Netzee, Inc. (the "Company") finalized a Credit
Agreement with The InterCept Group, Inc. ("InterCept"), the owner of
approximately 35% of the Company's common stock, pursuant to which InterCept
agreed to lend the Company up to $15 million on a revolving credit basis,
subject to various terms and conditions. Borrowings under the Credit Agreement
bear interest at the prime rate stated in the Credit Agreement plus 2% and are
secured by substantially all of the Company's assets. The Credit Agreement
provides for earnings, tangible net worth and other affirmative and negative
covenants with which the Company must comply, and provides for various other
conditions and restrictions. Interest on all amounts borrowed under the Credit
Agreement is payable quarterly. Borrowings under the Credit Agreement are being
used to fund working capital requirements.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(c) Exhibits.
<TABLE>
<CAPTION>
Exhibit
No. Description
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<S> <C>
10.1 Credit Agreement, dated May 31, 2000, by and between
Netzee, Inc. and The InterCept Group, Inc.
</TABLE>
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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 thereunto duly authorized.
NETZEE, INC.
Date: June 20, 2000 By: /s/ Glenn W. Sturm
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Glenn W. Sturm
Chief Executive Officer
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EXHIBIT LIST
<TABLE>
<CAPTION>
Exhibit No. Description
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<S> <C>
10.1 Credit Agreement, dated May 31, 2000, by and between Netzee,
Inc. and The InterCept Group, Inc.
</TABLE>
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