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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 30, 1996
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COMPREHENSIVE CARE CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
State of Delaware
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(State or Other Jurisdiction of Incorporation)
0-5751 95-2594724
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(Commission File Number) (I.R.S. Employer Identification No.)
1111 Bayside Drive, Suite 100, Corona del Mar, California 92625
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(Address and Zip Code of Principal Executive Offices)
(714) 222-2273
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(Registrant's Telephone Number, Including Area Code)
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ITEM 5. OTHER EVENTS
On May 30, 1996, the Company sold its 100-bed freestanding facility in
San Diego, California for $2.0 million. The Company received these proceeds on
May 31, 1996. This facility was originally closed during fiscal 1990. The sale
of this closed facility relieves the Company of the ongoing cash obligations for
the carrying costs associated with this property.
On May 30, 1996, exchange of the Company's Secured Conditional
Exchangeable Note Purchase Agreement with Premier Strategic Growth Fund,
formerly known as Dreyfus Strategic Growth, L.P., for $1.0 million was
effectuated. As a result, on May 31, 1996, the Company issued 132,560 shares of
the Company's common stock to Premier Strategic Growth Fund and paid $61,520.15
representing accrued interest to date. The Company will reflect this
transaction on its financial statements as of May 31, 1996. The exchange of the
Note will reduce the Company's future cash obligations under the terms of such
Note.
On June 3, 1996, the corporate headquarters of the Company moved to
1111 Bayside Drive, Suite 100, Corona del Mar, California 92625. The new phone
number is (714) 222-2273 and the new facsimile number is (714) 719-9797. The
Company's new corporate facility occupies approximately 6,890 square feet under
a five-year lease. Such lease obligations range from $165,360 during the first
year, increases to $201,000 for the last year of the lease and are subject to
annual adjustment for CPI.
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SIGNATURES
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Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
COMPREHENSIVE CARE CORPORATION
Dated: June 4, 1996 By /s/ KERRI RUPPERT
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(Officer's signature and title)
Kerri Ruppert
Senior Vice President
and Chief Accounting Officer
(Principal Accounting Officer)
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