UNITED STATES
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: July 21, 1997
(Date of Earliest Event Reported): __________
NOTE BANKERS OF AMERICA, INC.
(Exact name of Registrant as specified in its charter)
Texas 0 - 12240 84-0882076
(state or other (Commission File (I.R.S. Employer
jurisdiction of Number) identification No.)
incorporation)
770 S. Post Oak Lane, Suite 690
Houston, Texas 77056
(Address of Principal Executive Offices)(Zip Code)
(713) 840-0230
(Registrant's telephone number, including area code)
________________________
(Former name or former address, if changed since last report.)
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ITEM 5. Other Events.
The Registrant hereby incorporates by reference the description of the
matters set forth in its press release dated July 18, 1997 (such press release
being Exhibit 99 attached hereto).
Item 7.Financial Statements and Exhibits.
(c)Exhibits
99 Registrant's press release dated July 18, 1997.
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.
NOTE BANKERS OF AMERICA, INC.
Dated: July 21, 1997 BY: /S/ E. Donald DeYoung
-----------------------
E. DONALD DEYOUNG, President
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NOTE BANKERS OF AMERICA, INC.
EXHIBIT INDEX
Exhibit No. Description Sequential
Page No.
<C> <S> <C>
99 The Registrant's press release dated July 18, 1997. 4
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EXHIBIT 99
NOTE BANKERS OF AMERICA, INC. ANNOUNCES A RESTRUCTURING PLAN
HOUSTON-July 18,1997 The Board of Directors of Note Bankers of
America, Inc. announced their decision to approve a restructuring plan to
spin-off two subsidiaries to its shareholders of record as of June 30, 1997.
The restructuring, to be implemented immediately through a tax-free spin-off
to its shareholders, will result in two independent, private companies; Life
Today Financial Services, Inc., and Private National Mortgage Association,
Inc. This spin-off will not have any impact on Note Bankers of America, Inc.'s
business operations or financial statement.
Life Today, Inc., the former parent company of Life Today Financial Services,
Inc. is a seasoned viatical settlement company, who's sales and marketing
plan's and name recognition have been firmly established since its formation
in 1992. "By changing the name of the viatical settlement spin-off and its
market focus, the shareholders will have an opportunity for a wider exposure
to this rapidly expanding niche financial services market", said E. Donald De
Young, President of NBA, who will serve as the President & CEO of the
spin-off.
Concurrently Private National Mortgage Association, Inc., under the leadership
of Allen E. Myers, who is currently the CEO of NBA, will also offer NBA
shareholders a broader exposure, other forms of discount notes currently not
pursued by Private Mortgage Bankers, Inc.
"We do not expect the spun-off companies to become "reporting companies" as
defined under the Securities and Exchange Act of 1934, nor to have or seek
market makers for the newly created shares in the near term. It's best that
the companies have an opportunity to develop their respective retail markets
without the cost and distraction being an SEC [ reporting company]", said Mr.
Myers.
Mr. De Young went on to say that "this restructuring will give the management
of each business the ability to focus on its own niche market(s); customer
requirements and growth opportunities. The Board of Directors believes that
each business should be able to organize its capital structure, allocate its
resources and design strategic corporate plans based singly on how it will
benefit that specific company. Additionally, management should be able to
design equity-based compensation plans that are targeted to performance as it
relates to the company's management designed, strategic business plan. This
should attract and retain key individuals in a job market that is in short
supply of seasoned sales and marketing individuals."
Over the long term, the spin-off companies should be more effective in the
marketing of their services and products, thereby adding value to that
spin-off company. Current shareholders and potential investors, if and when a
trading market exists, can then better determine the merits and values of each
company based on its own particular growth opportunities and past
performance."
Note Bankers of America, Inc. is traded on the NASDAQ (bulletin board) under
the symbol NBAI. More information can be obtained by contacting the company at
1-800-467-2518.
