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) July 28, 1997
VANDERBILT SQUARE CORP.
(Exact name of Registrant as specified in its charter)
Florida
(State or Other Jurisdiction of Incorporation)
2-96366-A 59-2483405
(Commission (IRS Employer
File Number) Identification No.)
3040 East Commercial Blvd., Ft. Lauderdale, Florida 33308
(Address of Principal Executive Offices)
(305) 776-0902
(Registrant's Telephone Number)
(Former Name or Former Address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets.
Vanderbilt Square Corporation (the "Company") has entered into a Capital
Stock Purchase Agreement pursuant to which the Company will sell all of the
issued and outstanding capital stock of Hi-Tech Leasing, Inc., a wholly-owned
subsidiary of the Company, to Corrections Services, Inc. ("CSI"). Hi-Tech
Leasing, Inc. is engaged in financial services and has been operated as a
wholly-owned subsidiary of the Company since 1986.
Pursuant to the terms of the Capital Stock Purchase Agreement, the
Company will sell all of the issued and outstanding capital stock of Hi-Tech
Leasing, Inc. for 2,000,000 shares of CSI's authorized but previously unissued
restricted Common Stock. The Company and CSI have generally agreed that the
exchange of CSI shares as consideration for the Company's acquisition of
Hi-Tech Leasing, Inc. is valued at approximately $600,000.
The Company is informed that the acquisition transaction has been
approved by a majority of the shareholders of CSI.
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SIGNATURES
Pursuant to the requirement 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.
VANDERBILT SQUARE CORP.
July 28, 1997 By:/s/ Norman H. Becker
Norman H. Becker, President
