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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): April 18, 1996
PROVIDENT AMERICAN CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania 0-13591 23-2214195
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
2500 DeKalb Pike, Norristown, Pennsylvania 19404
(Address of principal executive offices/Zip Code)
Registrant's telephone number, including area code: (610) 279-2500
Former name, former address, and former fiscal year, if changed since last
report: N/A
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ITEM 5. OTHER EVENTS
On April 18, 1996, Registrant announced that it had terminated
negotiations with the principals of Residential Healthcare, Inc., t/a Medical
Resources, Ltd. ("Medical Resources") for the purchase by Registrant of all of
the outstanding stock of Medical Resources and a portion of two affiliated
companies, Coastal Services, Eastern, Inc. and National Hospital Network, Inc.
(collectively the "Medical Resources Acquisitions"), pursuant to the conditions
of a letter of intent executed by the parties in August of 1995.
Registrant's subsidiary, Provident Indemnity Life Insurance Company
("PILIC"), through its subsidiary, Montgomery Management Corporation, continues
to own a 25% interest in the issued and outstanding shares of Coastal Services,
Eastern, Inc. ("CSE").
As a result of the discontinuance of negotiations relative to the
Medical Resources Acquisitions and its attendant business, Registrant
discontinued further negotiations with NationsCredit Commercial Corporation
relative to the commitment of NationsCredit for financing in the approximate
amount of $14,500,000 in connection with the Medical Resources Acquisitions.
Also, effective in April of 1996, PILIC ceased utilizing CSE for the
provision of administrative services with respect to a certain specified health
insurance business of PILIC, and administration of such business was recaptured
and will be continued by PILIC.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits:
None.
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.
PROVIDENT AMERICAN CORPORATION
By:/s/ ALVIN H. CLEMENS
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Alvin H. Clemens, President and
Chief Executive Officer
April 25, 1996
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