SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
July 28, 1997
(Date of Report - Date of Earliest Event Reported)
33-02035-A
(Commission File Number)
CORRECTIONS SERVICES, INC.
Florida 59-2508470
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
3040 East Commercial Boulevard
Fort Lauderdale, Florida 33308
(Address of Principal Executive Offices)
(954) 772-2297
(Registrant's Telephone Number)
None
(Former Name, Former Address and Former Fiscal Year,
if changed since last report)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
The Company ("CSI") has entered into a Capital Stock Purchase Agreement
pursuant to which it will acquire all of the issued and outstanding capital
stock of Hi-Tech Leasing, Inc., a closely held Florida corporation which is
now a wholly-owned subsidiary of Vanderbilt Square Corp., a publicly held
Florida corporation. Hi-Tech Leasing, Inc. is engaged in financial services
and has been operated as a wholly-owned subsidiary by Vanderbilt Square Corp.
Since 1986.
Pursuant to the terms of the Capital Stock Purchase Agreement, the
Company will acquire all of the issued and outstanding capital stock of
Hi-Tech Leasing, Inc. from Vanderbilt Square Corp. for 2,000,000 shares of the
Company's authorized but previously unissued restricted Common Stock. The
Company and Vanderbilt Square Corp. have generally agreed that the exchange of
CSI shares as consideration for the Company's acquisition of Hi-Tech Leasing
Corp. is valued at approximately $600,000.
The Company is informed that the acquisition transaction has been
approved by the approval of the Shareholders of Vanderbilt Square Corp.
<PAGE>
SIGNATURES
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.
CORRECTIONS SERVICES, INC.
Dated: July 28, 1997 BY:/s/Norman H. Becker
Norman H. Becker, President
