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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)
April 25, 1997
COUNTRY WIDE TRANSPORT SERVICES, INC.
(Exact name of registrant as specified in its charter)
Commission File Number 0-23360
DELAWARE 95-4105996
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification Number)
119 Despatch Drive
East Rochester, New York
(Address of principal executive offices)
14445
(Zip Code)
Registrant's telephone, including area code
(716) 381-5470
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Item 5. MATERIALLY IMPORTANT EVENTS
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Effective April 30, 1997, the Corporation's operating subsidiary,
Vertex Transportation, Inc., secured a new three-year revolving line of
credit with a commercial bank at $4 million.
The company has received approval from a majority of its stockholders as
well as the Board of Directors to increase the authorized number of common
shares to 30 million, from 10 million.
The company has received approval from a majority of stockholders as
well as the Board of Directors to effectuate a one (1) for five (5) reverse
split of the common stock, effective May 15, 1997.
Effective April 25, 1997 the company completed a private placement to
certain existing accredited stockholders in the amount of $1,644,000 in
exchange for 16,440,000 shares of common stock.
Item 7. EXHIBITS
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Exhibit 1 -- Press release dated May 1, 1997, issued by Registrant
outlining events as listed.
SIGNATURES
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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 hereto duly authorized.
COUNTRY WIDE TRANSPORT SERVICES, INC.
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Registrant
Date: May 7, 1997 -------------------------------
Timothy Lepper
President & CEO
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COUNTRY WIDE TRANSPORT SERVICES, INC.
119 Despatch Drive
East Rochester, NY 14445
(716) 381-5470 - Fax (716) 381-6863
CONTACT: Timothy Lepper
FOR IMMEDIATE RELEASE President and CEO
(800) 421-2757
East Rochester, New York, May 1, 1997 - Country Wide Transport Services, Inc.
(DTC-CWTS) today announced (1) a new credit line; (2) the completion of
a private placement; (3) an increase in shares outstanding; and (4) a reverse
stock split.
1. The Company's subsidiary, Vertex Transportation, secured a new 3-year
revolving line of credit at $4 million with Marine Midland Bank NA. This
increased line will replace its old credit facility at improved terms for the
Company.
2. Country Wide Transport also completed a private placement to certain
existing accredited stockholders in the amount of $1,629,000, in exchange for
Company stock. The proceeds will be used as working capital for its Vertex
Transportation subsidiary.
3. The Company received approval from a majority of its stockholders as
well as its Board of Directors to increase the authorized number of common
shares to 30 million from 10 million shares.
4. Country Wide Transport is instituting a 1-for-5 reverse stock split,
effective May 15, 1997.
Timothy Lepper, President and CEO of Country Wide Transport Services,
stated that "we are pleased with the aforementioned accomplishments. We have
now essentially completed the Company's transformation to a transportation
logistics services provider. Our subsidiary, Vertex Transportation
(established in 1978), provides the logistics model that will allow us to
profitably grow into the future.
Country Wide Transport Services, Inc.'s subsidiary, Vertex
Transportation, Inc., provides complete transportation logistics services
across the U.S. and into Canada and Mexico as a freight forwarder and
logistics management company.
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