<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) NOVEMBER 13, 1997
--------------------------------
INFORMATION MANAGEMENT TECHNOLOGIES CORPORATION
- - --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its Charter)
DELAWARE
- - --------------------------------------------------------------------------------
(State of other jurisdiction of incorporation)
0-16753 58-1722085
- - ------------------------------- -----------------------------------
Commission File No. I.R.S. Employer Identification
130 CEDAR STREET, NEW YORK, NY 10006
- - ------------------------------- -----------------------------------
Address of principal Zip Code
executive offices
(212) 306-6100
- - -------------------------------
Registrant's telephone number,
including area code
<PAGE>
5. OTHER EVENTS
The Registrant (the "Company") on November 13, 1997 entered into an
accounts receivable financing agreement with MTB Bank ("Bank") wherein the
Company obtained a $1, 500,000 accounts receivable and equipment financing
credit line from the bank. The company pledged its accounts receivable and all
other assets to the Bank as collateral security as a part of the Bank credit
financing arrangement. The credit agreement provides for the company to pay to
the Bank two percent (2%) over the prime interest rate in addition to Bank loan
fees in the sum of approximately $25,000. The Bank also received 25,000 stock
options with cost-free registration rights to purchase 25,000 shares of common
stock at $1.8125 per share for a period of three years.
Annexed hereto and made a part hereof and marked Exhibit "1" is a copy of
the credit agreement with the Bank.
The Company issued a press report with respect to the financing
transaction. Annexed hereto and made a part hereof and marked Exhibit "2" is a
copy of the press report issued by the Company.
EXHIBITS
Annexed hereto and marked exhibit I is a copy of the Credit Agreement with
MTB Bank. Annexed hereto and marked Exhibit II is a copy of the Press Release
dated November 12th, 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.
Dated: New York, New York
December 1, 1997
INFORMATION MANAGEMENT
TECHNOLOGIES CORPORATION
------------------------
(Registrant)
------------------------
JOSEPH GITTO
President
<PAGE>
Exhibit 99.1
MTB BANK
90 BROAD STREET
NEW YORK, NEW YORK 10004-2290
November 12, 1997
Information Management Technologies Corporation
130 Cedar Street
New York, New York 10006
Attention: Mr. Joseph A. Gitto
Re: Credit Agreement dated the date hereof between MTB Bank
and Information Management Technologies Corporation
-------------------------------------------------------
Dear Mr. Gitto:
Reference is made to the above-referenced Credit Agreement.
Capitalized terms used but not defined herein shall have their respective
meanings as set forth in the Credit Agreement.
Notwithstanding anything to the contrary contained in the Credit
Agreement, and without in any way limiting any of the rights, powers,
privileges or remedies of the Bank under the Credit Agreement, any other Loan
Document or the Letter of Credit Documents, the Borrower acknowledges and
agrees that the aggregate amount of Loans and Letters of Credit that the Bank
may be obligated to make or issue under the Credit Agreement shall be reduced
by the amount of $125,000 until such time as the Borrower shall have complied
with this letter agreement in respect of Item 6 listed on Schedule I hereto.
In order to induce the Bank to enter into the Credit Agreement and the
other Loan Documents, the Borrower hereby agrees that no later than January
12, 1998 (or such other date as may be provided on the attached Schedule I
hereto), it will take or cause to be taken, and it will deliver or cause to
be delivered to the Bank, the actions (the "ACTIONS") and documentation (the
"DOCUMENTS"), respectively, listed on Schedule I hereto.
Each of the Actions and the Documents above shall be in form and
substance satisfactory to the Bank and its counsel in their sole discretion.
This letter agreement shall constitute a Loan Document. Failure by the
Borrower to comply with the terms and conditions of this letter agreement
shall constitute an Event of Default under the Credit Agreement.
<PAGE>
Please acknowledge your agreement to the foregoing by signing this
letter agreement below and returning it to the undersigned.
Very truly yours,
MTB BANK
By: /s/ Illegible
---------------------------------
By: /s/ Illegible
---------------------------------
ACKNOWLEDGED AND AGREED
INFORMATION MANAGEMENT
TECHNOLOGIES CORPORATION
By: /s/ Joseph A. Gitto
--------------------------------
Joseph A. Gitto, President
