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) September 25, 1998
WORK RECOVERY, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
0-18695 86-0848910
(Commission File Number) (IRS Employer
Identification No.)
1121 East Missouri Avenue, Suite 100, Phoenix, Arizona 85014
(Address of Principal Executive Offices) (Zip Code)
(602) 274-6707
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changes Since Last Report)
ITEM 5 OTHER EVENTS
ITEMS DEEMED OF IMPORTANCE TO SHAREHOLDERS
Subsequent to emerging from bankruptcy, Work Recovery, Inc. ("the Company")
received a total of $2,000,000 from a $2,000,000 line of credit from Allsup
Inc. and Quest Trading, Inc. (collectively, "the Lenders"). The loan was
secured by a security interest in all of the Company's personal property
including its intellectual property ("Collateral"). The Lenders previously
extended the loan maturity date from December 31, 1997 to April 16, 1998 and
then to May 15, 1998. The Company subsequently received a notice of default
from the Lenders and agreed to convey all of the Collateral to the Lenders as
of August 1, 1998 if the Company's efforts to obtain additional investment
capital were not met by that date. Additional investment capital was not
secured and accordingly, the Company conveyed all of the Collateral to the
Lenders. The Company then terminated its remaining employees and ceased
doing business.
The Company has no remaining assets and has now ceased all operations.
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.
WORK RECOVERY, INC.
(Registrant)
By /s/ DORCAS R. HARDY
Dorcas R. Hardy
Chairman and Chief Executive Officer
Date September 29, 1998
