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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): August 24, 1998
AMERICAN HEALTHCHOICE, INC.
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(Exact name of registrant as specified in its charter)
New York 000-26740 11-2931252
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(State of incorporation) (Commission File No. (IRS Employer
Identification No.)
1300 W. WALNUT HILL LANE, SUITE 275, IRVING, TEXAS 75038
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(Address of principal executive offices, including zip code)
(972) 751-1900
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
On August 24, 1998, Registrant completed a transaction to refinance a
portion of existing indebtedness and obtain additional working capital.
Registrant sold $3,385,000 of 8% convertible debentures due August 24, 2001.
The debentures are convertible to common stock at a conversion rate of 80% of
the average closing price of the common stock on NASDAQ on the five trading days
preceding notice of conversion. Registrant has agreed to have the conversion
shares registered for resale following conversion of the net proceeds of the
sale, $2,043,997 was used to retire the remaining principal amount of
convertible debentures issued in a Regulation S transaction in September 1997,
and $1,103,113 was added to Registrant's working capital to fund ongoing
operations and obligations.
The Company has further determined to seek a buyer for its Georgia medical
clinics and use the funds to retire debt and seek new opportunities offering a
greater profit potential.
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.
August 31, 1998
AMERICAN HEALTHCHOICE, INC.
/s/ Jay Stucki
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Jay Stucki, Executive Vice President
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