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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: May 23, 1997
PRINCETON DENTAL MANAGEMENT CORPORATION
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 0-20222 36-3484607
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
7421 WEST 100TH PLACE, BRIDGEVIEW, IL 60455
(Address of Principal Executive Offices)
(708) 974-4000
(Registrant's Telephone Number, including Area Code)
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PRINCETON DENTAL MANAGEMENT CORPORATION
Item 2. Acquisition/Disposition of Assets.
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Effective as of May 20, 1997, PDMC has sold the assets comprising the
Century Dental Center to Valley Forge Dental Associates, P.C. The Century
Dental practice, with 1996 revenues of approximately $965,000, represented
approximately 5.3% of the total revenue of PDMC. The Century practice was sold
for $585,000. The sales price includes $235,000 in cash, $140,000 in
contingency payments, a $30,000 note receivable, and forgiveness of debt of
approximately $180,000. This sale results in a net gain of $210,000.
Item 5. Other Events
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1. The Company has entered into a settlement with Henry Schein Inc.
("Schein"), the Company's largest supplier, and expects to resume its
relationship with Schein on mutually advantageous terms. The Company had
previously reported that Schein had discontinued shipping supplies and
providing services until a plan was put into place to reduce outstanding
balances.
2. The Company has been advised by the NASDAQ Stock Market, Inc. that it
is presently not in compliance with the NASDAQ listing requirements with
respect to minimum capital and surplus requirements. The Company has been
advised that, absent acceptable evidence of such compliance or an acceptable
plan of compliance, the Company could be delisted from the NASDAQ SmallCap
Market effective as of June 3, 1997.
3. The Company intends to promptly present a plan of compliance to the
NASDAQ Stock Market, Inc. in this regard, but the Company can make no
assurances with respect to its continued listing on the NASDAQ SmallCap Market.
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 thereunto duly authorized.
Dated: May 23, 1997.
PRINCETON DENTAL MANAGEMENT CORPORATION
By: /s/ Frank Leonard Laport
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Frank Leonard Laport,
Chief Executive Officer
