SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: September 25, 1996
(Date of Earliest Event Reported)
COMMAND SECURITY CORPORATION
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(Exact name of Registrant as Specified in its Charter)
New York
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(State of Incorporation)
0-18684
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(Commission File Number)
14-1626307
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(IRS Employer Identification No.)
Lexington Park, Lagrangeville, New York 12540
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(Address of Principal Executive Offices)
(914) 454-3703
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(Registrant's Telephone Number)
<PAGE>
Item 1-Item 4 Not Applicable.
Item 5 Not Applicable.
Item 6 Not Applicable.
Item 7 Financial Statements and Exhibits.
(a),(b) Not Applicable.
(c) Exhibits
(I) Press release dated September 17, 1996
Item 8. Not applicable.
<PAGE>
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.
Date: September 25, 1996 COMMAND SECURITY CORPORATION
by: /s/ H. Richard Dickinson
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H. Richard Dickinson
Chief Financial Officer
COMMAND SECURITY CORPORATION
CORPORATE OFFICE
LEXINGTON PARK
PO BOX 340
LAGRANGEVILLE, NY 12540
TEL 914-454-3700
FAX 914-454-0075
FOR IMMEDIATE RELEASE
COMMAND SECURITY CORPORATION ANNOUNCES
AGREEMENT IN PRINCIPAL TO RESOLVE ISS DISPUTE
Lagrangeville, New York***September 17, 1996***Command Security Corporation
(NASDAQ:CMMD) announced today that has reached an agreement in principle to
resolve all pending issues with ISS International Service System, Inc., in
connection with its October, 1993 acquisition of certain security guard assets.
Under the terms of the agreement, the purchase price of the customer lists has
been reduced by $500,000 which would be offset against the current $1 million
note and Command has agreed to pay $100,000 of the remaining note to ISS
immediately and the balance of the note ($400,000) by January 31, 1997.
William C. Vassell, Chairman of the Board of Command said, "This agreement will
have a positive impact on our balance sheet by immediately reducing our short
term debt by $500,000 and Intangible Assets by $500,000. This will result in a
reduction of more than $100,000 per year in amortization expense for the next
four years."
Command Security Corporation provides security services through Company owned
offices in New York, New Jersey, California, Illinois, Connecticut and Florida
and provides back-office service agreements to independent security companies
nationwide.
CONTACT:
William C. Vassell, Chairman of the Board 914-454-3703
H. Richard Dickinson, Chief Financial Officer 212-689-6565
Donald Radcliffe & Associates, Inc. 212-605-0174
