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: November 10, 1996
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(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 October 23, 1996
(II) Press release dated November 6, 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: November 10, 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. 914 454-3703
Fax 914 454-0075
FOR IMMEDIATE RELEASE
COMMAND SECURITY CORPORATION ANNOUNCES
ACQUISITION OF TKE OF NEW JERSEY
Lagrangeville, New York***October 23, 1996***Command Security Corporation
(NASDAQ:CMMD) announced today that, consistent with its consolidation strategy,
it has acquired the assets of TKE Associates, Inc. (TKE), a provider of
uniformed security services, based in Sparta, New Jersey. TKE's annual revenue
is in excess of $1,000,000 with clients located throughout New Jersey and
eastern Pennsylvania. The purchase price, before any adjustments for client
retention, was approximately $150,000, paid in cash, subordinated notes and
shares of Command's common stock.
William C. Vassell, Chairman of the Board of Command said, "TKE's operation is
highly synergistic with our own New Jersey operation and their presence in
Pennsylvania will give us access to the Philadelphia marketplace which we
believe is also fragmented."
In an unrelated matter, Command also announced that its Board of Directors has
approved the extension of the expiration date by one year for 800,000 warrants
which were scheduled to expire on October 28, 1996. These warrants were
originally issued in connection with a private placement which was completed in
1993. The terms of the warrants, which allow a holder to purchase a share of
common stock for $3.50, were otherwise unchanged. It is the Board of Directors'
view that these warrants, if exercised, represent a potential capital resource
for further expansion and working capital purposes.
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:
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William C. Vassell, Chairman of the Board 914-454-3703
H. Richard Dickinson, Chief Financial Officer 212-689-6565
Donald Radcliffe, Radcliffe & Associates, Inc. 212-605-0174
Command Security Corporation
Corporate Office
Lexington Park
PO Box 340
Lagrangeville, NY 12540
Tel. 914 454-3703
Fax 914 454-0075
FOR IMMEDIATE RELEASE
COMMAND SECURITY CORPORATION ANNOUNCES
* FINALIZATION OF AGREEMENT TO RESOLVE ISS DISPUTE
* ACQUISITION OF WORLDWIDE SECURITY SERVICES, INC.
Lagrangeville, New York***November 6, 1996***Command Security Corporation
(NASDAQ:CMMD) announced today that it has finalized its agreement to resolve all
pending issues with ISS International Systems, 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 will be offset against the current $1 million note. Command has
paid $100,000 of the remaining $500,000 due, with the balance of the note
($400,000) to be paid by January 31, 1997.
Command also announced today that it has completed the acquisition of the assets
of Worldwide Security Services, Inc. (WW), a provider of uniformed security
services, based in Hinsdale, Illinois. WW's annual revenue is in excess of
$700,000. The purchase price before any adjustments for client retention, was
approximately $140,000 paid via a combination of subordinated notes and cash.
William C. Vassell, Chairman of the Board of Command said, "We are pleased to
have resolved the ISS matter which will improve our balance sheet and reduce
amortization expense by more than $100,000 per year for the next four years."
Mr. Vassell added, "We expect the acquisition of Worldwide to fold in nicely
with our current operations in Chicago, consistent with our strategy to
consolidate this fragmented industry."
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:
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William C. Vassell, Chairman of the Board 914-454-3703
H. Richard Dickinson, Chief Financial Officer 212-689-6565
Donald Radcliffe, Radcliffe & Associates, Inc. 212-605-0174
