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 (Date of earliest event reported): APRIL 21, 1997
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CREDIT DEPOT CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
DELAWARE 0-19420 58-1909265
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(STATE OR OTHER JURISDICTION (COMMISSION FILE NUMBER) (IRS EMPLOYER
OF INCORPORATION) IDENTIFICATION
NUMBER)
700 WACHOVIA CENTER, GAINESVILLE, GEORGIA 30501
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including area code (770) 531-9927
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
<PAGE>
ITEM 5. OTHER ITEMS.
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Credit Depot Corporation (the "Company") has closed on $1,674,000
of a private placement of 1,674,000 Units, each Unit consisting of one
hundred shares of Series B 11% Convertible Redeemable Preferred Stock
of the Company, convertible into Common Stock of the Company at $2.50
per share and 4,000 Common Stock Purchase Warrants of the Company,
exercisable at $2.50 per share. The first closing was held on April 21,
1997. The net proceeds from the private placement are $1,497,798.27 to
date.
The Company recently completed the acquisition of substantially
all of the assets of Cash Back Mortgage Corporation ("Cash Back"), a
mortgage broker and lender located in Cleveland, Ohio and licensed in
several states. Under the terms of the agreement, Credit Depot issued
to Cash Back 150,000 shares of Common Stock at the closing and 600,000
shares of Common Stock have been deposited in escrow. Cash Back will be
entitled to the release of all or a portion of such shares of Common
Stock from escrow, as well as additional shares of Common Stock, based
on future earnings of Cash Back. The Company also agreed to advance up
to $500,000 to the acquired company to fund accrued liabilities and
working capital.
SIGNATURES
Pursuant to the requirements of the Securities Exchange of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: May 2, 1997 CREDIT DEPOT CORPORATION
By: /S/ GERALD F. SULLIVAN
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Gerald F. Sullivan, President
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