UNITED STATES
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: July 9, 1998
MEDIX RESOURCES, INC. (FORMERLY INTERNATIONAL NURSING SERVICES, INC)
(Exact name of registrant as specified in its charter)
Colorado 000-24768 84-1123311
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7100 E. Belleview Avenue, Suite 301, Englewood, Colorado 80111
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 741-4828
None.
(Former name or former address, if changes since last report)
Item 1. Changes in Control of Registrant. N/A.
Item 2. Acquisition or Disposition of Assets. N/A
Item 3. Bankruptcy or Receivership. N/A.
Item 4. Changes in Registrant's Certifying Accountant. N/A.
Item 5. Other Events. Press Release, dated July 9, 1998 announcing
the termination of definitive sales agreements with Banyan
Healthcare Services, Inc.
Item 6. Resignations of Registrant's Directors. N/A.
Item 7. Financial Statements and Exhibits.
(a) Exhibits
Exhibit 99.1 Press Release, announcing the termination of definitive sales
agreements with Banyan Healthcare Services, Inc.
Item 8. Change in Fiscal Year. N/A.
Item 9. Sales of Equity Securities Pursuant to Regulation S. N/A.
<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.
MEDIX RESOURCES, INC.
Date: July 14, 1998 By: /s/ John P. Yeros
----------------------
John P. Yeros, President and Chief Executive Officer
Thursday July 9, 4:30 p.m. Eastern Time
Company Press Release
Source: Medix Resources, Inc.
MEDIX RESOURCES TERMINATES TRANSACTIONS WITH BANYAN
DENVER, July 9 /PRNewswire/ -- Medix Resources (Nasdaq: MDIX) today announced
that it had terminated its definitive agreements to sell its home care and
staffing operations to Banyan Healthcare Services, Inc. Medix cites Banyan's
failure to comply with the conditions of the definitive agreements for the
termination.
On October 16, 1997, the Company announced the signing of a definitive
agreement with Banyan Healthcare Services, Inc. National Health Enterprises,
Inc. (Banyan) to sell the Company's Ellis Home Care and STAT Home Care
services offices of Yonkers and New York City respectively. The agreement was
subject to several conditions to closing, including regulatory approval by the
State of New York to transfer the necessary licenses. As of July 1, 1998,
Banyan had not applied for its New York license.
Medix had also announced that on April 28, 1998, it had signed a purchase
agreement with Banyan for the sale of its remaining wholly owned home health
and nursing services subsidiaries, National Care Resources-Texas, Inc.,
National Care Resources-Colorado, Inc. and TherAmerica, Inc., subject to
certain closing conditions, including Banyan's receipt of sufficient financing
and meeting the negotiated schedule of deposits. Banyan's failure to meet the
required deposits and secure sufficient financing was stated as the Company's
grounds for termination. The Company had no fiduciary responsibility to
Banyan that was not met. All deposits received by the Company from Banyan
were non-refundable.
Medix Resources, Inc. through its wholly owned subsidiary Cymedix Lynx
Corporation, offers several fully secure patent pending internet
communications products, using an internet commerce business model. The
Company's core business also provides skilled nursing, therapy, rehabilitation
and other medical personnel for flexible staffing in home care, and in a broad
spectrum of healthcare and educational facilities.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: The statements contained in this release which are not historical facts
contain forward-looking information with respect to plans, projections and/or
future performance of the Company, the occurrence of which involve certain
risks and uncertainties detailed in the Company's Form 10K-SB for 1997 and
Form 10-KSB for its first quarter of 1998 that were filed with the Securities
and Exchange Commission on March 30, 1998 and May 12, 1998. Such information
is available from the SEC or from the Company.
