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): October 1, 1998
Data Systems Network Corporation
(Exact name of registrant as specified in its charter)
Michigan
(State or other jurisdiction of incorporation)
1-13424 38-2649874
(Commission File Number) (IRS Employer Identification No.)
34705 West Twelve Mile Road, Suite 300, Farmington Hills, Michigan 48331
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (248) 489-8700
Not Applicable
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
On October 1, Data Systems Network Corporation issued a press
release announcing that is had secured a new revolving credit facility with
Foothill Capital Corporation. The press release is attached hereto as
Exhibits 99.1, and incorporated herein by reference.
ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 99.1 Press Release, dated October 1, 1998
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.
October 7, 1998 DATA SYSTEMS NETWORK CORPORATION
By: /S/ Michael W. Grieves
------------------------------
Michael W. Grieves
Chairman, President and Chief
Executive Officer
Exhibit 99.1
Data Systems Receives New Line of Credit
Farmington Hills, MI--October 1, 1998--Data Systems Network Corporation (OTC
BB:DSYS) announced today that the Company has secured a new revolving credit
facility with Foothill Capital Corporation of Los Angeles, CA, a Norwest
Company. The new credit line will allow Data Systems to borrow up to a
maximum of $20 million. Rates were favorable and the terms of the contract
will be extended for the next three years.
John Lychos, Chief Financial Officer of Data Systems Network Corporation
said, "The new line of credit will provide Data Systems with adequate
capital to assist the Company with its near term growth needs. We selected
Foothill because of its quality reputation and ability to provide us with
the most favorable credit package."
Foothill Capital Corporation is a specialty financial services provider of
asset based financing to middle market companies for growth/expansion.
Foothill became a wholly owned subsidiary of Norwest Corporation in 1995.
Norwest (NYSE:NOB) has over $88.5 billion in assets and was named as one of
Business Week's Top 50 Best Stock Performers for 1997.
Data Systems provides computer network services and products that enable the
control of complex distributed computing environments and allow companies to
capitalize on their investments in technology and people. The company
provides a wide range of network integration services including
installation, consultation, technical support and training. It also
provides specialized services in remote network management, application
development, integrated document management systems and Year 2000
consulting. Based in Farmington Hills, Michigan, Data Systems has 16
offices and more than 230 employees.
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For additional information contact:
Barbara Hauswirth, Director of Marketing
800-544-2086
