-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CmedCL0/RMbsfmUyt9AsG/uKXsKJxb6UjcNVo5b0b5o6J+YMOOeI4UsfqA9GxWbC /Wd/hwDiaaI4bVWGcS6mkw== 0000950123-09-050315.txt : 20091014 0000950123-09-050315.hdr.sgml : 20091014 20091014163019 ACCESSION NUMBER: 0000950123-09-050315 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20091009 ITEM INFORMATION: Other Events FILED AS OF DATE: 20091014 DATE AS OF CHANGE: 20091014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEAMSTAFF INC CENTRAL INDEX KEY: 0000785557 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 221899798 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18492 FILM NUMBER: 091119437 BUSINESS ADDRESS: STREET 1: 300 ATRIUM DRIVE CITY: SOUTH PLAINFIELD STATE: NJ ZIP: 08873 BUSINESS PHONE: 7327481700 MAIL ADDRESS: STREET 1: 300 ATRIUM DRIVE CITY: SOUTH PLAINFIELD STATE: NJ ZIP: 08873 FORMER COMPANY: FORMER CONFORMED NAME: DIGITAL SOLUTIONS INC DATE OF NAME CHANGE: 19920703 8-K 1 c91080e8vk.htm FORM 8-K Form 8-K
 
 

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 (Date of earliest event reported): October 9, 2009

TeamStaff, Inc.
(Exact name of registrant as specified in its charter)
         
New Jersey   0-18492   22-1899798
(State or other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)
     
1 Executive Drive
Somerset, NJ
   08873
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (877) 523-9897
 
 
(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 

 

1

 

     
Item 8.01
  OTHER EVENTS
 
    
 
  On October 9, 2009, TeamStaff, Inc. (the “Registrant”) and its operating subsidiaries were granted a waiver by Business Alliance Capital Corp. (now Sovereign Business Capital, a division of Sovereign Bank (the “Lender”)) of the Registrant’s non-compliance with the debt service coverage ratio covenant for the period ended June 30, 2009 under the Amended and Restated Loan and Security Agreement, dated as of March 28, 2008 by and among the Registrant, its subsidiaries and the Lender (the “Loan Agreement”). Pursuant to the waiver, the Lender agreed to waive the Registrant’s non-compliance with the debt service coverage ratio for the test date of June 30, 2009. The Lender, however, reserved its rights under the Loan Agreement with respect to any future non-compliance with the debt service coverage ratio for any future period or any other provision of the Loan Agreement.
 
    
 
  The Registrant initially disclosed its non-compliance with the debt service coverage ratio of the Loan Agreement in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2009. The material terms and conditions of the Loan Agreement are described in the Registrant’s Current Report on Form 8-K filed with the SEC on April 3, 2008 and in subsequently filed Quarterly Reports on Form 10-Q and Annual Report on Form 10-K.
SIGNATURE
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.
         
  TeamStaff, Inc.
 		  
  By:   /s/ Rick Filippelli    
    Name:   Rick Filippelli   
    Title:   President and Chief Executive Officer Date: October 14, 2009  
 

 

2

-----END PRIVACY-ENHANCED MESSAGE-----