-----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, HdQqaqNkp3TEywSCn9Iaia/GY8aJC4yw6ZHZCuaR4zOULruvsYPa8CqVgTASXnhH j4aaBT6UacgEII37dHDOlg== 0001047469-97-006464.txt : 19971211 0001047469-97-006464.hdr.sgml : 19971211 ACCESSION NUMBER: 0001047469-97-006464 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971113 ITEM INFORMATION: FILED AS OF DATE: 19971202 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFORMATION MANAGEMENT TECHNOLOGIES CORP CENTRAL INDEX KEY: 0000824578 STANDARD INDUSTRIAL CLASSIFICATION: 8744 IRS NUMBER: 581722085 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-16753 FILM NUMBER: 97731031 BUSINESS ADDRESS: STREET 1: 130 CEDAR ST 4TH FLR CITY: NEW YORK STATE: NY ZIP: 10006 BUSINESS PHONE: 2123066100 MAIL ADDRESS: STREET 1: 130 CEDAR STREET CITY: NEW YORK STATE: NY ZIP: 10006 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report (Date of earliest event reported) NOVEMBER 13, 1997 -------------------------------- INFORMATION MANAGEMENT TECHNOLOGIES CORPORATION - - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its Charter) DELAWARE - - -------------------------------------------------------------------------------- (State of other jurisdiction of incorporation) 0-16753 58-1722085 - - ------------------------------- ----------------------------------- Commission File No. I.R.S. Employer Identification 130 CEDAR STREET, NEW YORK, NY 10006 - - ------------------------------- ----------------------------------- Address of principal Zip Code executive offices (212) 306-6100 - - ------------------------------- Registrant's telephone number, including area code 5. OTHER EVENTS The Registrant (the "Company") on November 13, 1997 entered into an accounts receivable financing agreement with MTB Bank ("Bank") wherein the Company obtained a $1, 500,000 accounts receivable and equipment financing credit line from the bank. The company pledged its accounts receivable and all other assets to the Bank as collateral security as a part of the Bank credit financing arrangement. The credit agreement provides for the company to pay to the Bank two percent (2%) over the prime interest rate in addition to Bank loan fees in the sum of approximately $25,000. The Bank also received 25,000 stock options with cost-free registration rights to purchase 25,000 shares of common stock at $1.8125 per share for a period of three years. Annexed hereto and made a part hereof and marked Exhibit "1" is a copy of the credit agreement with the Bank. The Company issued a press report with respect to the financing transaction. Annexed hereto and made a part hereof and marked Exhibit "2" is a copy of the press report issued by the Company. EXHIBITS Annexed hereto and marked exhibit I is a copy of the Credit Agreement with MTB Bank. Annexed hereto and marked Exhibit II is a copy of the Press Release dated November 12th, 1997. 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. Dated: New York, New York December 1, 1997 INFORMATION MANAGEMENT TECHNOLOGIES CORPORATION ------------------------ (Registrant) ------------------------ JOSEPH GITTO President EX-99.1 2 CREDIT AGREEMENT Exhibit 99.1 MTB BANK 90 BROAD STREET NEW YORK, NEW YORK 10004-2290 November 12, 1997 Information Management Technologies Corporation 130 Cedar Street New York, New York 10006 Attention: Mr. Joseph A. Gitto Re: Credit Agreement dated the date hereof between MTB Bank and Information Management Technologies Corporation ------------------------------------------------------- Dear Mr. Gitto: Reference is made to the above-referenced Credit Agreement. Capitalized terms used but not defined herein shall have their respective meanings as set forth in the Credit Agreement. Notwithstanding anything to the contrary contained in the Credit Agreement, and without in any way limiting any of the rights, powers, privileges or remedies of the Bank under the Credit Agreement, any other Loan Document or the Letter of Credit Documents, the Borrower acknowledges and agrees that the aggregate amount of Loans and Letters of Credit that the Bank may be obligated to make or issue under the Credit Agreement shall be reduced by the amount of $125,000 until such time as the Borrower shall have complied with this letter agreement in respect of Item 6 listed on Schedule I hereto. In order to induce the Bank to enter into the Credit Agreement and the other Loan Documents, the Borrower hereby agrees that no later than January 12, 1998 (or such other date as may be provided on the attached Schedule I hereto), it will take or cause to be taken, and it will deliver or cause to be delivered to the Bank, the actions (the "ACTIONS") and documentation (the "DOCUMENTS"), respectively, listed on Schedule I hereto. Each of the Actions and the Documents above shall be in form and substance satisfactory to the Bank and its counsel in their sole discretion. This letter agreement shall constitute a Loan Document. Failure by the Borrower to comply with the terms and conditions of this letter agreement shall constitute an Event of Default under the Credit Agreement. Please acknowledge your agreement to the foregoing by signing this letter agreement below and returning it to the undersigned. Very truly yours, MTB BANK By: /s/ Illegible --------------------------------- By: /s/ Illegible --------------------------------- ACKNOWLEDGED AND AGREED INFORMATION MANAGEMENT TECHNOLOGIES CORPORATION By: /s/ Joseph A. Gitto -------------------------------- Joseph A. Gitto, President -----END PRIVACY-ENHANCED MESSAGE-----