-----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, UmPvt1pIeRsTMQybAxlHJi4SsRu0hqzg1zur/o5cyQeHGZKu50h1ynaER4fIBoEG qOgKXCjso9umCOBsbTCUSA== 0000095302-96-000011.txt : 19960930 0000095302-96-000011.hdr.sgml : 19960930 ACCESSION NUMBER: 0000095302-96-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960807 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19960927 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUN CITY INDUSTRIES INC CENTRAL INDEX KEY: 0000095302 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-GROCERIES & RELATED PRODUCTS [5140] IRS NUMBER: 590950777 STATE OF INCORPORATION: DE FISCAL YEAR END: 0203 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06914 FILM NUMBER: 96635965 BUSINESS ADDRESS: STREET 1: 5545 NW 35TH AVE STREET 2: DRAWER OFFICE BOX 8848 CITY: FORT LAUDERDALE STATE: FL ZIP: 33309 BUSINESS PHONE: 9547303333 MAIL ADDRESS: STREET 1: P O BOX 8848 CITY: FT LAUDERDALE STATE: FL ZIP: 33310-8848 FORMER COMPANY: FORMER CONFORMED NAME: SUN CITY DAIRY PRODUCTS INC DATE OF NAME CHANGE: 19690727 8-K 1 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) August 7, 1996 SUN CITY INDUSTRIES, INC. (exact name of registrant as specified in its charter) Delaware 1-6914 59-0950777 (State or other (Commission File (IRS Employer jurisdiction of Number) Identification incorporation) Number) 5545 N.W. 35th Avenue, Fort Lauderdale, Florida 33309 (Address of Principal Executive Offices) Registrant's telephone number, including area code (954) 730-3333 Inapplicable (Former name or former address, if changed since last report) Item 5. Other Events On August 7, 1996, the registrant was notified by the lender under its principal credit facility that it had borrowed $1.2 million in excess of the lender's formula of the applicable borrowing base limitations and that, therefore, certain technical events of default had occurred under its credit facility. As a result, and until the events of default have been cured, the rate of interest payable on the outstanding balance of $4.6 million has increased from prime plus 2.50% to prime plus 4.25%. The Company believes that the amount of the overadvance which has already been reduced to $900,000, should be significantly reduced during the third fourth quarters ended February 1, 1997 as a result of increased seasonal sales, the possible sale of certain real estate held by the Company as property held for sale, as well as from the collection of what the lender classifies as ineligible accounts. The Company and its lender have both come to an accommodation in principle subject to the execution of a definitive agreement wherein the lender will continue to provide the Company with its working capital requirements as called for under the existing borrowing formula. The Company believes that based on this arrangement and the fact that sales have already begun to increase, it will have sufficient working capital to meet its day to day obligations. In addition to the lender providing cash for operations, the Company believes it will require additional financing to meet other obligations and capital needs. The Company is currently investigating the availability of additional or substitute financing, as well as a capital investment to satisfy its capital needs. If, however, the Company is not successful in obtaining an investment or such financing, the Company may seek other remedies to address any liquidity problems that may arise in the future. Item 7. Exhibits Copy of News Release. 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 thereunto duly authorized. SUN CITY INDUSTRIES, INC. Dated: August 22, 1996 By: ____________________________ Malvin Avchen Chief Executive Officer INDEX TO EXHIBITS Sequentially Exhibit Numbered Number EXHIBIT Page 1. News Release 1 -----END PRIVACY-ENHANCED MESSAGE-----