SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934
Date of Report (Date of earliest event reported) March 11, 1997
Reliability Incorporated
(Exact name of registrant as specified in its charter)
Texas 0-7092 75-0868913
(State or other (Commission (I.R.S. Employer
jurisdiction of File Identification Number)
incorporation) Number)
16400 Park Row, Houston, Texas 77084
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (281) 492-0550
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RELIABILITY INCORPORATED
Items 1 - 4. Not applicable
Item 5. Other events
On March 11, 1997 (effective March 10, 1997), the Registrant
amended its Loan Agreement with Wells Fargo Bank (Texas) National
Association ("Bank"), (Successor in interest to First Interstate
Bank of Texas, N.A.) to increase its credit availability from
$2,000,000 to $7,500,000 and to extend the term of the Loan
Agreement to March 31, 2003. The amendment provided for a
declining revolving line of credit, secured by the Company's
receivables, inventory, equipment, machinery, furniture and
fixtures. The amendment prohibits the payment of dividends by the
Company unless otherwise agreed to by the Bank. The funds are
available to the Company for working capital and general corporate
purposes, as well as to purchase its common stock, as described
below:
Item 6. Not applicable.
Item 7. Financial statements and Exhibits.
The following exhibits are filed as part of this report:
4.1 Loan Agreement, dated as of July 1, 1995, between
Reliability
Incorporated and First Interstate Bank of Texas, N.A.
4.2 First Amendment to Loan Agreement, dated as of March 10,
1997,
between Reliability Incorporated and Wells Fargo Bank
(Texas) National Association.
Items 8 - 9. Not applicable.
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.
Reliability Incorporated
Date: March 19, 1997 By: /s/ Max T. Langley
Max T. Langley, Senior Vice
President and Chief Financial
Officer
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RELIABILITY INCORPORATED
Index to Exhibits
Exhibit
Number Description of Exhibits Page
- ------- ----------------------- ----
4.1 Loan Agreement, dated as of July 1, 1995, between 4
Reliability Incorporated and First Interstate Bank
of Texas, N.A.
4.2 First Amendment to Loan Agreement, dated as of 36
March 10, 1997, between Reliability Incorporated
and Wells Fargo Bank (Texas) National Association
3