SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
ON FORM 8-K
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report : August 7, 1996 (Date of earliest event reported)
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(July 5, 1996 )
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MANAGEMENT TECHNOLOGIES, INC.
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(Exact name of Registrant as specified in its Charter)
NEW YORK (State of
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other jurisdiction of incorporation)
0-17206 13-3029797
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Commission File No. I.R.S. Employer Identification
630 Third Avenue, New York, NY 10017
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Address of principal Zip Code
executive offices
(212) 557-0022
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Registrant's telephone number,
including area code
ITEM 5. OTHER EVENTS
On July 5, 1996, the Registrant ("Management Technologies, Inc." or "the
Company") placed its 6.75% convertible debenture (the "6.75% Debenture") in the
amount of $2,000,000, maturing July 5, 1999, with RBB Bank ("RBB"), pursuant to
a resolution of the Company's Board of Directors. The 6.75% Debenture is
convertible at the lower of 100 % of the average closing bid for the market
price of the Company's stock as traded on the Over-the-Counter market for a five
(5) consecutive business days immediately preceding July 5, 1996 or 70 % of the
average closing bid for the market price of the Company's stock as traded on the
Over-the-Counter market for a five (5) consecutive business days immediately
preceding the conversion date. RBB has the right to convert $1,000,000 of the
6.75 % Debenture starting 41 days from the closing date of the 6.75% Debenture
and the balance of the 6.75% Debenture starting 65 days from the closing date of
the 6.75% Debenture.
In addition, the Company agreed to pay RBB a $200,000 commission as
compensation for arranging the placement of its 6.75% Debenture. RBB is not an
affiliate of the Company.
ITEM 7. EXHIBITS
10.208 Copy of 6.75 % Convertible Debenture issued to RBB dated July 5,
1996.
10.209 Copy of an Offshore Securities Subscription Agreement with RBB
dated July 5, 1995.
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.
MANAGEMENT TECHNOLOGIES, INC.
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(Registrant)
/s/ Peter Morris
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Peter Morris
President & Chief Operating Officer
Dated: New York, New York