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: January 14, 1999
GLOBE BUSINESS RESOURCES, INC.
Incorporated under the laws of Ohio
Commission File No. 0-27682 RS Employer Identification No.
31-1256641
11260 Chester Road , Suite 400, Cincinnati, Ohio 45246
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(Address of Principal Executive Offices) (Zip Code)
(513) 771-8287
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(Registrant's Telephone Number, Including Area Code)
ITEM 5. OTHER EVENTS
On January 14, 1999 Globe Business Resources, Inc. ("Globe" or the
"Company") acquired substantially all the assets of privately owned Corporate
Condominiums, Inc. ("Corporate Condominiums") pursuant to an Asset Purchase
Agreement dated as of January 14, 1999 among Globe, Corporate Condominiums, Inc.
and Gary D. Bacon.
The purchase price for the business consists of $3,125,000 in cash,
$1,462,500 to be paid by a 6% four-year non-negotiable promissory note and
133,601 shares of Globe common stock. Additional cash payments, payable by May
1, 2000 and May 1, 2001, may be earned contingent upon certain levels of
operating income for the twelve months ending February 29, 2000 and February 28,
2001.
At closing, Globe paid $3,125,000 in cash, issued a $1,462,500
promissory note and delivered 133,601 shares of common stock. The funds required
for the cash component of the purchase price were derived from borrowings under
the Company's Credit Agreement with The Fifth Third Bank, PNC Bank and Norwest
Bank.
Corporate Condominiums, with operations in Connecticut, New York and New
Jersey, provides short-term housing to transferring or temporarily assigned
corporate personnel, new hires, trainees and consultants. Corporate Condominiums
maintains an inventory in excess of 200 housing units and had revenues in excess
of $6 million for the fiscal year ended December 31, 1998.
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.
Globe Business Resources, Inc.
/s/ David D. Hoguet
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By: David D. Hoguet
Chief Executive Officer
Signed: January 22, 1999