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):
March 9, 2001
RESPONSE USA, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-20770 52-1441922
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
3 Executive Campus, 2nd Floor South
CHERRY HILL, NJ 08002
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(Address of principal executive offices)
Registrant's telephone number, including area code:
(856) 661-0700
ITEM 5. OTHER EVENTS.
Response USA, Inc. and its subsidiaries Health Watch, Inc., Response
Ability Systems, Inc. and Response Security Monitoring, LLC and Response
Security Services, LLC (collectively, the "Company") executed an Agreement
dated as of February 28, 2001 (the "Agreement") with its lender McGinn, Smith
Acceptance Corp. (the "Lender") in connection with the Company's loan
agreements with the Lender (the "Loan Agreements"). Pursuant to the
Agreement, the Company has engaged a consultant approved by the Lender to
assist the Company in preparing a budget (the "Budget") which will govern the
Company's expenditures through August 31, 2001. Pursuant to the terms of the
Agreement, the Company shall not be deemed to be in default of certain of its
payment obligations under the Loan Agreements if the Company and the Lender
mutually agree upon the form of the Budget on or before April 2, 2001. If the
Company and the Lender are unable to agree on the form of the Budget by April
2, 2001, the Agreement will terminate, and the Lender will have the ability
to declare a default under the Loan Agreements if one occurs. Also in
connection with the Agreement, Richard Brooks resigned as Chairman of the
Board of Directors of the Company.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Financial Statements of Business Acquired: N/A.
(b) Pro Forma Financial Information: N/A
(c) Exhibits: None
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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.
Response USA, Inc.
Dated: March 16, 2001 By: /s/ Jeffrey Queen
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Jeffrey Queen,
Chief Executive Officer
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