UNITED STATES
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):
May 2, 2001
RESPONSE USA, INC.
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(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
NOT APPLICABLE
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(Former address if changed since last report)
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On May 2, 2001, an involuntary Chapter 11 bankruptcy was filed against
Response Security Monitoring, LLC ("RSM") and Response Security Services, LLC
("RSS"), two Delaware Limited Liability Companies (the "LLCs") which are
indirect, wholly-owned subsidiaries of Response USA, Inc. ("Response"). Both
involuntary bankruptcy cases were filed by McGinn Smith Acceptance Corp., the
principal lender of the LLCs, in the United States Bankruptcy Court for the
District of New Jersey. RSS has been assigned Case number 01-14607-GB and RSM
has been assigned Case Number 01-14605-GB, and both cases are pending before
United States Bankruptcy Judge Gloria Burns. The LLCs own certain customer
contracts under which such LLCs receive substantial monthly recurring revenue.
Response had previously been in negotiations with McGinn Smith and
representatives of Key Bank, N.A. regarding forbearance arrangements and other
matters with respect to certain credit agreements, and Response intends to
continue to negotiate with such parties to reach acceptable arrangements. As of
April 30, 2001, there was approximately $33,000,000 outstanding under the credit
facilities with McGinn Smith.
Certain statements in this Report that are not historical fact
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause
the actual results to differ materially from those expressed in or implied by
the statements. These factors are discussed under the caption "Risk Factors" in
Form 10-KSB filed with the Securities and Exchange Commission, and in other
filings with the Securities and Exchange Commission.
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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SIGNATURE
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: May 15, 2001 By: /s/ Jeffrey Queen
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Jeffrey Queen,
Chief Executive Officer
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