SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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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): JUNE 10, 1997
EXECUTIVE TELECARD, LTD.
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(Exact name of registrant as specified in its charter)
Delaware 1-10210 13-3486421
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
One Blue Hill Plaza, Suite 1650, Pearl River, New York 10965
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Address of principal executive offices
Registrant's telephone number, including area code: (914) 627-2060
N/A
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(Former name or former address, if changed since last report.)
Exhibit Index on Page 5.
Item 5. OTHER EVENTS.
On June 10, 1997, Executive Telecard, Ltd., Inc. (the "Company")
completed a private placement of 1,425,000 shares of its Common Stock, $.001 par
value per share, to Ronald Jensen for $7,500,000. The transaction was
consummated pursuant to a stock purchase agreement (the "Stock Purchase
Agreement"), a copy of which is attached hereto as an exhibit and incorporated
herein by reference. The Company will use the proceeds of the investment for
debt reduction and working capital.
Pursuant to the terms of the Stock Purchase Agreement, the Company
named Ronald Jensen and Ronald Howard to the Company's Board of Directors. Mr.
Jensen has also become the Company's largest single stockholder with a
beneficial ownership of approximately 9.0% of the Company's voting securities.
Reference is made to a news release which is attached hereto as an exhibit for
additional information concerning the terms of the investment by Mr. Jensen.
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Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS.
(c) EXHIBITS.
2.1 Stock Purchase Agreement dated as of June 10, 1997 by and
between Executive Telecard, Ltd. and Ronald Jensen.
99.1 News Release of Executive Telecard, Ltd. dated June 10, 1997.
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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.
EXECUTIVE TELECARD, LTD.
Dated: July 1, 1997 By: /s/ Robert N. Schuck
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Name: Robert N. Schuck
Title: Executive Vice President
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EXHIBIT LIST
2.1 Stock Purchase Agreement dated as of June 10, 1997 by and
between Executive Telecard, Ltd. and Ronald Jensen.
99.1 News Release of Executive Telecard, Ltd. dated June 10, 1997.
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