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): April 30, 2000
ACADIA GROUP, INC.
(Exact name of registrant as specified in its charter)
Colorado 0-28976 010509781
(State or other (Commission (I.R.S. Employer
jurisdiction) File Number) Identification No.)
415 Rodman Road, Auburn, ME 04210
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(207) 777-3423
(800) 479-3066
N/A
(Former name and former address, if changed since last report)
Item 5. Other Events.
On July 10, 2000, Acadia Group, Inc. (the "Company") announced that its
lender has made a demand and is seeking to enforce its rights under the terms
and conditions of its Amended and Restated Loan Agreement dated December 30,
1999.
Item 7. Exhibits
99.1 Press Release issued by the Company on July 10, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACADIA GROUP, INC.
By: /s/ John W. Holt, Jr.
------------------------------
Name: John W. Holt, Jr.
Title: Chief Executive Officer
and President
Dated: July 10, 2000
Exhibit 99.1
Acadia Group, Inc.
AUBURN, Maine (July 10, 2000) - Acadia Group, Inc. d/b/a Acadia Business Group,
Inc., (OTCBB: ANHS) announced that the Corporations lender, Citizens Bank of
New Hampshire, has made demand and is seeking to enforce its rights under the
terms and conditions of its Amended and Restated Loan Agreement dated December
30, 1999, for payment of a Line of Credit in the amount of $1,093,154 and a term
note for $212,081. The Corporation was informed by Citizens Bank of New
Hampshire that the lenders management has made a business decision not to
continue to do business with Acadia Group, Inc. in the state of Maine, and the
Corporations line of credit matured by its terms on April 30, 2000.
The Corporation also announced that it is exploring alternative sources of
financing. One such option is the development and implemention of a plan that
would substantially reduce the line of credit operating requirements. No
assurance can be given that the Corporation will be able to arrange an
alternative line of credit on commercially reasonable terms, if at all.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of
1995: This press release includes forward-looking statements regarding the
present intentions and expectations of management of the Corporation. Certain
factors beyond the Corporations control could cause results to differ
materially from those in these forward-looking statements. These risk factors
include evolving industry standards, rapid technological changes, government
regulations, healthcare reform, market conditions and competition in the market
for the Corporations services, and are more fully described in filings with the
Securities and Exchange Commission.
For further information contact:
Acadia Group, Inc., d/b/a Acadia Business Group, Auburn, Maine
John W. Holt, Jr., Chief Executive Officer and President
1-800-479-3066