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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): July 22, 1996
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Commission File No. 0-24300
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NORRELL CORPORATION
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(Exact name of registrant as specified in its charter)
GEORGIA 58-0953709
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(State or other jurisdiction or (I.R.S. Employer
incorporation or organization) Identification No.)
3535 Piedmont Road, NE, Atlanta, GA 30305
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (404)240-3000
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Not Applicable
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Former name, former address and former fiscal year, if changed since last
report.
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On July 22, 1996, Norrell Corporation and its affiliates Norrell Technical
Services, Inc. and Norrell Services, Ltd. (collectively "Norrell"), entered
into an Asset Purchase Agreement that was effective at the close of business on
July 15, 1996, with Analytical Technologies, Inc. and ANATEC Canada, Inc.
(collectively, "Anatec"). The agreement was for the purchase of all the
assets and assumption of certain liabilities of Anatec for a cash purchase
price of $30 million payable at closing and the right to receive a contingent
payment based upon gross margin for the twelve-month period ending on December
31, 1996.
The purchase price was financed by borrowings under Norrell's revolving credit
facility. Effective July 1996, the revolving credit facility which consisted
of a $25 million overnight loan facility and a $55 million revolving credit
facility was increased to a $40 million overnight loan facility and a $55
million revolving credit facility for a total facility of $95 million. The
lenders under the revolving credit facility are Bank of America National Trust
and Savings Association as agent, First Union National Bank of Georgia and Sun
Trust Bank, Atlanta.
Anatec is a software services and technology organization servicing primarily
Fortune 500 companies in the midwestern United States. Services include
consulting, project management, software development, training and software
systems integration services.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial statements of business acquired.
It is impractical to provide the required financial statements for
Analytical Technologies, Inc. within the time this Current Report
is required to be filed. Such financial statements will be filed
as soon as practicable, but not more than 60 days after this
Current Report is required to be filed.
(b) Pro forma financial information.
It is impractical to provide the pro forma financial statements
required by this Item within the time this Current Report is
required to be filed. Such pro forma financial statements will be
filed as soon as practicable, but not more than 60 days after this
Current Report is required to be filed.
(c) Exhibits
99. Asset Purchase Agreement dated July 22, 1996, by and among
Analytical Technologies Inc., ANATEC Canada, Inc., Albert G.
Schornberg, James A. Barbour, Timothy E. Tindle, David H. Cleland
and Norrell Corporation, Norrell Technical Services, Inc., Norrell
Services, Ltd.
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, thereto duly authorized.
NORRELL CORPORATION
(REGISTRANT)
Date: August 2, 1996 By: /s/ C. Kent Garner
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C. Kent Garner
Vice President and Chief Financial Officer
(On behalf of the Registrant and as Chief
Accounting Officer)
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