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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
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 27, 1998
RENEX CORP.
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(Exact name of registrant as specified in its charter)
FLORIDA 0-23165 65-0422087
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(State or other jurisdiction of incorporation) (Commission File No.) (IRS Employer Identification No.)
2100 Ponce de Leon Boulevard, Suite 950, Coral Gables, Florida 33134
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(Address of principal executive office and Zip Code)
Registrant's telephone number, including area code: (305) 448-2044
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NOT APPLICABLE
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(Former name or former address, if changed since last report)
Exhibit Index on Page 6
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Item 2. Acquisition or Disposition of Assets.
On March 27, 1998, Renex Corp., a Florida corporation, through
its wholly-owned subsidiary Renex Dialysis Clinic of South Georgia, Inc.
(collectively the "Company") purchased certain of the assets and the operating
business, and assumed certain liabilities, of South Georgia Dialysis Services,
LLC., a Georgia limited liability company ("Seller") pursuant to an Asset
Purchase Agreement dated March 18, 1998 (the "Agreement").
The assets purchased by the Company consisted primarily of
inventory and supplies, equipment, machinery, furniture, fixtures, leasehold
improvements, and intangible assets used in connection with the operation of
four (4) dialysis facilities located in Thomasville, Quitman, Bainbridge and
Camilla, Georgia. The Seller retained its accounts receivables and the real
property in which the facilities are located. The Seller also remained
responsible for payment of all liabilities associated with the operation of its
business arising prior to the closing date.
The purchase price for the Business amounted to $4.5 million,
paid in cash at closing. The consideration paid by the Company for the Seller's
assets and business was determined in arms-length negotiations between
representatives of the Company and the Seller. The purchase price was paid out
of cash on hand.
Prior to the closing, there were no material relationships
between the Seller, its affiliates and the Company or affiliates thereof.
Following the closing, the Company entered into a medical director's agreement
with one of the principals of the Seller to serve as the medical director for
the four (4) facilities. In addition, the Company entered into long term leases
with the Seller for the real property in which each of the four (4) facilities
are located.
A copy of the Agreement is attached hereto as Exhibit 2.1 and
incorporated hereby by this reference. The summary of the terms of the Agreement
contained in this Form 8-K is qualified in its entirety by the more detailed
information contained in the Agreement.
The Company intends to operate the assets acquired in a similar
manner as the Seller utilized such assets prior to the transaction described
herein.
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Item 7. Financial Statements and Exhibits:
(a) It is impractical to provide the required financial
statements of the Seller at the time this Current Report on Form 8-K is being
filed. The required financial statements will be filed at such time as the
financial statements become available, but in no event later than sixty (60)
days following the date that this Form 8-K is required to be filed.
(b) It is impracticable to provide the pro forma consolidated
financial statements of Renex Corp. and the Seller at the time this Current
Report on Form 8-K is being filed. The required pro forma consolidated financial
statements of Renex Corp. and the Seller will be filed at such time as the pro
forma financial statements become available, but in no event later than sixty
(60) days following the date that this Form 8-K is required to be filed.
(c) Exhibits.
2.1 Asset Purchase Agreement dated as of March 18,
1998 by and between Renex Corp., Renex Dialysis
Clinic of South Georgia, Inc., South Georgia
Dialysis Services, LLC. and Mark G. Wood
Certain related transaction documents attached to the Asset Purchase Agreement
are not being filed herewith. The Company undertakes to furnish a copy of any
omitted exhibit or schedule to the Commission upon request, pursuant to Item
601(b)(2) of Regulation S-X. The following is a list of the omitted exhibits and
schedules to the Asset Purchase Agreement:
DISCLOSURE SCHEDULE
EXHIBITS
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EXHIBITS
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Unaudited Financial Statements of the Company......................................1.13
Bill of Sale.....................................................................4.2(a)
Form of Certificate and Manager..................................................4.2(b)
Form of Assignment and Assumption Agreement......................................4.2(f)
Manager's Certificate............................................................4.2(g)
Form of Medical Directors Employment Agreement...................................4.2(i)
Opinion of Company Counsel.......................................................4.2(k)
Form of Certificate of Buyer and Renex...........................................4.3(b)
Forme of Secretary's certificates for Buyer and Renex............................4.3(c)
Form of Incumbency Certificate...................................................4.3(d)
Articles of Organization of the Company.............................................5.3
Bylaws of the Company...............................................................5.3
Form of Lease......................................................................7.10
SCHEDULES
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Contracts...........................................................................1.7
Intangible Rights..................................................................1.17
Permits............................................................................1.22
Tangible Assets..................................................................2.1(b)
Assumed Liabilities.................................................................2.5
Consents of Third Parties........................................................4.2(c)
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Consents of Governmental Authority...............................................4.2(d)
Certian Agreements relating to Membership Interests.................................5.2
Governmental Consents...............................................................5.5
Consents............................................................................5.6
Financial Statements................................................................5.7
Title to Assets.....................................................................5.8
Other Liabilities...................................................................5.9
Obligations to Affiliates..........................................................5.11
Real Property......................................................................5.12
Employee Benefits..................................................................5.13
Labor and Employment Matters.......................................................5.14
Insurance..........................................................................5.15
Contracts and Commitments..........................................................5.16
Permits............................................................................5.19
Intangible Rights..................................................................5.20
Litigation.........................................................................5.21
Compliance with Laws...............................................................5.22
Material Changes...................................................................5.23
Accounts Receivable................................................................5.25
Compliance with Instruments........................................................5.27
Material Contracts with Certain Third Parties......................................5.28
Brokers............................................................................5.29
Certain Conditions.................................................................5.30
Operation of Business...............................................................7.1
Negative Covenants..................................................................7.3
Affirmative Covenants...............................................................7.4
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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.
RENEX CORP., a Florida corporation
DATE: March 30, 1998 By: /s/ James P. Shea
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JAMES P. SHEA
President/Chief Executive Officer
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EXHIBIT INDEX
2.1 Asset Purchase Agreement dated as of March 18, 1998 by and between
Renex Corp., Renex Dialysis Clinic of South Georgia, Inc., South
Georgia Dialysis Services, LLC. and Mark G. Wood
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