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): September 30, 2002
ONSITE ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-12738 33-0576371
(Commission File Number) (IRS Employer Identification No.)
701 Palomar Airport Road, Suite 200, Carlsbad, CA 92009
(Address of principal executive offices) (Zip Code)
(760) 931-2400
(Registrant's telephone number, including area code)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
(i) Effective September 30, 2002, Onsite Energy Corporation ("Onsite") sold
its rights to certain excess revenues under an Energy Services
Agreement for $650,000 to its customer, a real estate trust. Under
the Energy Services Agreement, Onsite provides certain services to the
customer, which included collecting payments for electricity and
electrical services. These revenues were deposited in a lock-box
account and used to pay utility bills and other identified obligations,
as set forth in the Energy Services Agreement, with any remaining
revenues being distributed between Onsite and the customer. In exchange
for $650,000, paid by the customer to Onsite, Onsite relinquished its
right to its share of the remaining revenues. The purchase price was
determined based on an analysis of the present value of Onsite's future
share of the remaining revenues to be earned under the Energy Services
Agreement, which was to terminate in or about 2019. While Onsite will
continue to perform certain services under the Energy Services
Agreement, the customer will assume responsibility for the maintenance
of the lock-box account and payment of the obligations. The parties
also acknowledged their mutual intent for the customer to engage a
third party other than Onsite to perform the future services Onsite is
continuing to perform under the Energy Services Agreement. Upon
engagement of this third party, Onsite will no longer have any further
obligations under the Energy Services Agreement.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) (b) and (c) Not applicable.
[The remainder of this page is intentionally blank.]
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.
ONSITE ENERGY CORPORATION
Date: October 14, 2002 By: /S/ RICHARD T. SPERBERG
------------------------------
Richard T. Sperberg, President