SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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):
May 21, 1998
CONTINENTAL CHOICE CARE, INC.
(Exact name of Registrant as specified in Charter)
New Jersey 0-24542 22-3276736
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
25-B Vreeland Road, Florham Park, New Jersey 07932
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(Address of principal executive office) (Zip Code)
Registrant's telephone number including area code: (973) 593-0500
Not Applicable
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(Former name and former address, as changed since last report)
Item 5. Other Events.
Effective May 21, 1998, United Dry Cleaning, L.L.C., ("United"), a newly
formed subsidiary of Continental Choice Care, Inc. (the "Company"), acquired
substantially all of the assets of Ultimate Cleaners, Inc., an Arizona
corporation ("Ultimate"), other than Ultimate's cash and accounts receivable.
Ultimate conducts dry cleaning operations from five locations, including two dry
cleaning plants and three drop stores, all located at leased locations. In
addition, Ultimate has three additional drop stores under construction. During
fiscal year 1997, Ultimate had gross revenues of $1,400,000.
The purchase price for the assets was $1,420,000, of which amount
$350.00 was paid at closing. $20,000 of the purchase price is payable over a
period of 20 months. The remainder was paid in the form of a promissory note in
the principal amount of $1,050,000. The note has a term of six years and bears
interest at the rate of 10% per annum. United assumed Ultimate's obligations
under its real property leases and assumed substantially no other liabilities.
United expects to enter into purchase agreements with additional dry cleaning
establishments in the Phoenix, Arizona area in the near future. No assurance can
be given that United will be successful in negotiating or executing additional
agreements or in consummating additional transactions in Arizona or elsewhere.
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.
Continental Choice Care, Inc.
(Registrant)
Dated: May 21, 1998 By: /s/ Steven L. Trenk
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Steven L. Trenk
President