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):
November 15, 1999
ADVANCED FINANCIAL, INC.
-----------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 0-19485 84-1069416
--------- --------- -----------
(State of Incorporation) (Commission File Number) (IRS Employer
Identification Number)
911 Main, Kansas City, MO 64105
-------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(816) 842-0055
--------------
(Registrant's Telephone Number, Including Area Code)
Not Applicable
--------------
(Former name or former address, if changed since last report)
Item 2. Acquisition or Disposition of Assets
(a) On November 15, 1999, pursuant to the Asset Purchase
Agreement dated November 15, 1999 between AIH Services, Inc.
(AIH) and Cannon Financial Company (CFC), a wholly owned
subsidiary of the Registrant, CFC acquired certain assets
owned by AIH. The assets were used by AIH in its business of
collecting non-performing receivables on behalf of third
parties, which business was conducted under the names of
"AIH Receivable Management Services" and "AIH Early Recovery
Services." CFC paid a cash purchase price of Two Hundred Ten
Thousand dollars ($210,000.00) for the assets, of which One
Hundred Five Thousand dollars ($105,000.00) was paid on
November 15, 1999. An additional Fifty Two Thousand Five
Hundred dollars ($52,500.00) will be paid on December 15,
1999 and the remaining Fifty Two Thousand Five Hundred
dollars ($52,500.00) will be paid on March 31, 2000. The
amount of the consideration paid for the assets was
determined by arm's-length negotiation between the parties.
The source of the funds used to purchase the AIH assets is a
loan to CFC from the registrant's largest shareholder, Argus
Investment Group, Inc. (Argus). Argus is controlled by
Philip J. Holtgtraves, a director of the Registrant.
(b) The assets acquired include furniture, fixtures, equipment, client
lists, trade names and telephone numbers. These assets were used by
AIH in its business of collecting non-performing receivables on
behalf of third parties. CFC will continue such use of the assets.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Business Acquired
The financial statements required to be filed pursuant to this Item
7(a) for the acquisition of AIH's assets are not included with this
Current Report on Form 8-K and will be filed by amendment to this
Form 8-K not later than 60 days after November 15, 1999.
(b) Pro Forma Financial Statements
The pro forma financial statements required to be filed pursuant to
this Item 7(b) for the acquisition of the assets of AIH are not
included with this Current Report on Form 8-K and will be filed by
amendment to this Form 8-K not later than 60 days after November 15,
1999.
(c) Exhibits
2.1 Asset Purchase Agreement dated November 15, 1999 by and between
AIH Services, Inc. ("Seller") and Cannon Financial Company
("Buyer").
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ADVANCED FINANCIAL, INC.
(registrant)
/s/ William B. Morris
------------------------
William B. Morris
Senior Vice President
and Secretary
Dated: November 15, 1999