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 and Exchange Act of 1934
Date of Report (Date of earliest event reported) April 3, 2003
Delaware 000-23489 52-1309227
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.)
incorporation or organization)
ACCESS WORLDWIDE COMMUNICATIONS, INC.
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(Exact name of registrant as specified in its charter)
4950 Communication Avenue, Suite 300, Boca Raton, FL 33431
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(Address of principal executive offices)
Registrant's telephone number, including area code 1 (800) 867-2340
N/A
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(Former Name or Former Address, if Changed Since Last Report)
Item 5 - Other Events.
On April 1, 2003, a scheduled reduction in the effective permissible amount
outstanding on the Company's Credit Facility, from $6.5 million to $5.7 million,
resulted in a default under the Sixth Amendment dated April 5, 2002 of the
Credit Agreement dated March 12, 1999 with our Bank Group. The current
outstanding balance is $5.3 million plus an outstanding Letter of Credit in the
amount of $1 million. Despite the default the Bank Group has decided to allow us
to continue to use cash proceeds generated in the ordinary course of business to
fund operations. We can provide no assurance that they will continue to provide
such proceeds. Also, we have been actively taking steps to refinance the Credit
Facility with other lenders. However, we cannot assure you that we will be able
to obtain any such refinancing on terms that are acceptable to the Company or at
all.
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.
ACCESS WORLDWIDE COMMUNICATIONS, INC.
Date: April 3, 2003
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/s/ John Hamerski
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Name: John Hamerski
Title: Executive Vice President and
Chief Financial Officer
(principal financial and
accounting officer.)