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: August 2, 1999
Date of earliest event reported: August 2, 1999
CHADMOORE WIRELESS GROUP, INC.
(Exact name of registrant as specified in its charter)
Colorado 0-20999 84-1058165
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2875 E. Patrick Lane, Suite G 89120
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 740-5633
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(Former name or former address, if changed since last report.)
Item 5. Other Events
On August 2, 1999, the Registrant issued the following press release:
CHADMOORE WIRELESS GROUP
TO RECEIVE ADDITIONAL FUNDING FROM GATX CAPITAL
Las Vegas, NV, August 2, 1999, Chadmoore Wireless Group, Inc. announced today
that GATX Capital Corporation concurrent with three new institutional investors
entering into a participation with GATX with respect to the credit facility, has
elected to increase the aggregate principal amount of loans available under its
Senior Secured Loan Agreement with the Company from $13.5 million to $27
million. As a result, the $27 million of senior secured financing for Chadmoore
contemplated by this loan facility is fully committed, subject only to the terms
of the loan agreement.
The Company plans to use these funds primarily to purchase infrastructure
equipment and for working capital to continue to build and operate its
commercial SMR radio dispatch network. Terms include interest at a fixed rate at
the time of the funding based on five-year treasury notes and warrants to
purchase shares of the Company's Common Stock.
Robert Moore, Chadmoore's CEO, stated "We are pleased that GATX has recognized
our progress and continues to support our growth. With these funds we look to
continue to significantly increase our customer base."
GATX Capital is a diversified global financial-services company that provides
financing for transportation, industrial and information technology assets. It
owns or manages assets with an original equipment cost of approximately $10
billion. GATX Capital is a subsidiary of GATX Corporation (NYSE: GMT), which
provides and finances service-enhanced assets primarily used to help its
customers transport, store or distribute their products and information.
Chadmoore Wireless Group is a national leader in providing SMR (Specialized
Mobile Radio) communications with approximately 4,800 FCC licenses in 180 US
markets. Chadmoore provides a high quality, reliable and cost-effective wireless
2-way radio alternative (commonly known as radio dispatch) for cost conscious
businesses across the United States. This service is used by millions of
business and government customers, including taxi fleets, delivery services,
ambulances, and contractors. Chadmoore provides effective, affordable,
dependable one-to-one and one-to-many communications.
Certain information contained in this press release is forward looking (within
the meaning of Section 27A of the Securities Act of 1934 and Section 21E of the
Securities and Exchange Act of 1934), including, but not limited to, information
on completion of the Company's system rollout and potential cash flows. The
Company's actual results could differ materially from those expressed in any
forward-looking statements made by, or on behalf of, the Company in this press
release.
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.
CHADMOORE WIRELESS GROUP, INC.
By: /s/ Richard C. Leto
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Richard C. Leto, Chief Financial Officer
Date: August 2, 1999