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): March 10, 2004
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FIRST DELTAVISION, Inc.
(Exact name of registrant as specified in its charter)
Nevada 0-23511 87-0412182
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
695 Town Center Drive, Suite 260, Costa Mesa, California 92626
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (714) 434-9191
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(Former name or former address, if changed since last report)
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Item 1. Changes in Control of Registrant.
Not applicable.
Item 2. Acquisition or Disposition of Assets.
Not applicable.
Item 3. Bankruptcy or Receivership.
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not applicable.
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Item 5. Other Events.
On March 10, 2004, First Deltavision, Inc. issued the following press release:
FIRST DELTAVISION, INC. DISCUSSES FUTURE PLANS
AND MANAGEMENT TEAM
Costa Mesa, California - March 10, 2004- As previously announced, on
January 1, 2004, First Deltavision, Inc. (OTCBB: FTDV.OB) acquired Mogel
Management Group, Inc. (MMG) as a wholly-owned subsidiary, and intends to carry
on its primary operations through this subsidiary. MMG, a Nevada corporation, is
a newly formed healthcare company created for the purpose of acquiring and
managing hospitals and healthcare related facilities. Headquartered in Costa
Mesa, California, MMG currently has a three person management team with
substantial senior management experience in business and government settings and
the healthcare field.
The Chief Executive Officer of MMG is Bruce Mogel. Mr. Mogel has over
25 years of experience in operational management and has held several lead
executive roles in the healthcare field. Most recently, from 1999-2002, Mr.
Mogel served as the Executive Vice President of Operations for Doctors'
Community Healthcare Corp (DCHC), where he was responsible for the operations
and profitability of five acute care hospitals, and one psychiatric hospital,
and managed a team of six hospital CEOs and other senior management members.
While serving in this position, Mr. Mogel led a team that turned around a large
Midwestern hospital. That team turned a large multi-million dollar annual
negative cash flow into a break even operation in less than 6 months.
Larry B. Anderson, MMG's President, has over 20 years of senior level
executive experience in an enterprise with over $65 billion per year in sales. A
California licensed attorney since 1975, Mr. Anderson specializes in employment
and business law matters, including collective bargaining, arbitrations, unfair
labor practices and court cases as well as transactional work in contracts and
due diligence. From 2002-2003, as the Executive Vice President, Human Resources
and General Counsel, Litigation, Mr. Anderson managed all litigation for a seven
hospital chain in Southern California.
James T. Ligon is MMG's Chief Financial Officer. Mr. Ligon has launched
and operated several successful businesses, including JAMAR Associates, a
California healthcare consulting company. He also has over thirty years of
hospital experience in California, having been in charge of the Finance and
Accounting functions at Robert F. Kennedy Medical Center, Brotman Medical
Center, and Bellflower Hospitals, to name just a few. Mr. Ligon has substantial
experience in, and knowledge of, hospital finance, accounting and
administration. He will lead MMG's due diligence team in reviewing potential
acquisition candidates.
MMG intends to pursue the acquisition of hospitals and healthcare
facilities throughout the United States. MMG will target hospitals for
acquisition that are financially distressed and underperforming and whose owners
are seeking to sell or lease their operations. MMG has identified a number of
hospitals and healthcare facilities as potential acquisition targets. After
acquiring one or more hospitals, MMG intends to implement a number of strategies
designed to improve their financial performance, including implementing
stringent cost control systems, improving accounts receivable processing and
government aid and reimbursement processes, improving cash flow management,
implementing human resources and compliance initiatives, and improving labor
negotiations and practices.
MMG is currently exploring, among other things, the possible
acquisition of one or more of the hospital assets that are being divested by
Tenet Healthcare Corporation. MMG believes that there are now more hospital
assets on the market than at any time in the past several years, and some of
these will likely meet MMG's criteria. In addition, MMG is currently in the
process of securing a real estate acquisition partner, which will assist the
Company in healthcare acquisitions by helping to fund the real estate component
of acquisitions.
This press release contains forward-looking statements pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking information is subject to certain risks and uncertainties that
could cause actual results to differ materially from those discussed or
projected. Statements in this press release regarding the business of First
Deltavision which are not historical in nature are "forward-looking statements"
that involve risks and uncertainties. Although we believe that the expectations
reflected in such forward-looking statements are reasonable, we can give no
assurance that such expectations will prove to have been correct. Actual results
may differ materially due to a number of potential risks and uncertainties, and
actual results may vary materially from those anticipated, estimated, or
projected. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates.
*****
First Deltavision, Inc.
Contact: Larry B. Anderson
Telephone: (714) 434-9191
Item 6. Resignations of Registrant's Directors.
Not applicable.
Item 7. Financial Statements and Exhibits.
Not applicable.
Item 8. Change in Fiscal Year.
Not applicable.
Item 9. Regulation FD Disclosure.
Not applicable.
SIGNATURE
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.
FIRST DELTAVISION, INC.
(Registrant)
Date: March 10, 2004 By: /s/ Bruce Mogel
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Bruce Mogel, Chief Executive Officer
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