MEDICAL STAFFING SOLUTIONS INC

Transcription

SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
Current report filing
Filing Date: 2005-07-14 | Period of Report: 2005-07-14
SEC Accession No. 0001144204-05-021570
(HTML Version on secdatabase.com)
FILER
MEDICAL STAFFING SOLUTIONS INC
CIK:1160437| IRS No.: 000000000 | State of Incorp.:NV | Fiscal Year End: 1231
Type: 8-K | Act: 34 | File No.: 333-71276 | Film No.: 05954384
SIC: 7363 Help supply services
Copyright © 2012 www.secdatabase.com. All Rights Reserved.
Please Consider the Environment Before Printing This Document
Business Address
8150 LEESBURG PIKE, SUITE
1200
VIENNA VA 22182
703-641-8890
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:
July 14, 2005
Medical Staffing Solutions, Inc.
(Exact Name of Registrant as Specified in Charter)
Nevada
000-23967
91-2135006
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
8150 Leesburg Pike, Suite 1200, Vienna, Virginia
22182
(Address of principal executive offices)
(Zip code)
Registrant’s telephone number, including area code:
(703) 641-8890
Item 1.01. Entry Into A Material Definitive Agreement.
Medical Staffing Solutions, Inc., a Nevada corporation (“MSSI”) entered into a factoring agreement (the “Agreement”), dated as of
June 30, 2005, by and among TeleScience International, Inc. (“TII”), Nurses PRN Acquisition Corp. (“NPRNAC” and together with MSSI and
TII, the “Company”) and SYSTRAN Financial Service Corporation (“SYSTRAN”), a subsidiary of Textron Financial Corporation (“Textron”).
Pursuant to the Agreement, SYSTRAN has established a Five Million Dollar ($5,000,000) credit facility (the “Facility”) with the Company
in order for the Company to finance the account receivables of NPRN and TII. The term of the Agreement shall commence as of the date the
Company first receives funds pursuant to the Facility, and shall continue through twelve (12) months, with twelve-month renewal periods.
The Company shall pay interest on any outstanding balance at the Wells Fargo Bank Prime Rate plus one half of one percent (0.50%),
and pay a Discount Fee of one half of one percent (0.50%) of the face amount of all Unbilled invoices and Bills purchased by SYSTRAN (as
such capitalized terms are defined in the Agreement, Exhibit A to the Agreement and the Addendum to the Agreeement). SYSTRAN shall have
a first and only security interest in all of the Company’s present and future accounts, deposit accounts, chattel paper, contract rights (including
insurance contracts and insurance proceeds), general intangibles, choses in action, instruments and documents, whether owned as of the date
of the Agreement or acquired thereafter, and the proceeds of each of the foregoing. Upon the request of the Company, the Facility shall be
reviewed for conversion to a Textron asset-based revolving credit facility.
Exhibit
Description
Exhibit 99.1
SYSTRAN Financial Services Corporation Factoring Agreement, dated as of
June 30, 2005, by and between Medical Staffing Solutions, Inc., TeleScience
International, Inc., Nurses PRN Acquisition Corp. and SYSTRAN Financial
Service Corporation
Exhibit 99.2
Form of Addendum to the SYSTRAN Financial Services Corporation Factoring Provided herewith
Agreement
Exhibit 99.3
Form of Continuing Guaranty
Provided herewith
Exhibit 99.4
Form of Letter to SYSTRAN Credit and Operations Departments
Provided herewith
Provided herewith
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.
MEDICAL STAFFING SOLUTIONS, INC.
Date:
July 14, 2005
By:
/S/ Dr. Brajnandan B. Sahay
Name:
Dr. Brajnandan B. Sahay
Title: President

MEDICAL STAFFING SOLUTIONS INC

Transcription

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