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): September 29, 2006
Netsmart
Technologies, Inc.
(Exact
name of Registrant as Specified in its Charter)
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Delaware
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0-21177
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13-3680154
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(State
or other
jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
No.)
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Identification
No.)
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3500
Sunrise Highway, Suite D-122, Great River, New York 11739
(Address
of Principal Executive Office)
Registrant's
telephone number, including area code: (631) 968-2000
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (SEE General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
1.01. Entry
into a Material Definitive Agreement.
As
previously reported, on October 7, 2005, Netsmart Technologies, Inc. (the
“Registrant”) entered into a Revolving Credit and Term Loan Agreement ( as
amended to date, the “Loan Agreement”) with Bank of America, N.A. (the “Bank”)
pursuant to which the Bank has agreed to make loans to the Registrant consisting
of (i) a $2,500,000 Revolving Credit Loan and (ii) a $2,500,000 Term Loan.
On
September 29, 2006, the Registrant and the Bank entered into a Second Amendment
and Waiver to Loan Agreement dated as of July 31, 2006, pursuant to which the
Bank agreed to amend the terms of the Tangible Net Worth and Debt covenants
contained in the Loan Agreement and waive the non-compliance by Registrant
with
the Permitted Acquisition covenant resulting from the Registrant’s acquisition
of QS Technologies, Inc.
A
copy of
the Second Amendment and Waiver to Loan Agreement is filed as Exhibit 10.1
hereto, the terms of which are hereby incorporated by reference.
Item
9.01 Financial Statements and Exhibits.
(c)
Exhibits.
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10.1
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Second
Amendment and Waiver to Loan Agreement dated as of July 31, 2006
between
the Registrant and Bank of America, N.A.
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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.
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NETSMART
TECHNOLOGIES, INC. |
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| Date:
September 29, 2006 |
By: |
/s/ Anthony
F. Grisanti |
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Anthony
F. Grisanti
Chief
Financial Officer (Principal
Financial
Officer)
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