SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
AMENDMENT TO CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 2, 2005
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COMMAND SECURITY CORPORATION
(Exact name of registrant as specified in its charter)
New York 0-18684 14-1626307
(State or other jurisdiction of (Commission file number) (I.R.S. employer
incorporation or organization) identification no.)
Lexington Park
Lagrangeville, New York 12540
(Address of principal executive (Zip code)
offices)
Registrant's telephone number, including area code: (845) 454-3703
COMMAND SECURITY CORPORATION
FORM 8-K
CURRENT REPORT
TABLE OF CONTENTS
Page
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Item 8.01. Other Events......................................................3
Item 9.01 Exhibits..........................................................3
Signature......................................................................4
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Item 8.01. Other Events
On February 2, 2005, Command Security Corporation announced that it received a
Waiver and Amendment letter (the "Waiver") from its lender CIT Group/Business
Credit, Inc. (CIT). The Waiver confirms that (i) the Registrant's previously
reported failure to comply with a fixed charge coverage ratio and a
non-financial covenant related to the change in management and stock ownership
of the Registrant shall not constitute defaults and/or events of default under
the Registrant's financing agreement with CIT dated December 12, 2003, as
amended, (the "Agreement") and (ii) CIT waives any and all rights they may have
to accelerate any of the obligations and exercise any other remedies against the
Registrant or the collateral as a result thereof.
In addition, CIT (i) rescinds and revokes its Notice of Default/Reservation of
Rights letter dated September 2, 2004 effective as of February 1, 2005 and (ii)
confirms that they will cease charging the default rate of interest of 2% over
the bank rate of interest, as defined, on all obligations under the Agreement
effective as of January 1, 2005.
Item 9.01. Exhibits.
(c)
Exhibit No. Description
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10.42 Waiver and Amendment letter to CIT Group/Business Credit Inc.
Financing Agreement dated February 2, 2005.
99.1 Press Release dated February 4, 2005.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
Command Security Corporation has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date: February 4, 2005
COMMAND SECURITY CORPORATION
By: \s\ Barry Regenstein
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Name: Barry Regenstein
Title: Chief Financial Officer
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