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):
July 16, 2001
Commission file number 0-23903
eAutoclaims.com, Inc.
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(Exact name of small business issuer as specified in its charter)
Nevada 95-4583945
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2708 Alt. 19 N., Suite 604, Palm Harbor, Florida 34683
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(Address of principal executive offices)
(727) 781-0414
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(Issuer's telephone number)
Transformation Processing, Inc.
365 Bay Street, Toronto, Ontario M5H2V2
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(Former Name, Former Address and Former Fiscal Year,
if changed Since Last Report)
ITEM 5./ITEM 9. OTHER EVENTS/REGULATION FD DISCLOSURE.
1. Status of Offering.
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At the regularly scheduled meeting held on July 16, 2001, our
board of directors voted to terminate our proposed underwritten public secondary
offering of $10,000,000 under cover of Form SB-2, File No. 333-55664 and to
proceed with up to a $5,000,000 placement of convertible debentures through an
institutional investment fund. We have executed a letter of intent with the
fund, which intends to purchase these debentures and are currently in the due
diligence period. Although there are no assurances, we anticipate a closing in
30 to 60 days. We intend to proceed with the registration of the securities on
behalf of the selling shareholders identified in the above referenced
registration statement. This decision was predicated upon current unfavorable
market conditions and the requirements of the American Stock Exchange that our
common shares have at least a $3.00 trading price. Our common stock will
continue to trade on the OTC Bulletin Board. On July 19, 2001 the closing bid
price of our common stock on the OTC Bulletin Board was approximately $1.35.
Certain of our directors, their relatives and other business associates have
invested approximately $690,000 in us through the purchase of our convertible
debentures to meet our short-term working capital requirements.
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.
eAutoclaims.com, Inc.
Dated 7/23/01
/s/ Eric Seidel
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President
Exhibits
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99.1 Term Sheet for Convertible Debenture*
99.2 Form of Convertible Debenture*
99.3 Form of Warrants issued in connection with Convertible Debentures*
99.4 Form of Subscription Agreement for purchasers Convertible Debentures*
*Filed herewith
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