SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report: August 21, 2001
EUROPEAN MICRO HOLDINGS, INC.
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(Exact Name of Registrant as Specified in Charter)
NEVADA 0-23949 65-0803752
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
6073 N.W. 167TH STREET, UNIT C-25, MIAMI, FLORIDA 33015
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (305) 825-2458
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ITEM 5. OTHER EVENTS.
On August 21, 2001, European Micro Holdings, Inc. issued the following press
release:
o On August 17, 2001, European Micro Plc's primary lender in
Europe, Natwest, temporarily froze all the operating accounts
for European Micro Plc and therefore effectively calling its
loans to European Micro Plc. In order to avoid this outcome,
Mr. Harry Shields, European Micro Holdings, Inc.'s Co-President
and Co-Chairman, advanced $630,000 to European Micro Plc.
Additionally, Mr. Shields has advanced another $625,000 to
European Micro Plc to satisfy a loan it has with European Micro
Holdings and another $618,000 to European Micro Plc to purchase
inventory. European Micro Holdings intends to use the proceeds
received from European Micro Plc to repay a loan to SouthTrust
Bank. European Micro Plc intends to proceed to an orderly
liquidation of its business in order to repay Mr. Shields and
other creditors. The liquidation of European Micro Plc would
leave European Micro Holdings, Inc. with one operating
business, American Micro Computer Center, Inc.
o As previously reported, European Micro Holdings, Inc. will be
unable to meet certain obligations to the former shareholders
of American Micro Computer Center, Inc., including obligations
owed to Mr. John B. Gallagher, Co-President and Co-Chairman of
European Micro Holdings, Inc. Unless circumstances change,
which is not anticipated, these former shareholders will be
entitled to a return of their shares of capital stock in
American Micro Computer Center, Inc. Such a result would leave
European Micro Holdings, Inc. without an operating business.
ITEM 7. EXHIBITS.
Exhibit 99.1 - Press release dated as of August 21, 2001.
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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.
EUROPEAN MICRO HOLDINGS, INC.
Date: August 21, 2001 By:/s/Frank Cruz
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Name: Frank Cruz
Its: Chief Operating Officer
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EXHIBIT 99.1
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PRESS RELEASE
CONTACT: -OR- EMCC INVESTOR RELATIONS:
European Micro Holdings, Inc. The Equity Group Inc.
Frank Cruz, Chief Operating Officer Devin Sullivan
(305) 825-2458 www.theequitygroup.com
(212) 836-9608
CONFIDENTIAL/NOT FOR DISSEMINATION
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FOR IMMEDIATE RELEASE
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Miami, FL - August xx, 2001 - EUROPEAN MICRO HOLDINGS, INC. (OCTBB: EMCC), an
independent, focused distributor of microcomputer products, made the following
announcements today:
o On August 17, 2001, European Micro Plc's primary lender in
Europe, Natwest, temporarily froze all the operating accounts
for European Micro Plc and therefore effectively calling its
loans to European Micro Plc. In order to avoid this outcome,
Mr. Harry Shields, European Micro Holdings, Inc.'s Co-President
and Co-Chairman, advanced $630,000 to European Micro Plc.
Additionally, Mr. Shields has advanced another $625,000 to
European Micro Plc to satisfy a loan it has with European Micro
Holdings and another $618,000 to European Micro Plc to purchase
inventory. European Micro Holdings intends to use the proceeds
received from European Micro Plc to repay a loan to SouthTrust
Bank. European Micro Plc intends to proceed to an orderly
liquidation of its business in order to repay Mr. Shields and
other creditors. The liquidation of European Micro Plc would
leave European Micro Holdings, Inc. with one operating
business, American Micro Computer Center, Inc.
o As previously reported, European Micro Holdings, Inc. will be
unable to meet certain obligations to the former shareholders
of American Micro Computer Center, Inc., including obligations
owed to Mr. John B. Gallagher, Co-President and Co-Chairman of
European Micro Holdings, Inc. Unless circumstances change,
which is not anticipated, these former shareholders will be
entitled to a return of their shares of capital stock in
American Micro Computer Center, Inc. Such a result would leave
European Micro Holdings, Inc. without an operating business.
Statements contained in this news release regarding its plans to proceed to an
orderly liquidation of its business in Europe are forward-looking statements,
subject to uncertainties and risks, many of which are summarized under the
caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year
ended June 30, 2000 as filed with the Securities and Exchange Commission.
Forward-looking statements by their nature involve substantial risks and
uncertainties. As a result, actual results may differ materially depending on
many factors, including those described above. The Company cautions that
historical results are not necessarily indicative of the Company's future
performance.
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