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): January 7, 2008
Streamline Health Solutions, Inc.
(Exact name of registrant as specified in its charter)
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| Delaware
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0-28132
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31-1455414 |
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.) |
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| 10200 Alliance Road, Suite 200, Cincinnati, OH
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45242-4716 |
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| (Address of principal executive offices)
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(Zip Code) |
Registrant’s telephone number, including area code (513) 794-7100
(Former name, former address, and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
TABLE OF CONTENTS
Item 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION
On January 7, 2008, Streamline Health, Inc., a wholly owned subsidiary of Streamline Health
Solutions, Inc., entered into a new revolving loan agreement with the Fifth Third Bank, Cincinnati,
OH, in the principal amount of $500,000. The interest rate on amounts borrowed will accrue at a
variable rate from the Prime Rate to the Prime Rate plus 3%, based on the ratio of the funded
indebtedness to the trailing twelve months earnings before interest, taxes, depreciation and
amortization (EBITDA). The agreement contains other covenants including; Minimum Tangible Net
Worth, Fixed Charge Coverage Ratio and Funded Indebtedness to EBITDA. The loan is guaranteed by
the Registrant and is secured by a first lien on all of the assets of the Registrant and its
subsidiary. The complete terms of this loan are set forth in the Revolving Note and Continuing
Guarantee Agreement attached as Exhibits 10.1 & 10.2.
This new temporary facility expires on April 30, 2008, and replaces the previous Revolving Loan
Facility entered into in January 2007 with the Fifth Third Bank. Currently the Registrant is
soliciting proposals from additional lenders, and the Registrant expects to enter into a new longer
term agreement prior to April 30, 2008.
Streamline Health believes that its present cash position, combined with cash generation currently
anticipated from operations will be sufficient to meet anticipated cash requirements for the short
term and the Registrant will not be required to use this temporary facility in the short term.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
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| EXHIBIT |
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DESCRIPTION |
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10.1
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Revolving Note, dated December 14, 2007 |
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10.2
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Continuing Guarantee Agreement, dated December 14, 2007 |
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