FORM 8-K
UNITED STATE
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 6, 2002
NOVEX SYSTEMS INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
New York 0-26112 41-1759882
(State of Jurisdiction) (Commission File Number) (IRS Employer ID No.)
16 Cherry Street Clifton, New Jersey 07014
(Address of Principal Executive offices) (Zip Code)
Registrant's telephone number, including area code 973-777-2307
Name of each exchange on
Title of each class which registered
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Common Stock $.001 par value OTC Electronic Bulletin Board
DOCUMENTS INCORPORATED BY REFERENCE
Location in Form 8-K Incorporated Document
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None None
Item 1. Changes in Control of Registrant. None
Item 2. Acquisition or Disposition of Assets. None.
Item 3. Bankruptcy or Receivership. None
Item 4. Changes in Registrant's Certifying Accountant. None.
Item 5. Other Events. The Registrant's secured lender, Dime Commercial
Corp., has issued a demand letter to the Registrant requesting
full payment on the Registrant's notes for its revolving line of
credit in the amount of $525,000 and its term loan for $700,000.
Both notes have a stated maturity date of August 12, 2002. The
notes were being called for covenant defaults since the
Registrant is current with all its principal and interest
payments. The Registrant is actively pursuing new financing
sources to replace the loans with Dime and is also considering
the prospects of a sale and leaseback transaction for its real
property and buildings located at 16 Cherry Street, Clifton, New
Jersey. With respect to both financing alternatives, the
Registrant believes it will secure sufficient funding to pay-off
the notes owing to Dime and possibly secure additional working
capital to improve the company's operations.
Item 6. Resignation of Registrant's Directors. None.
Item 7. Financial Statementsand Exhibits. None.
Item 8. Change in Fiscal Year. None.
Item 9. Sales of Equity Securities Pursuant to Regulation S. None
Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in capacities and on the dates indicated and is duly authorized.
NOVEX SYSTEMS INTERNATIONAL, INC.
By: /s/ Daniel W. Dowe
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Daniel W. Dowe, President
Dated: March 6, 2002
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