SEBRING SOFTWARE, INC. FILES (8-K/A) Disclosing Entry into a Material Definitive Agreement, Completion of Acquisition or Disposition of Assets, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Unregistered Sale of Equity Securities, Financial Statements and Exhibits - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
May 16, 2013 Newswires
Share
Share
Post
Email

SEBRING SOFTWARE, INC. FILES (8-K/A) Disclosing Entry into a Material Definitive Agreement, Completion of Acquisition or Disposition of Assets, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Unregistered Sale of Equity Securities, Financial Statements and Exhibits

Edgar Online, Inc.

Item 1.01 Entry into a Material Definitive Agreement.

On April 25, 2013, the Company and its subsidiaries, Sebring Dental of Arizona, LLC, AAR Acquisition, LLC, and Sebring Management FL, LLC (the "Guarantors") entered into a Loan and Security Agreement (the "Loan Agreement") with Great American Life Insurance Company, Great American Insurance Company, United Teachers Associates Insurance Company, Continental General Insurance Company (the "Lenders") and MidMarket Capital Partners, as agent for the Lenders. Under the terms of the Loan Agreement, the Lenders agree to loan the Company Sixteen Million Dollars ($16,000,000) in two separate tranches (the "Term Loan"). The first tranche of the Term Loan of Eleven Million Dollars ($11,000,000) shall be funded on the closing date of the Loan Agreement and the second tranche of Five Million Dollars ($5,000,000) shall be funded upon the Company's written request in accordance with section 3.2(A) of the Loan Agreement. The obligation of Lenders to fund the second tranche of the Term Loan shall expire on May 25, 2013. Interest shall accrue on the outstanding balance of the Term Loan at a rate of 11 ½ percent per annum. Upon the occurrence and continuation of an Event of Default as described in the Loan Agreement, the unpaid principal balance of the Term Loan shall bear interest at a rate of 13 ½ per annum. Interest payments on all outstanding principal shall be payable quarterly in arrears on the last day of each quarter. Beginning on June 30, 2013, principal payments of $300,000 shall be due each quarter. Beginning on June 30, 2014, the quarterly principal payments shall increase to $400,000 per quarter. Beginning on June 30, 2015 the quarterly principal payments shall increase to $800,000 per quarter. Beginning on June 30, 2017, the quarterly principal payments shall increase to $1,700,000 per quarter. On April 25, 2018 all remaining unpaid principal of the Term Loan shall be due. Additionally, the Lenders shall receive an aggregate of 4,506,600 warrants exercisable at $0.01 per share (the "Warrants"). The Warrants, which shall expire on April 25, 2023, shall also have put options providing the Lenders the right, but not the obligation, to put some or all of the Warrants to the Company based on a formula as described in the Warrants.

On April 25, 2013, the Company and its subsidiary, Sebring Management FL, LLC (the "Merger Sub"), entered into an Agreement and Plan of Merger (the "OSM Agreement") with Orthodontic Specialists Management, LLC ("OSM") and Alan D. Shoopak D.M.D. ("Shoopak") and Dennis J.L. Buchman D.M.D. ("Buchman"). Under the terms of the OSM Agreement, OSM shall be merged with and into the Merger Sub and the separate existence of OSM shall cease (the "Merger"). In consideration of the Merger, the Company shall issue 9,849,220 shares of its restricted common stock, of which 4,924,610 shall be issued to Shoopak and 4,924,610 shall be issued to Buchman. Further, following the Merger, the Company shall pay off approximately Two Million Five Hundred Seventy-One Thousand Twenty-Three Dollars ($2,571,023) of OSM's liabilities and refinance an additional Seven Hundred Twenty Thousand Eighty-Six Dollars ($720,086) of loans associated with entities controlled by Shoopak and Buchman. Additionally, in conjunction with the OSM Agreement, the Company entered into a consulting agreement with Alan D. Shoopak, DMD, P.L., a Florida limited liability company ("Shoopak's LLC") and a consulting agreement with Dennis J. L. Buchman, DMD, P.L., a Florida limited liability company ("Buchman's LLC") (together, the "Consulting Agreements"). The Consulting Agreements are for a term of three (3) years, and shall automatically renew for an additional two (2) years unless otherwise terminated by the terms of the Consulting Agreements. Shoopak's LLC and Buchman's LLC shall provide advice to the Company regarding clinical issues and dental practice related matters. Further, Shoopak's LLC and Buchman's LLC shall attempt to identify new dental practice business management relationships and shall identify dental practices that may have an interest in entering into arrangements whereby the Company will manage the non-professional business aspects of such dental practices. In consideration for the services performed under the Consulting Agreements, Shoopak's LLC shall receive an annual fee of Five Hundred Fifty-Two Thousand Five Hundred Twenty-Three Dollars ($552,523), paid in equal monthly installments, and Buchman's LLC shall receive an annual fee of Four Hundred Fifty Thousand Dollars ($450,000), paid in equal monthly installments.

On April 25, 2013, the Company's subsidiary, AAR Acquisition, LLC ("AAR") entered into an Asset Purchase Agreement (the "Asset Purchase Agreement") with Byron J. Larsen, Jennifer Iacobelli, Mitchell W. Ellingson, Kathryn Ellingson, MEBL Dental Management, P.C., Byron J. Larsen, DDS, PLLC, Image Dentistry of Glendale, P.C., Image Dentistry of Peoria, P.C., and Dentelli Corp. (the "Seller"). Under the terms of the Asset Purchase Agreement, the Sellers agree to sell and AAR agrees to purchase all of the undertaking, property and assets of the Seller used in the Seller's dental practice as a going concern, of every kind and description and wherever situated, including but not limited to the assets, inventory, equipment, patient lists, furniture, fixtures, accounts receivables, client databases and lists and files and leasehold improvements of the Practice, such as they are, in 'as is" condition (the "Assets"). Seller shall retain and be responsible for all liabilities, debts, obligations and expenses of the Practice incurred prior to the date of Closing. Buyer shall be responsible for liabilities, debts, obligation and expenses of the Practice accruing on or after the Closing Date, including but not limited to any federal, . . .

Item 2.01 Completion of Acquisition or Disposition of Assets.

On April 26, 2013, the Company closed the Loan Agreement described in Item 1.01 above and the Lenders funded the first tranche of Eleven Million Dollars ($11,000,000) to the Company.

On April 26, 2013, the Company closed the OSM Agreement described in Item 1.01 above.

On April 26, 2013, the Company's subsidiary, AAR Acquisitions, LLC, closed the Asset Purchase Agreement described in Item 1.01 above.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of the Registrant.

On April 26, 2013, the Company became obligated on direct financial obligations as described in Item 1.01 above.

Item 3.02 Unregistered Sales of Equity Securities.

On April 26, 2013, the Company issued 4,924,610 restricted shares of its common stock to Shoopak and 4,924,610 restricted shares of its common stock to Buchman in conjunction with the closing of the OSM Agreement. The Company issued the foregoing shares of common stock in reliance on an exemption from registration under the Securities Act of 1933 set forth in Section 4(2) thereof and/or Rule 506 of Regulation D promulgated thereunder.

Item 9.01 Financial Statements and Exhibits.

(a) Financial Statements of the business acquired.

The financial statements required by this Item 9.01 will be filed by an amendment to this Form 8-K within 71 calendar days after the filing date of the original Form 8-K filed on May 1, 2013.

(b) Pro Forma financial information.

The pro forma financial information required by this Item 9.01 will be filed by an amendment to this Form 8-K within 71 calendar days after the filing date of the original Form 8-K filed on May 1, 2013.

(c) Shell company transactions.

     Not applicable.             (d) Exhibits.     Number   Description  2.1*     Agreement and Plan of Merger (the "OSM Agreement") dated April 25, 2013 2.2*     Asset Purchase Agreement (the "Asset Purchase Agreement") dated April          25, 2013 10.1*    Loan and Security Agreement (the "Loan Agreement") dated April 25, 2013 10.2*    Consulting Agreement with Alan D. Shoopak, DMD dated April 25, 2013 10.3*    Consulting Agreement with Dennis J.L. Buchman, DMD dated April 25, 2013 10.4     Warrant issued to Great American Life Insurance Company dated April 25,          2013 10.5     Warrant issued to Great American Insurance Company dated April 25, 2013 10.6     Warrant issued to United Teacher Associates Insurance Company dated          April 25, 2013 10.7     Warrant issued to Continental General Insurance Company dated April 25,          2013

*Incorporated by reference and originally filed with our Current Report on Form 8-K filed with the Securities and Exchange Commission on May 1, 2013.

Wordcount:  1331

Advisor News

  • The McEwen Group Merges with Prairie Wealth Advisors to Form Billion Dollar RIA
  • Guaranteed income streams help preserve assets later in retirement
  • Economic pressures make boomerang living the new normal
  • Pay or Die: The scare tactics behind LA County’s Measure ER tax increase
  • How to listen to what your client isn’t saying
More Advisor News

Annuity News

  • Guaranteed income streams help preserve assets later in retirement
  • MassMutual turns 175, Marking Generations of Delivering on its Commitments
  • ALIRT Insurance Research: U.S. Life Insurance Industry In Transition
  • My Annuity Store Launches a Free AI Annuity Research Assistant Trained on 146 Carrier Brochures and Live Annuity Rates
  • Ameritas settles with Navy vet in lawsuit over disputed annuity sale
More Annuity News

Health/Employee Benefits News

  • Samsung Bioepis Launches Ustekinumab Biosimilar, Marking Its First Product Launch in Japan
  • Brown University School of Public Health Reports Findings in Managed Care (Exposure to the new Medicare Advantage risk adjustment model varies across insurers): Managed Care
  • State lowers cap on some patient health care cost increases
  • Increases in Idaho’s death rate expected
  • Researchers at University of North Carolina Chapel Hill Target Regional Health (The toll of tobacco: smoking-attributable health spending in South Korea, 2014-2024. National claims evidence for cost recovery): Health and Medicine – Regional Health
More Health/Employee Benefits News

Life Insurance News

  • AM Best Upgrades Issuer Credit Rating of Southern Farm Bureau Life Insurance Company
  • Industry Innovator Scores New High-Water Mark: Reliance Matrix Logs 8 Millionth Employee Benefit/Absence Claim
  • $150M+ asset sale payout distributed to Greg Lindberg policyholders
  • Best’s Market Segment Report: AM Best Revises Outlook on France’s Non-Life Insurance Segment to Stable from Negative, Reflecting Top-line Growth, Technical Profitability
  • Pacific Life Launches New Flagship Variable Universal Life Insurance Product
More Life Insurance News

- Presented By -

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Why Blend in When You Can Make a Splash?
Pacific Life’s registered index-linked annuity offers what many love about RILAs—plus more!

Life moves fast. Your BGA should, too.
Stay ahead with Modern Life's AI-powered tech and expert support.

Bring a Real FIA Case. Leave Ready to Close.
A practical working session for agents who want a clearer, repeatable sales process.

Discipline Over Headline Rates
Discover a disciplined strategy built for consistency, transparency, and long-term value.

Press Releases

  • JP Insurance Group Launches Commercial Property & Casualty Division; Appoints Joe Webster as Managing Director
  • Sequent Planning Recognized on USA TODAY’s Best Financial Advisory Firms 2026 List
  • Highland Capital Brokerage Acquires Premier Financial, Inc.
  • ePIC Services Company Joins wealth.com on Featured Panel at PEAK Brokerage Services’ SPARK! Event, Signaling a Shift in How Advisors Deliver Estate and Legacy Planning
  • Hexure Offers Real-Time Case Status Visibility and Enhanced Post-Issue Servicing in FireLight Through Expanded DTCC Partnership
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet