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): April 12, 2006
CYTATION CORPORATION
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 00114800 16-0961436
(State of Incorporation) (Commission File Number) (IRS Employer
Identification Number)
4902 EISENHOWER BLVD., SUITE 185, TAMPA, FL 33634
(Address of Principal Executive Offices) (Zip Code)
(813) 885-5998
(Registrant's Telephone Number, Including Area Code)
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(Former name or former address, if changed since last report)
Check the appropriate box below of the Form 8-K if the filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2)(b)
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c)).
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Unless otherwise indicated or the context otherwise requires, all
references below in this Report on Form 8-K to "we," "us" and the "Company" are
to Cytation Corporation, a Delaware corporation, together with its wholly-owned
subsidiaries, DeerValley Acquisitions Corp., a Florida corporation, and Deer
Valley Homebuilders, Inc., an Alabama corporation. Specific discussions or
comments relating to Cytation Corporation will reference the "Company," those
relating to DeerValley Acquisitions Corp. will reference "DVA", and those
relating to Deer Valley Homebuilders, Inc. will be referred to as "Deer Valley."
ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION
UNDER AN OFF-BALANCE SHEET ARRANGEMENT.
On April 12, 2006, Deer Valley entered into Loan and Security Agreement
providing for a revolving line of credit in an amount not to exceed Two Million
Five Hundred Thousand and No/100 Dollars ($2,500,000.00) (the "Loan") evidenced
by a revolving credit note (the "Note") and secured by accounts receivable,
inventory, equipment and all other tangible and intangible personal property of
Deer Valley, DVA, and Cytation. The purpose of the loan is to provide working
capital, to provide Letter of Credit support, to replace Deer Valley's existing
revolving line of credit currently with another bank, and to provide interim
financing for the potential acquisition of the real property on which the plant
is currently operating in Sulligent, Alabama. The Loan has a one year term and
has a variable interest rate at 2.60% above LIBOR. Upon issuance of a letter of
credit, Deer Valley is charged a letter of credit fee equal 1.00% of the face
amount of the letter of credit. The Loan provides for conditions to meet prior
to each advance, including financial ratios.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
The following exhibits are filed with this Form 8-K:
(D) EXHIBIT NO. DESCRIPTION
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10.1 Revolving Credit Loan and Security Agreement
10.2 Form of Revolving Credit Note
10.3 Continuing Guaranty of Cytation Corporation
10.4 Continuing Guaranty of DeerValley Acquisitions, Corp.
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.
CYTATION CORPORATION
By: /s/ Charles G. Masters
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Name: Charles G. Masters
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Title: President, Chief Executive Officer
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Dated: April 18, 2006