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 2, 2003
CYBERCARE, INC.
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
FLORIDA 000-20356 65-0158479
--------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2500 QUANTUM LAKES DRIVE, SUITE 1000, BOYNTON BEACH, FL 33426
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code. 561-742-5000
-----------------------------------------------------------------
(Former name or former address, if changed since last report.)
Item 5. Other Events and Regulation FD Disclosure.
-----------------------------------------------------------------------------
CyberCare, Inc. (the "Registrant") has ceased the operation of its
subsidiary Physical Therapy and Rehabilitation, Inc, a Florida corporation
("PTR"). The Registrant began to cease PTR's operations over the past several
months gradually closing PTR facilities due to PTR's continued operating losses
and negative cash flow.
In addition, in view of continued losses and a lack of sufficient working
capital, the Registrant has determined to close its pharmacy operations. The
Registrant intends to concentrate on collecting its accounts receivable and
selling assets which are no longer utilized.
On February 5, 2003, three of the Registrant's four independent directors
John St. Genis, Paul M. Weiseneck and Thomas B. Andres resigned from the
Registrant's Board of Directors. On February 7, 2003, Rodney Barrington resigned
from the Registrant's Board of Directors. The Directors' decisions to resign
from the Board were based upon the Company's inability to continue to pay for
Officers and Directors liability insurance policy, which expired as of February
6, 2003.
The Registrant will continue to seek financing and purchasers, such that it
can continue to operate its technology division while mitigating the
Registrant's financial issues in order to attempt to protect its shareholders
and its creditors.
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.
CyberCare, Inc.
a Florida Corporation
Date: February 20, 2003 By: /s/ Joseph R. Forte
--------------------------------------
Joseph R. Forte, President and CEO