-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LeBGPPptAPlATS3zK/v37U7c/QCl9i1UvS99RpzweNTfQjXnZLZ7UPGk6B0yWYnR 6DjDiooC15N2w3kbfqoZsg== 0000914317-04-001597.txt : 20040416 0000914317-04-001597.hdr.sgml : 20040416 20040416090703 ACCESSION NUMBER: 0000914317-04-001597 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040408 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ELEC COMMUNICATIONS CORP CENTRAL INDEX KEY: 0000090721 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 132511270 STATE OF INCORPORATION: NY FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-04465 FILM NUMBER: 04737099 BUSINESS ADDRESS: STREET 1: 543 MAIN STREET CITY: NEW ROCHELLE STATE: NY ZIP: 10801 BUSINESS PHONE: 9146336500 MAIL ADDRESS: STREET 1: 37 NORTH STREET CITY: NORWALK STATE: CT ZIP: 06851 FORMER COMPANY: FORMER CONFORMED NAME: SIRCO INTERNATIONAL CORP DATE OF NAME CHANGE: 19920703 8-K 1 form8k-59645_elec.txt 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: April 8, 2004 (Date of earliest event reported) eLEC Communications Corp. (Exact name of Registrant as specified in its charter) New York (State or other jurisdiction of incorporation) 0-4465 13-2511270 (Commission File No.) (I.R.S. Employer Identification No.) 75 South Broadway Suite 302 White Plains, New York 10601 (Address of principal executive offices; zip code) (914) 682-0214 (Registrant's telephone number, including area code) 543 Main Street New Rochelle, New York 10801 (Former Name or Former Address, if changed Since Last Report) Item 5. Other Events and Regulation FD Disclosure. ----------------------------------------- On April 8, 2004 the United States Bankruptcy Court for the Southern District of New York confirmed a Plan of Reorganization (the "Plan") of Telecarrier Services, Inc. ("Telecarrier"), a wholly-owned subsidiary of eLEC Communications Corp., a New York corporation ("eLEC"). The Plan authorizes eLEC to purchase the reorganized capital stock of Telecarrier for a purchase price of $325,000. Upon the closing of the stock sale and the Plan becoming effective, eLEC projects that Telecarrier will settle approximately $1,248,000 in pre-petition liabilities and administrative claims that are currently recorded on Telecarrier's balance sheet and eLEC's consolidated balance sheet. eLEC has deposited $325,000 into a segregated distribution account, which will be distributed in accordance with the Plan in full satisfaction of pre-petition claims and administrative claims of approximately $1,248,000. This transaction will result in a gain to eLEC of approximately $923,000. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. ------------------------------------------------------------------ 99.1 Press Release dated April 15, 2004 issued by eLEC. 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. Dated: April 15, 2004 eLEC COMMUNICATIONS CORP. (Registrant) By: /s/Paul H. Riss -------------------------- Name: Paul H. Riss Title: Chief Executive Officer EX-99.1 3 exhibit99-1.txt [GRAPHIC OMITTED] FOR IMMEDIATE RELEASE Contact: Paul H. Riss, CEO phriss@elec.net 914-682-0214 Bankruptcy Court Approves eLEC's Purchase of Telecarrier Services White Plains, NY...April 15, 2004--- eLEC Communications Corp. (OTCBB:ELEC), a provider of local and long distance telephone service, today announced that is has received approval from the United States Bankruptcy Court for the Southern District of New York to purchase Telecarrier Services, Inc. Telecarrier is a wholly-owned subsidiary of eLEC that had filed for Chapter 11 bankruptcy protection on July 29, 2002. eLEC will acquire 100% of the stock of the reorganized Telecarrier through the confirmed plan of reorganization. As a wholly-owned subsidiary of eLEC, Telecarrier's financial statements have been included as a part of the consolidated financial statements of eLEC. The purchase will allow the entire customer base of Telecarrier, including approximately 4,300 local access lines, to remain a part of eLEC. The purchase price was $325,000. eLEC's CEO, Paul Riss, stated, "We are pleased that Telecarrier will be able to emerge from Chapter 11 protection and remain a component of our operations. During the first quarter of fiscal 2004, Telecarrier contributed revenues of approximately $576,000 and net income of approximately $42,000 to our consolidated financial statements. By eliminating payables from our consolidated balance sheet through the reorganization process, we estimate that we will record a gain of approximately $923,000." "Once again, we have taken steps to improve our financial condition and increase working capital," continued Riss. "We look forward to taking advantage of this emergence from bankruptcy to further grow the Telecarrier business." eLEC Communications Corp. is a competitive local exchange carrier that offers local and long distance calling plans to small business and residential customers. For more information on products and offerings, visit eLEC's web site at www.elec.net. ******** This release contains forward-looking statements that involve risks and uncertainties. eLEC's actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, among others, certain risks and uncertainties over which the company may have no control. For further discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the discussions contained in eLEC's Annual Report on Form 10-KSB for the year ended November 30, 2003, Quarterly Report on Form 10-QSB for the three months ended February 29, 2004 and any subsequent SEC filings. -----END PRIVACY-ENHANCED MESSAGE-----