UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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)
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June
11, 2008 (June 9, 2008)
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ANCHOR
FUNDING SERVICES, INC.
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(Exact
name of registrant as specified in its charter)
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Delaware
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0-52589
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20-5456087
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(State
or other jurisdiction
of
incorporation
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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10801
Johnston Road, Suite 210
Charlotte,
CA
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28226
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code
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(866)
789-3863
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(Former
name or former address, if changed since last
report)
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Check the
appropriate box below if the Form 8-K 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))
Item
5.02. Departure of Directors or
Certain Officers, Election of Directors; Appointment
of Certain Officers;
Compensatory Arrangements of Certain Officers
The
Board of Directors of the Registrant has expanded the number of directors from
five to six members and elected E. Anthony Woods to the Board. Mr. Woods
received options to purchase 100,000 shares of the Registrant’s Common
Stock exercisable from each vesting date through May 2018 at an exercise price
of $1.25 per share. One-third of the options vested on the date of grant and the
balance will vest in equal annual installments on the first and second
anniversary dates of the date of grant. Mr. Woods has had no other prior
transactions between the Registrant and himself. Mr. Woods is expected to serve
as an “independent director” and as a “financial expert” to the
Registrant.
Since 2003,
Mr. Woods has served as Chairman and Chief Executive Officer of Support Source,
a limited liability investing/consulting company, providing financial,
management and marketing expertise to the healthcare industry. From
1987 through 2002, Mr. Woods served as President and Chief Executive Officer of
Deaconess Association, Inc., a large Cincinnati based diversified healthcare
holding company operating for profit and not for profit health services
corporations. Since 2007, Mr. Woods serves as a director of Critical Homecare
Solutions, an equity-fund owned company and leading provider of homecare
services and products currently serving 15,000 patients in 14 states. Since
2006, Mr. Woods serves as a director of Phoenix Health Systems, a national
provider of healthcare information technology outsourcing solutions. Since 2004,
Mr. Woods has served as a director (and as Chairman since 2006) of LCA-Vision, a
leading provider of laser vision correction services which owns and operates
over 70 fixed-site centers in the United States and through a joint venture in
Canada. Since 2003, Mr. Woods is also active as Chairman of the Board
of Deaconess Association, Inc. and he is currently serving as interim Chief
Executive Officer and Chief Financial Officer of said company. Since
1998, he has also served as a director of Cincinnati Financial Corporation, a
Standard & Poors 500 company which serves as a holding company with
subsidiaries which underwrite fire, auto, casualty and other related forms of
insurance. Mr. Woods is 67 years of age. He received his M.B.A. in Finance and
Marketing from Samford University and a B.S. and M.S. in Engineering from the
University of Tennessee.
Item
7.01 Regulation FD Disclosure.
Reference is
made to the press release appended hereto as Exhibits 99.1.
Item 9.01 Financial
Statements and Exhibits.
| Exhibit | ||
| 99.1 | Press Release dated June 11, 2008. |
SIGNATURE
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.
| ANCHOR FUNDING SERVICES, INC., | |||
| a Delaware corporation | |||
|
Date: June
11, 2008
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By:
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/s/ Brad Bernstein | |
| Brad Bernstein, President and Chief Financial Officer | |||
| Ti | |||
Exhibit
99.1
FOR
IMMEDIATE RELEASE – June 11, 2008
Anchor
Funding Services, Inc. reports the election of an independent director and
financial expert to its board.
Boca
Raton, Fl. (PR Newswire)/June 11, 2008 - Anchor Funding Services, Inc. (OTC
Bulletin Board Symbol “AFNG.OB”) announced today that it has expanded
its Board of Directors from five members to six members and elected E. Anthony
Woods to the Board.
Morry F.
Rubin, CEO stated that “Mr. Woods has experience, both as an executive officer
and a director of many corporations, both public and private, and that he will
serve as an “independent director” and as a “financial expert” to Anchor’s
board.“
Since
2003, Mr. Woods has served as Chairman and Chief Executive Officer of Support
Source, a limited liability investing/consulting company, providing financial,
management and marketing expertise to the healthcare industry. From
1987 through 2002, Mr. Woods served as President and Chief Executive Officer of
Deaconess Association, Inc., a large Cincinnati based diversified healthcare
holding company operating for profit and not for profit health services
corporations. Since 2007, Mr. Woods serves as a director of Critical Homecare
Solutions, an equity-fund owned company and leading provider of homecare
services and products currently serving 15,000 patients in 14 states. Since
2006, Mr. Woods serves as a director of Phoenix Health Systems, a national
provider of healthcare information technology outsourcing solutions. Since 2004,
Mr. Woods has served as a director (and as Chairman since 2006) of LCA-Vision, a
leading provider of laser vision correction services which owns and operates
over 70 fixed-site centers in the United States and through a joint venture in
Canada. Since 2003, Mr. Woods is also active as Chairman of the Board
of Deaconess Association, Inc. and he is currently serving as interim Chief
Executive Officer and Chief Financial Officer of said company. Since
1998, he has also served as a director of Cincinnati Financial Corporation, a
Standard & Poors 500 company which serves as a holding company with
subsidiaries which underwrite fire, auto, casualty and other related forms of
insurance. He received his M.B.A. in Finance and Marketing from Samford
University and a B.S. and M.S. in Engineering from the University of
Tennessee.
About
Anchor
Anchor
provides innovative accounts receivable funding to small U.S businesses.
Anchor’s dedicated transportation financing division, Truckerfunds.com, provides
accounts receivable financing for independent trucking owner-operators and small
fleets. Our funding facility is based upon creditworthiness of accounts
receivable and provides rapid and flexible financing to support small
businesses’ daily capital needs.
Additional
Information
For
additional information, a copy of Anchor’s Form 8-K can be obtained on the
Internet by going to www.sec.gov, clicking “Search for Company filings,” then
clicking “Companies & Other Filers,” typing in our company name and clicking
“find Companies.”
Safe
Harbor Statement Under the Private Securities Litigation Reform Act of
1995.
Certain
statements in this press release constitute “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the company to be materially different from any future results, performances or
achievements express or implied by such forward-looking statements. The
forward-looking statements are subject to risks and uncertainties including,
without limitation, changes in levels of competition, possible loss of
customers, and the company’s ability to attract and retain key
personnel.
Contact
Morry F. Rubin, Chairman and C.E.O (866) 950- 6669 EXT 302
Email:
Mrubin@anchorfundingservices.com