SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report: August 15, 2001
EUROPEAN MICRO HOLDINGS, INC.
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(Exact Name of Registrant as Specified in Charter)
NEVADA 0-23949 65-0803752
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
6073 N.W. 167TH STREET, UNIT C-25, MIAMI, FLORIDA 33015
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (305) 825-2458
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ITEM 5. OTHER EVENTS.
On August 15, 2001, European Micro Holdings, Inc. reported several
events that will materially effect its ability to continue as a going concern.
The press release stated:
o European Micro Plc's principal lender in Europe, Natwest, has
restructured its loan by lowering its borrowing base and reducing
the loan amount to 620,000 pounds sterling. European Micro Plc is a
wholly-owned subsidiary of European Micro Holdings, Inc. This
restructuring will materially impair European Micro Plc's ability to
finance its operations, to purchase inventory and to continue as a
going concern.
o Mr. John P. Gallagher has notified European Micro Holdings, Inc.
that he intends to declare his loan to European Micro Holdings in
the amount of $659,139 due and payable. This loan relates to the
purchase of American Micro Computer Center by European Micro
Holdings. In such event, Mr. John B. Gallagher, Co-President and Co-
Chairman of European Micro Holdings, has indicated that he would
also declare his loan to European Micro Holdings in the amount of
$659,139 due and payable. European Micro Holdings does not have
sufficient funds to satisfy these obligations and therefore a
default is likely to occur. Upon a default, Messrs. Gallagher would,
under the terms of a pledge agreement, be entitled to take back
their shares of stock in American Micro Computer Center. This would
result in European Micro Holdings no longer owning an interest in
American Micro Computer Center.
o The combination of the events described above will materially impair
European Micro Holdings ability to continue as a going concern.
ITEM 7. EXHIBITS.
Exhibit 99.1 - Press release dated as of August 15, 2001.
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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.
EUROPEAN MICRO HOLDINGS, INC.
Date: August 15, 2001 By: /s/ John B. Gallagher
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Name: John B. Gallagher, Jr.
Its: Co-Chairman
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