UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 3, 2010
ENVIRONMENTAL SERVICE PROFESSIONALS, INC.
----------------------------------------------------
(Exact name of registrant as specified in its charter)
NEVADA
------------------------------------------
(State or other jurisdiction of incorporation)
1-14244 84-1214736
--------------------------------------------------------------------------------
(Commission File Number) (I.R.S. Employer Identification No.)
810 N. FERRELL DRIVE, PALM SPRINGS, CALIFORNIA 92262
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(760) 327-5284
--------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
--------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
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.
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR240.14d-2(b))
[_] Soliciting material pursuant to Rule 14a-12 under Exchange Act (17
CFR240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR240.13e-4(c))
SECTION 2. FINANCIAL INFORMATION
Item 2.03. Creation of a Direct Financial Obligation.
On February 18, 2010, Environmental Service Professionals, Inc., a
Nevada corporation (the "Company") established an account with Metropolitan
Bancorp to arrange for the issuance of a Stand by Letter of Credit ("SBLC") for
the purpose of securing a loan for the Company. The Company has pledged a total
face amount of $185MM of Senior Life Settlement policies. As a result of the
pledge of these policies, Metropolitan Bancorp has caused the issuance of an
SBLC in the amount of $104MM in the benefit of the Company. The Company plans to
pledge the SBLC to cover a loan and interest for a Twenty-Four month period. The
Company is in the process of seeking a loan in the principal sum of Fifty-Eight
Million Dollars ($58,000,000) or greater for a term of 24 months to be evidenced
by a secured promissory note ("Note"). The Note is to be secured by the Stand by
Letter of Credit arranged by Metropolitan Bancorp Ltd. The Company expects the
credit facility to be made available to it by March 15, 2010.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
ENVIRONMENTAL SERVICE PROFESSIONALS, INC.
(Registrant)
Date: March 3, 2010
/s/ Edward Torres, Chief Executive Officer
-------------------------------------------
Edward Torres, Chief Executive Officer
