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EX-99.1 - CAPITAL GROWTH SYSTEMS INC /FL/ | v191197_ex99-1.htm |
UNITED
STATES
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): July 23, 2010
Capital
Growth Systems, Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Florida
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0-30831
|
65-0953505
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification No.)
|
200 S.
Wacker, Suite 1650, Chicago, Illinois 60606
(Address
of Principal Executive Offices, Including Zip Code)
(312)
673-2400
(Registrant's
Telephone Number, Including Area Code)
Not
Applicable
(Former
Name or Former Address, 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:
o Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.03.
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Bankruptcy
or Receivership.
|
On July
23, 2010, Capital Growth Systems, Inc. (CGSY.OB) (the “Company”) announced that
today it, together with the following wholly owned subsidiaries: Global Capacity
Direct, LLC, Global Capacity Group, Inc., CentrePath, Inc., FNS 2007, Inc.,
20/20 Technologies, Inc., 20/20 Technologies I, LLC, Global Capacity Holdco,
LLC, and Nexvu Technologies, LLC (each a “Debtor” and collectively with the
Company, the “Debtors”) filed voluntary petitions for reorganization under
Chapter 11 of the United States Bankruptcy Code with the United States
Bankruptcy Court for the District of Delaware. The Debtors remain in
possession of their assets and properties, and continue to operate their
businesses and seek to petition for debtors in possession financing to be
provided by a consortium of lenders including Downtown Capital Partners and a
group of certain of the current holders of secured convertible
debentures of the Company. The financing will be sought to enable the
Debtors to continue to operate their business in the ordinary course pending a
proposed reorganization of the Debtors’ businesses.
Item
9.01
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Financial
Statements and Exhibits
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Exhibit
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Description
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99.1
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Press
Release Issued July 23, 2010
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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.
Dated:
July 23, 2010
CAPITAL
GROWTH SYSTEMS, INC.
|
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By:
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/s/George
A. King
|
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George
A. King
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President
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