Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
On July 2, 2014
, TSS, Inc.
(the "Company") and its subsidiaries Innovative Power
and VTC, L.L.C.
(together with the Company, collectively, the
"Borrowers") entered into an agreement (the "2014 Modification) to modify their
revolving credit facility (the "Credit Facility") with Bridge Bank, National
(the "Lender"). The Borrowers had originally obtained the Credit
Facility from the Lender pursuant to a Business Financing Agreement by and among
the Borrowers and the Lender on May 21, 2013
(the "Financing Agreement"), which
was amended by a Business Modification Agreement dated April 8, 2014
, by and
among the Borrowers and the Lender. The 2014 Modification, among other things,
extended the maturity date of the Credit Facility to May 21, 2016
A copy of the 2014 Modification is attached hereto as Exhibit 99.1 and is
incorporated herein by reference. The foregoing summary does not purport to be
complete and is qualified in its entirety by reference to the attached 2014
Item 9.01. Financial Statements and Exhibits.
99.1 Business Financing Modification Agreement, dated July 2, 2014
, by and among
the TSS, Inc.
, Innovative Power Systems, Inc.
, VTC, L.L.C.
and Bridge Bank,
S I G N A T U R E S
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.
By: /s/ Anthony AngeliniAnthony Angelini
President and Chief Executive Officer
Date: July 3, 2014