UNITED STATES SECURITIES AND EXCHANGE COMMISSION ~~Washington, D.C. 20549~~

~~_____________________~~WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ~~AND~~ EXCHANGE ACT OF 1934

Date of ~~Report~~report (Date of earliest event reported): ~~November~~August 249, ~~2003~~2004

SYSTEMONE TECHNOLOGIES INC.

(Exact ~~name~~Name of ~~registrant~~Registrant as ~~specified~~Specified in its ~~charter~~Charter)

FLORIDA (State or other jurisdiction of incorporation)


Florida	000-21325	65-0226813

(State or Other Jurisdiction of Incorporation)	(Commission File No.)	(IRS Employer Identification No.)

000-21325		65-0226813
(Commission File Number)		(I.R.S. Employer Identification No.)

8305 N.W. 27th Street, Suite 107, Miami, Florida 33122

8305 N.W. 27th Street Suite 107, Miami, Florida		33122
(Address of principal executive offices)		(Zip Code)

(Address of principal executive offices) (Zip Code)

(305) 593-8015 ~~(Registrant’s telephone number, including area code)~~

(~~Not~~Registrant’s ~~Applicable) (Former~~telephone ~~name or former address~~number, ifincluding ~~changed~~area ~~since last report~~code)

~~Item 5.~~Not ~~Other Events and Regulation FD Disclosure.~~Applicable

~~On November 24, 2003, the bankruptcy court administering the reorganization of Safety-Kleen Systems, Inc.~~ (~~“Safety-Kleen”)~~Former ~~entered~~Names anor ~~order approving~~Former ~~the previously disclosed Comprehensive Settlement Agreement (the “Settlement Agreement”) between SystemOne Technologies Inc. (“SystemOne”) and Safety-Kleen. As a result~~Address, ~~the~~if ~~Settlement~~Changed ~~Agreement~~Since ~~became~~Last ~~fully effective on November 28, 2003 and requires Safety-Kleen to pay the $12 million balance under the Settlement Agreement by no later than March 31, 2004.~~ Report)

InItem addition, in light of the Settlement Agreement’s effectiveness, on November 24, 2003, SystemOne agreed in principle to amend its Revolving Credit Loan Agreement, dated as of November 30, 2000, as amended to date (the “Senior Revolver”), with Hansa Finance Limited Liability Company (the “Lender”) to reduce the maximum amount that can be borrowed under the Senior Revolver to the lesser of (A) $3,000,000 or (B) the sum of: (w) 80% of the Qualified Accounts Receivable (as defined), plus (x) 75% of the value of SystemOne’s Qualified Finished Goods Inventory (as defined), plus (y) 50% of the value of SystemOne’s Qualified Raw Materials/Work-in-Process Inventory (as defined)7. InFinancial ~~addition~~Statements, ~~the~~ ~~Lender~~Pro ~~agreed~~Forma toFinancial ~~reduce~~Information ~~the~~and ~~annual interest rate under the Senior Revolver to 13 percent~~Exhibits. To the extent that the amount currently outstanding under the Senior Revolver exceeds the new maximum amount, SystemOne anticipates paying down the Senior Revolver from cash provided from the Settlement Agreement.

2 (c) Exhibits.

~~SIGNATURES~~ 99.1 Press release of SystemOne Technologies Inc. (the “Registrant”), dated August 9, 2004, reporting financial results for the three and six month periods ended June 30, 2004 (furnished and not filed herewith solely pursuant to Item 12).

~~Pursuant~~Item to12. ~~the~~Results ~~requirements~~ of ~~the~~Operations ~~Securities~~and ~~Exchange~~Financial ~~Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized~~Condition.

		SYSTEMONE TECHNOLOGIES INC.
Date: December 1, 2003		By: /s/ Paul I. Mansur
		Paul I. Mansur Chief Executive Officer

On August 9, 2004, the Registrant issued a press release announcing its financial results for the three and six month periods ended June 30, 2004. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

3 The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

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 hereunto duly authorized.


	SYSTEMONE TECHNOLOGIES INC.
Date: August 12, 2004	By:	/s/ Paul Mansur
		Paul Mansur
		Chief Executive Officer

Index to Exhibits


Exhibit No.		Exhibit Title
99.1		Press release of SystemOne Technologies Inc., dated August 9, 2004, reporting financial results for the three and six month periods ended June 30, 2004 (furnished and not filed herewith solely pursuant to Item 12).

Filing Compare · SYSTEMONE TECHNOLOGIES INC