IDN Intellicheck Inc

8-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):  October 15, 2014

 

	Intellicheck Mobilisa, Inc.
(Exact name of registrant as specified in charter)

 

Delaware		001-15465		11-3234779
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

191 Otto Street, Port Townsend, WA		98368
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code:  (360) 344-3233

 

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 (see General Instruction A2. below):

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  

 

Item 1.01.

Entry into a Material Definitive Agreement.

 

On October 20, 2014, Intellicheck Mobilisa, Inc. announced that it and one of its subsidiaries (“Borrower”) has entered into a Fourth Amendment to its Loan and Security Agreement (“Fourth Amendment”) with Silicon Valley Bank (“Lender”). Pursuant to the Fourth Amendment, the Lender and the Borrower agreed to the following terms:

 

·

Revolving Credit Facility based on borrowing formula up to a lesser of $2,000,000 or 80% of eligible accounts receivable, as defined in the Loan Agreement.

·

Maturity of one year.

·

Secured by first priority perfected interest in all the Borrower’s assets.

·

Interest rate of WSJ Prime plus 1.25% while on Streamline Reporting (or WSJ Prime plus 1.75% while off Streamline Reporting) payable monthly.

·

Subject to a financial covenant that Tangible Net Worth will not be less than ($1,948,400).

·

Customary representations and warranties of the Borrower and customary events of default.

 

The foregoing description of the Fourth Amendment is a summary only and is qualified in its entirety by reference to the full text of the Fourth Amendment, which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.

 

Item 2.03.

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

Information provided in Item 1.01 of this current report on Form 8-K is incorporated herein by reference.

 

Item 9.01.

Financial Statements and Exhibits

 

(d)

Exhibits

 

	Exhibit No.	Description
	10.1	Fourth Amendment to Loan and Security Agreement, dated as of October 15, 2014, by and among the Company and Silicon Valley Bank.
	99.1	Press Release dated October 20, 2014

 

 

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.

 

	INTELLICHECK MOBILISA, INC.
	By:	/s/ Bill White
		Name: Bill White
		Title: Chief Financial Officer

 

Dated:  October 20, 2014

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

 

  

 

 

PORT TOWNSEND, WA – October 20, 2014 – Intellicheck Mobilisa, Inc. (NYSE MKT: IDN), a global leader in identity solutions and wireless security systems, has signed a new one-year revolving credit facility with Silicon Valley Bank for $2 million, replacing its previous credit facility with that bank.

 

Brian Boatman, Managing Director of Silicon Valley Bank’s Seattle office, stated, “We are pleased to continue our relationship with Intellicheck Mobilisa. We began working with the company three years ago, and aim to provide the right financial services at the right time as we’ve seen them build on their technologies and grow their business.”

 

Bill Roof, Ph.D., president and CEO of Intellicheck Mobilisa, said, “We are happy to have the backing of Silicon Valley Bank, and continue our banking relationship with them. They have expertise in the needs of growing technology companies and a great service orientation. We, too, are pleased that they have opted to continue to be our lender of choice as we implement our growth plans.”

 

About Intellicheck Mobilisa

 

Intellicheck Mobilisa is a leading technology company providing wireless technology and identity systems for various applications, including mobile and handheld access control and security systems for the government, military and commercial markets. Products include Defense ID^®, an advanced ID card access control product currently protecting military bases and secure federal locations; ID Check, a patented technology that instantly reads, analyzes, and verifies encoded data in magnetic stripes and barcodes on government-issued IDs, designed to improve the Customer Experience for the financial, hospitality and retail sectors; barZapp™, an ID-checking mobile app that allows a user’s smartphone to check an ID card. For more information on Intellicheck Mobilisa, please visit www.icmobile.com.

 

Safe Harbor Statement

 

Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. When used in this press release, words such as “will,” “believe,” “expect,” “anticipate,” “encouraged,” and similar expressions, as they relate to the company or its management, as well as assumptions made by and information currently available to the company’s management identify forward-looking statements. Actual results may differ materially from the information presented here. Additional information concerning forward-looking statements is contained under the heading of risk factors listed from time to time in the company’s filings with the SEC. We do not assume any obligation to update the forward-looking information.

 

 

Contact:

 

Dian Griesel Int’l.

Investor Relations:

Cheryl Schneider, 212-825-3210

Or

Media Relations:

Enrique Briz, 212-825-3210