- Current report filing (8-K)
December 23 2009 - 8:30AM
Edgar (US Regulatory)
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): December 18, 2009
IA Global, Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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1-15863
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13-4037641
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(State or other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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101 California Street, Suite
2450, San Francisco, CA
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94111
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number,
including area code:
(415)-946-8828
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(Former name or former address if changed since last report.)
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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)
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Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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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))
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Item 8.01. Other Events.
On December 18, 2009, IA Global,
Inc. (the “Company”) received an investment of 200 million
Yen, or approximately US$2.2 million at current exchange rates, from the
Inter Asset Japan LBO No. 1 Fund. The Company has allocated US$2.0 million
of the investment to establish a venture capital fund in South Korea, and it
will use the remaining US$0.2 million for working capital purposes. The
Company’s US$2.0 million will be part of a larger, Korean
government-backed venture fund that is expected to raise approximately
US$30 million in its first round of financing by early 2010. TOZAI
Holdings Inc. (“TOZAI”), a company traded on the Korean Kosdaq
stock market under the symbol “037700” with successful experience
in investing in high-technology ventures in Korea, is facilitating the Korean
government licensing and funding.
The US$2.0 million was paid into
an escrow account until the venture capital fund is formed in early 2010. The
Company has agreed to issue to Inter Asset Japan LBO No. 1 Fund 55,556,976
shares of its common stock at $.04 per share in exchange for the investment
described above.
The venture fund is expected to
facilitate high-tech manufacturing of solar, LCD, and touch panels in Korea.
This is the Company’s first step toward strengthening its position in
global technical, financial, energy, and commodity markets. TOZAI and the
Company intend to partner to build a solid foundation that utilizes the
low-cost, highly skilled technology base in Korea to capture emerging business
opportunities worldwide.
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SIGNATURE
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 thereunto duly authorized.
IA Global, Inc.
(Registrant)
Dated: December 23, 2009
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By:
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/s/ Brian Hoekstra
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Brian Hoekstra
Chief Executive Officer
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