Gsv Inc - Current report filing (8-K)
July 02 2008 - 3:05PM
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):
June
30, 2008
GSV,
Inc.
(Exact
name of registrant as specified in its charter)
Delaware
|
0-23901
|
13-3979226
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
191
Post Road, Westport, CT
|
06880
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code:
(203)
221-2690
N/A
(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:
¨
|
Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
¨
|
Solicitation
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))
|
Forward-Looking
Statements
Some
of
the statements in this document are forward-looking statements that involve
risks and uncertainties. These forward-looking statements include statements
about our plans, objectives, expectations, intentions and assumptions that
are
not statements of historical fact. You can identify these statements by the
following words:
-
"may"
-
"will"
-
"should"
-
"estimates"
-
"plans"
-
"expects"
-
"believes"
-
"intends"
and
similar expressions. GSV, Inc. (“GSV”) cannot guarantee its future results,
performance or achievements. GSV’s actual results and the timing of corporate
events may differ significantly from the expectations discussed in the
forward-looking statements. You are cautioned not to place undue reliance on
any
forward-looking statements. Potential risks and uncertainties that could affect
GSV’s future operating results include, but are not limited to, its limited
operating history, history of losses, need to raise additional capital, and
the
high risk nature of its business, as well as other risks described in GSV’s most
recent annual report on Form 10-KSB filed with the Securities and Exchange
Commission.
Item
1.01.
Entry
into a Material Definitive Agreement.
On
June
30, 2008, Cybershop, LLC (“Cybershop”), a wholly owned subsidiary of GSV,
entered into an agreement dated as of June 30, 2008 (the “Amendment”) with B
& L Oil Company, Inc. (“B & L”) and Randall Petroleum Corp. (“Randall”)
to amend the terms of an acquisition agreement dated April 7, 1999 (the
“Agreement”), by and among B & L, Randall, and Polystick U.S. Corp.
(“Polystick”). Cybershop succeeded to Polystick’s interests under the
Agreement in 2003. Pursuant to the Amendment, the parties agreed: (A) to
terminate the back-in after payout due B & L and Randall under Article VI of
the Agreement; and (B) that the parties will have the right to participate
in
any prospect generated and proposed in the HLM Project in
Liberty
and Montgomery Counties, Texas
(except
the East Wilcox Prospect, the Friendswood No. 2-RE well, the Nickel Prospect
and
the Shirley Gay No. 1 well), in the following portions: B & L an undivided
1/3
rd
interest; Randall an undivided 1/3
rd
interest; and GSV an undivided 1/3
rd
interest.
On
July
1, 2008, GSV and D. Emerald Investments Ltd. (“Emerald”) entered into an
agreement dated as of May 10, 2008 (the “Extension Agreement”), pursuant to
which GSV and Emerald agreed to extend and renew an 8% convertible promissory
note in the principal amount of $200,000 (the “Original Note”) and a warrant to
purchase 1,142,857 shares of GSV’s common stock, par value $.001 per share, at
an exercise price of $.70 per share (the “Original Warrant”). The Original Note
and Original Warrant were issued pursuant to a Purchase Agreement dated as
of
May 11, 2004 between Emerald and GSV, and had previously been amended by
agreements dated as of May 10, 2005, May 10, 2006 and May 10, 2007 between
the
parties. Pursuant to the Extension Agreement, the Original Note has been amended
and restated in a substitute note with a maturity date of July 10, 2009 (the
“Substitute Note”) and the Original Warrant has been amended and restated in a
substitute warrant with an expiration date of May 10, 2009 (the “Substitute
Warrant”).
The
Substitute Note bears interest at the rate of 8% per annum, payable quarterly
in
arrears. On May 10, 2008, there was $64,000 of interest accrued on the
Substitute Note. Principal and accrued interest on the Substitute Note is
convertible at a price of $.70 per share at any time prior to July 10, 2009.
The
Substitute Note provides that if the principal and interest due on the maturity
date is not paid, the Note will bear interest at a default rate of 12% per
annum. Upon the occurrence of an event of default, Emerald may, at its sole
option, declare the entire principal amount of the Substitute Note and any
interest due thereon immediately due and payable. Events of default include
failure to pay the principal amount on the maturity date or any interest when
due, commencement by GSV or against GSV of any proceeding or other action
relating to bankruptcy or reorganization, GSV’s breach or failure to perform or
observe any obligation contained in the Substitute Note, Purchase Agreement
or
Substitute Warrant or GSV’s failure to ensure that any conversion of the
Substitute Note is effected upon request. Payment and performance under the
Substitute Note is guaranteed by Polystick and secured by a pledge
agreement between Polystick and Emerald pursuant to which Polystick has pledged
200,000 shares of GSV’s Series B Preferred Stock to Emerald.
Item
9.01 Financial Statements and Exhibits
(c)
Exhibits
Exhibit
No.
|
Description
|
|
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10.1
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Agreement
dated as of May 30, 2008 by and between GSV, Inc. and D. Emerald
Investments Ltd.
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10.2
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Amended
and Restated Convertible Promissory Note issued to D. Emerald Investments
Ltd.
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10.3
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Amended
and Restated Warrant issued to D. Emerald Investments
Ltd.
|
10.4
|
Guarantor’s
waiver and consent by Polystick U.S. Corp. in favor of D. Emerald
Investments Ltd.
|
10.5
|
Amendment
No. 1 to Acquisition Agreement dated as of July 1, 2008 by and
betwe
en
Cybershop, LLC, B & L Oil Company, Inc. and Randall Petroleum
Corp.
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*
* * *
SIGNATURE
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.
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GSV,
INC.
(Registrant)
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|
|
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Dated:
July 2, 2008
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By:
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/s/ Gilad Gat
|
|
Gilad
Gat
|
|
Chief
Executive Officer
(Principal
Executive Officer)
|
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