Vubotics Inc - Current report filing (8-K)
June 12 2008 - 4:46PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
AND EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported)
June 12, 2008
VUBOTICS,
INC.
(Exact Name of Registrant as Specified in Charter)
Georgia
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000-28883
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58-2212465
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(State or Other Jurisdiction
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(Commission
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(IRS Employer
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of Incorporation)
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File Number)
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Identification No.)
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235 Peachtree Street, NE, Suite 1725, Atlanta, Georgia 30303
(Address of Principal Executive Offices)
Registrants telephone number, including area code:
404-474-2576
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 (See General Instruction A.2. below):
o
Written communication
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
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))
Item 2.04.
Triggering
Events that Accelerate or Increase a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement.
On June 6, 2006,
VuBotics, Inc. (the Company) received a notice of default and demand for
immediate payment (the Notice) from Jay Weil, the collateral agent (the
Collateral Agent) under the Securities Purchase Agreement, dated as of August 28,
2007, among the Company, certain investors (the 2008 Investors) and the
Collateral Agent (the Purchase Agreement), on behalf of the 2008
Investors. The Notice states that an
event of default has occurred under the Purchase Agreement as a result of the
Companys failure to pay the outstanding $1,743,001 principal amounts due under
the senior, secured convertible notes (the Notes) held by the 2008 Investors
plus any accrued and unpaid interest thereon (the Default) on the maturity
date thereof.
Pursuant to the Security
Agreement, dated as of August 28, 2007, between the Company and the
Collateral Agent, as a result of the occurrence of the Default, the Collateral
Agent may take possession of substantially all of the Companys assets and may
initiate a non-judicial sale process of such assets in accordance with the
Uniform Commerical Code. The Company is
currently in negotiations with the 2008 Investors and the Collateral Agent
regarding the extension, forbearance, and modification of the Notes or
alternative arrangements in order to avoid the foreclosure of its assets. The Company can not give any assurances that
such negotiations will be successful in avoiding the foreclosure of its assets.
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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.
VuBotics, Inc.
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By:
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/s/
Philip E. Lundquist
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Name:
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Philip
E. Lundquist
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Title:
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Chairman
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Date:
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June 12,
2008
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3
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