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): February 11, 2010
RAPHAEL
INDUSTRIES LTD.
(Exact
name of registrant as specified in charter)
|
Nevada
|
000-52304
|
20-3717729
|
||
|
(State
or other jurisdiction
|
(SEC
File Number)
|
(I.R.S.
Employer
|
||
|
of
incorporation)
|
Identification
No.)
|
|
5190
Neil Road Suite 430
Reno NV
|
89502
|
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code: (866) 261-8853
N/A
(Former name or former address, if
changed since last report)
Item 5.02. Departure of Directors or
Principal Officers; Election of Directors; Appointment of Principal
Officers.
On
February 10, 2010 the Company received the resignation of Craig Wacaser as a
Director, effective immediately. At the time of his resignation Mr. Wacaser was
not a member of any board committee.
On
February 11, 2010 the Company appointed Ronald Hughes as Chief Executive
Officer, Chief Financial Officer and a Director. For the last five years Mr.
Hughes has been President, CEO & Director of TransAmerican Energy Inc., a
TSX-Venture Exchange listed Company. While with TransAmerican, Mr. Hughes was
responsible for the acquisition of the company’s initial producing oil and gas
assets and for the year ended April 30, 2009 the company realized revenues of
Canadian Dollar 932,000. Mr. Hughes also sits on the Boards of VisionQuest
Energy Group, and Precision Enterprises Inc., both publicly traded companies in
Canada. Mr. Hughes has 20 years of experience in early stage Business
Development and he will be responsible for assessing and evaluating new business
opportunities for Raphael. Mr. Hughes studied Resource Economics &
Management from the University of Alberta.
There is
no family relationship between Mr. Hughes and any other director or executive
officer in Raphael Industries Ltd. Mr. Hughes is currently not a director of any
company with a class of securities registered pursuant to section 12 of the
Exchange Act.
Item 8.01. Other.
The
company has been unable to renew its agreement with Global Commodity Press
Limited and is no longer entitled to market data from Global Commodity Press
Limited. The Company has effected final payment of all outstanding obligations
under its previous agreements with Global Commodity Press Limited. As a result
of this failure to renew the Company has one non-exclusive arrangement to market
and rent data from Free Enterprise Press Limited.
Due to
this failure to renew the viability of the Company’s business plan is in
question. The company has determined to seek additional business
opportunities.
On the
11th day of February 2010, Arne Raabe completed a private transaction whereby he
sold 1.9 million shares in the Company to four sophisticated
investors.
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.
Raphael
Industries Ltd.
ARNE
RAABE
Arne
Raabe
Director