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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 19, 2011
AVWORKS AVIATION CORP.
(Exact name of registrant as specified in its charter)
Nevada 000-27795 98-0427526
(State of Incorporation) (Commission (I.R.S. Employer
File Number) Identification Number)
4700 Hiatus Road, Suite 252, Sunrise, Florida 33351
(Address of Principal Executive Offices) (Zip Code)
(954) 749-0484
(Registrant's telephone number, including area code)
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):
[ ] 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 communication pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communication pursuant to Rule 13e-4c under the Exchange
Act (17 CFR 240.133-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On December 19, 2011, AvWorks Aviation Corp. ("AvWorks") entered into a
Management Advisory Agreement ("Agreement") with Precision Aircraft Dismantling,
LLC, a Florida limited liability company ("Precision"), pursuant to which
AvWorks will provide management and advisory services to Precision. In addition,
AvWorks will provide Precision with access to AvWorks' offices,
telecommunication equipment, equipment and warehouses.
The Agreement has a term of 12 months, may be renewed for an additional
term(s) of one or more years upon written consent of the parties and the
Agreement may be terminated by either party at the end of the first six (6)
months.
AvWorks will be compensated for the management and advisory services it
provides to Precision by a fee equal to one half of the net profit from the
operations of Precision. The parties have agreed that AvWorks will identify the
salvageable assets and will oversee the entire process from scrapping, to
quality control, to inventory and asset liquidation.
ITEM 7.01 REGULATION FD.
On December 19, 2011, AvWorks issued a press release announcing the entry
into the Agreement with Precision, a copy of which is attached hereto as Exhibit
99.1.
ITEM 9.01 EXHIBITS.
(d) Exhibits
Exhibit No. Document Description
----------- --------------------
10.1 Management Advisory Agreement dated December 19, 2011, by and
between and AvWorks Aviation Corp. and Precision Aircraft
Dismantling, LLC
99.1 AvWorks Aviation Corp. Press Release dated December 19, 2011
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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.
Dated: December 19, 2011 AVWORKS AVIATION CORP.
By: /s/ Joel A. Young
-------------------------------------
Joel A. Young
President and Chief Executive Officer
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EXHIBIT INDEX
Exhibit No. Document Description
----------- --------------------
10.1 Management Advisory Agreement dated December 19, 2011, by and
between and AvWorks Aviation Corp. and Precision Aircraft
Dismantling, LLC
99.1 AvWorks Aviation Corp. Press Release dated December 19, 2011
