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EX-99.1 - PRESS RELEASE - Location Based Technologies, Inc.ex99-1.htm
 
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): April 20, 2012
 

Location Based Technologies, Inc.
(Exact name of registrant as specified in its charter)

 
Nevada
333-139395
20-4854758
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
 
49 Discovery, Suite 260, Irvine, California 92618
(Address of Principal Executive Offices) (Zip Code)
 
(888) 600-1044
(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 obligations of the registration under any of the following provisions:
 
5
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
5
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
5
Pre-commencement communications pursuant to Rule 14d-2(k) under the Exchange Act (17 CFR 240.14d-2(b))
 
5
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
         
 
 

 
 
Item 1.01.  Entry into a Material Definitive Agreement

IRVINE, Calif., April 20, 2012--Location Based Technologies, Inc. (OTCBB:LBAS.ob – News) has executed a Third Amendment to its Loan and Security Agreement with Silicon Valley Bank. Under the original Loan and Security Agreement, executed on January 5, 2011, the Company received a $1,000,000 loan at an interest rate of the greater of prime plus two hundred and fifty basis points (prime + 2.5%) or 6.5%, on an annualized basis. The Note was due on January 5, 2012.  On February 3, 2012 the Company entered into the First Amendment to the Loan and Security Agreement which extended the maturity date from January 5, 2012 to April 5, 2012. This Third Amendment extends the maturity date from April 5, 2012 to October 5, 2012.
 
A copy of the release is attached as Exhibit 99.1.
 
This information shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act 1934, as amended, and is not incorporated by reference into any filing of the company, whether made before or after the date of this report, regardless of any general incorporation language in the filing.

 
Item 9.01.  Financial Statements and Exhibits
 
Exhibit #
Description
99.1
Press release

 
 

 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

 
LOCATION BASED TECHNOLOGIES, INC.
 
       
Date: April 20, 2012
By:
/s/ David Morse
 
   
David Morse
 
   
Chief Executive Officer