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EX-99 - XFormity Technologies, Inc. | noticeofdefault080112.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): August 1, 2012
XFORMITY TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in its Charter)
Colorado | 0-23391 | 84-1434313 |
(State or other jurisdiction | Commission File | (I.R.S. Employer Identification number) |
4100 Spring Valley Road, Suite 800. Dallas, Texas 75244
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (972) 661-1200
___________________________________________________
(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 communications pursuant to Rule 425 under the Securities Act |
___ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
___ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
___ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
ITEM 2.04 | TRIGGERING EVENTS THAT ACCELERATE OR INCREASE A DIRECT FINANCIAL OBLIGATION OR AN OBGLIATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT |
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XFormity Technologies, Inc., a Colorado corporation (the Company) and its wholly-owned subsidiary, Xformity, Inc., a Texas corporation (Xformity), received a Notice of Default dated August 1, 2012 from a Majority in Interest of the Holders of the Series 2007 Secured 9% Convertible Debentures (Debentures) originally issued under that certain Trust Indenture dated January 12, 2006 (Trust Indenture) under which Jack Rabin serves as Indenture Trustee.
The Notice of Default under the Debentures claims failure to pay all sums due and owing thereunder on or before the current extended maturity date of July 31, 2012 (Extended Maturity Date). The current amount of outstanding principal due and owing thereunder is $1,206,763.18 together with accrued and unpaid interest through July 31, 2012 of $253,661.78.
The Debentures are secured by a Security Agreement in favor of Jack Rabin, as Trustee under the Trust Indenture, and a UCC financing statement covering all of the tangible and intangible assets of the Company and XFormity.
Further, the Notice of Default states that the holders of a Majority in Interest of the Debentures will not agree to further extend the maturity date beyond the Extended Maturity Date. Nor will the holders of a Majority in Interest of the Debentures agree to any forbearance of their rights upon default by the Companies under the Debentures or collateral documents, including the Trust Indenture and Security Agreement.
ITEM 9.01
EXHIBITS
99.1
Notice of Default dated August 1, 2012.
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 thereunto duly authorized.
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| XFormity Technologies, Inc.(Registrant) | |
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| Dated: August 6, 2012 |
| __/s/ Chris Ball _ |
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