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Item 1.01 Entry into a Material Definitive Agreement.
On November 30, 2012, Oak Ridge Micro-Energy, Inc. (we, our, us or words of similar import), entered into an Equipment Purchase and Sale Agreement (the Agreement) with Planar Energy Devices, Inc., a Delaware corporation (Planar), whereby we agreed to purchase all of the equipment listed in Exhibit A to the Agreement for $400,000, which sum was provided by our recently acquired wholly-owned subsidiary, Carbon Strategic Pte Ltd, a corporation organized under the laws of Singapore. These funds were advanced to us by Newmark Investment Limited, a Hong Kong corporation and our largest stockholder; Newmark presently owns 92% of our outstanding voting securities. See Exhibit 10.1 to this Current Report in Item 9.01.
The Agreement contained customary representations and warranties of the parties. The equipment was sold as is and where is, and we are required to remove and relocate the equipment to our leased facilities in the Melbourne, Florida.
This equipment will be utilized in our thin film-battery facility in Melbourne, Florida, where we will conduct further research and development of our thin-film battery technology, including further development of our manufacturing process for our thin-film batteries. This purchase follows an October 31, 2012, purchase of other equipment from Planar. For additional information on that purchase, see our 8-K Current Report dated October 31, 2012, which was filed with the Securities and Exchange Commission on November 6, 2012.
The foregoing summary is modified in its entirety to the reference to Exhibit 10.1 in Item 9.01.
Item 2.01 Completion of Acquisition or Disposition of Assets.
See Item 1.01.
Item 9.01 Financial Statements and Exhibits.
Equipment Sale and Purchase Agreement
Exhibit A Equipment List
Exhibit B Bill of Sale
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
OAK RIDGE MICRO-ENERGY, INC., a Colorado
Date: December 5, 2012
Jeffrey J. Flood
Jeffrey J. Flood, President and CEO