- Current report filing (8-K)
20 Februar 2009 - 12:03PM
Edgar (US Regulatory)
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 2, 2009
American
Medical Technologies, Inc.
(Exact
name of Registrant as specified in its charter)
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Delaware
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0-19195
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38-2905258
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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5655
Bear Lane
Corpus
Christi, TX 78405
(Address
of principal executive offices)
Registrant’s
telephone number, including area code:
(361) 289-1145
Not
Applicable
(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:
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o
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
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o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
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o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
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o
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM
3.02. UNREGISTERED SALES OF EQUITY SECURITIES
On
February 2, 2009, the Board of Directors voted to grant options to purchase
300,000 shares of the Company’s common stock to Barbara Woody, Vice President of
Administration and Finance under the Company’s 2005 Employee Stock Option
Plan. The options have an exercise price of $0.05 per share, the
closing market price of the Company’s common stock on that date. The
option grant vested immediately.
ITEM
8.01. OTHER EVENTS.
On
February 9, 2009 the Company entered into a Change in Terms Agreement with
Compass Bank related to the Company’s line of credit with Compass
Bank. Under the prior terms, Compass Bank agreed to provide a line of
credit in the amount of $800,000 to the Company of which $690,000 had been
advanced. In connection with the Change in Terms Agreement, the
Company’s $326,000 certificate of deposit was used by Compass Bank to repay
amounts the Company owed to Compass Bank. Additionally, the Change in
Terms Agreement reduced the amount that Compass Bank is required to loan the
Company under the line of credit to $375,000. The variable interest
rate on the line of credit under the Change of Terms Agreement is 2.5% over the
prime interest rate, adjustable daily, with an initial interest rate of 5.75%,
subject to a 5.75% floor. Monthly interest payments will begin on
March 20, 2009 with the entire outstanding principal and unpaid accrued interest
due in one payment on February 6, 2010. The current balance on the
line of credit is approximately $361,892 as of the date of this
filing. The reduction of available credit may have a negative impact
on the Company’s ability to continue its current business strategy and its
future operations.
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.
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AMERICAN
MEDICAL TECHNOLOGIES, INC.
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February
19, 2009
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By:
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/s/
Judd
D. Hoffman
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Judd
D. Hoffman
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Chairman
of the Board of
Directors
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