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| WGNR > SEC Filings for WGNR > Form 8-K on 3-Dec-2008 | All Recent SEC Filings |
3-Dec-2008
Entry into a Material Definitive Agreement, Change in Directors or Principal Officer
On November 26, 2008, Wegener Corporation, a Delaware corporation (the "Company"), entered into an Agreement for Sale and Purchase of Property, effective November 26, 2008 (the "Agreement"), between the Company, Newport Development, LLC (the "Buyer") and Republic Commercial Title Company, LLC, as escrow agent. Pursuant to the terms of the Agreement, the Company agrees to sell and the Buyer agrees to purchase approximately 4.4 acres of undeveloped land located adjacent to the Company's headquarters in Johns Creek, Georgia (the "Property") for $190,000 per acre, or approximately $840,000, less any applicable commissions and closing costs. The Agreement is subject to various contingencies, including a 90-day inspection period during which the Buyer shall have the right to inspect the Property to determine whether it is suitable for Buyer's intended use, the final rezoning of the Property to permit Buyer's intended use, the Buyer closing on the acquisition of certain other property located adjacent to the Property (the "Adjacent Property") prior to or simultaneously with Buyer closing on the Property, and the Buyer being able to obtain the approval of all public and governmental authorities relating to the subdivision of the Property and the Adjacent Property.
The closing on the Property shall occur on or before ten days after the final rezoning of the Property. In the event the final rezoning does not occur within one year after the effective date of the Agreement, either party shall have the right to terminate the Agreement by written notice to the other party at any time thereafter until such time as the final rezoning has occurred. Upon the closing, the Company intends to use the proceeds from the sale of the Property to reduce its borrowings under its line of credit.
On November 26, 2008, David W. Wright notified the Board of Directors of the Company that he has chosen not to stand for reelection as a director of the Company at the Company's 2009 annual meeting of stockholders.
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