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| BRTE.OB > SEC Filings for BRTE.OB > Form 8-K on 16-Apr-2009 | All Recent SEC Filings |
16-Apr-2009
Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligati
On April 10, 2009, Brightec, Inc., a Nevada corporation (f/k/a Advanced Lumitech, Inc. and hereinafter, the "Company") entered into that certain Amendment and Allonge (the "Amendment") to the Convertible Line of Credit Note (the "Note") with Ross/Fialkow Capital Partners, LLP, Trustee of Brightec Capital Trust ("Ross/Fialkow" and together with the Company, the "Parties"), originally dated as of June 8, 2006, whereby Ross/Fialkow agreed to extend the maturity date of the Note from December 31, 2008 to December 31, 2009. Pursuant to the Amendment, the Parties also agreed to amend the Note by reducing the interest rate payable on principal outstanding thereunder, retroactive to April 1, 2009, from twenty percent (20%) to ten percent (10%). A copy of the Amendment is attached hereto as Exhibit 10.32 and is incorporated by reference into this Item 1.01.
Also on April 10, 2009, the Parties entered into that certain Amendment and Waiver Agreement (the "Waiver") to the Loan and Security Agreement dated June 8, 2006 (the "Loan") whereby the Loan was amended to (i) extend the termination date of the Loan to December 31, 2009, (ii) extend the expiration of Ross/Fialkow's conversion option thereunder to December 31, 2009 (iii) terminate any commitment on the part of Ross/Fialkow to make any additional advances or loans of principal under the Loan in excess of the principal balance currently outstanding, (iv) reduce the interest rate payable on the principal outstanding under the Loan, retroactive to April 1, 2009, from twenty percent (20%) to ten percent (10%), and (v) waive the Company's existing payment defaults and extend the grace period for curing such payment defaults until June 30, 2009. In exchange for the terms referenced by (i), (iv) and (v) in the preceding sentence, the Company agreed to issue 125,000 shares of its common stock to Ross/Fialkow, no later than May 31, 2009. A copy of the Waiver is attached hereto as Exhibit 10.33 and is incorporated by reference into this Item 1.01.
See Item 1.01 herein above.
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits.
Exhibit
Number Description of Exhibit Location
10.32 April 10, 2009 Amendment and Allonge to Convertible Provided herewith
Line of Credit Note dated as of June 8, 2006 from
Brightec, Inc. f/k/a Advanced Lumitech, Inc. to
Ross/Fialkow Capital Partners LLP, Trustee of Brightec
Captial Trust
10.33 Amendment and Waiver Agreement dated as of April 10, Provided herewith
2009 to Loan and Security Agreement dated as of June
8, 2006 between Ross/Fialkow Capital Partners LLP,
Trustee of Brightec Capital Trust and Brightec, Inc.
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