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ALSE > SEC Filings for ALSE > Form 8-K on 31-Jul-2013All Recent SEC Filings

Show all filings for ALSERES PHARMACEUTICALS INC /DE

Form 8-K for ALSERES PHARMACEUTICALS INC /DE


31-Jul-2013

Entry into a Material Definitive Agreement


Item 1.01. Entry into Material Definitive Agreements.

On May 2, 2012 the Company received notice that Biostorage Technologies, Inc (Biostorage). had filed a lawsuit in Marion Superior/Circuit Court, Marion County, Indiana seeking to recover amounts alleged to be owed by the Company to the plaintiffs totaling $119,363 plus legal fees and costs. On July 30, 2013 the Company entered into a settlement and release agreement with BioStorage Technologies, Inc. ("BioStorage") pursuant to which the Company agreed to make 3 payments totaling seventy five thousand dollars ($75,000.00) in full settlement of the claims against the Company. The agreement calls for three payments to be made as follows:

$10,000.00 on or before July 31, 2013

$40,000.00 on or before December 31, 2013 and'

$25,000.00 on or before February 28, 2014.

As part of the settlement agreement and in the event that the Company fails to honor its obligations under the settlement agreement, the Company executed an agreed judgment in the total amount of $95,000.00 such amount to be reduced by the amount of each scheduled payment actually made by the Company pursuant to the settlement agreement.

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.

Alseres Pharmaceuticals, Inc.

Date: July 31, 2013 By: /s/ Kenneth L. Rice, Jr.

Kenneth L. Rice, Jr.
Executive Vice President, Finance and
Administration and Chief Financial Officer

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