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WEST > SEC Filings for WEST > Form 8-K on 29-Aug-2013All Recent SEC Filings

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Form 8-K for WESTINGHOUSE SOLAR, INC.


29-Aug-2013

Other Events


Item 8.01 Other Event

On August 23, 2013, Westinghouse Solar, Inc. (the "Company") received formal written notice of the termination of its License Agreement and Trade Name Agreement with Westinghouse Electric Corporation ("Westinghouse"). The Company does not believe that the termination of the license agreement will have a material adverse effect on its future business. While the Westinghouse trademark is an important, world-wide brand, the Company believes the most important competitive factors relating to its products are their effectiveness, efficiency and consumer cost, i.e., price point, and ultimately to the extent the cost of the Westinghouse license becomes prohibitive, it negatively impacts the Company's cost of goods. As previously disclosed, on July 22, 2013, the Company had received a breach of contract notice due to non-payment of past due license fees to Westinghouse. The Company is currently past due for license fees of $382,500 related to 2012 and $500,000 for the first half of 2013 and was unable to make payment for the past due license fees within the 30-day cure period provided for by the terminated License Agreement.


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