Form 8-K for ON THE GO HEALTHCARE INC
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17-Jul-2008
Other Events
ITEM 8.01 OTHER EVENTS.
Effective March 18, 2008, we entered into a binding agreement with FTS Group, Inc. together with its wholly-owned subsidiary OTG Technologies Group, Inc. (together, "FTS"), whereby FTS agreed to purchase certain assets of our value-added reseller business unit, dba On The Go Technologies Group. On June 6, 2008, we agreed to amend certain terms of the binding agreement.
On July 14, 2008, FTS notified us that it intended to terminate the transactions described above. We believe FTS has breached its agreements with us and that the promissory note issued pursuant to the binding agreement, as amended, is in default. We intend to aggressively pursue all remedies that are available to us.
This report contains forward-looking statements that involve risks and uncertainties. You should not place undue reliance on these forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including the risks described in our annual report on Form 10-K and other filings we make from time to time filed with the Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
ITEM 9.01 EXHIBITS.
EXHIBIT NUMBER DESCRIPTION
10.1 Binding Agreement between the Company on one side and FTS Group,
Inc. and OTG Technologies Group, Inc. on the other side, dated
March 18, 2008 (included as Exhibit 10.1 to the Form 8-K filed
March 27, 2008 and incorporated herein by reference).
10.2 Amendment No. 1 to Transaction Documents between the Company on
one side and FTS Group, Inc. and OTG Technologies Group, Inc.
on the other side (included as Exhibit 10.1 to the Form 8-K
filed June 16, 2008, and incorporated herein by reference).
