from the 8-k in september.....ceased operations...
Section 8 – Other Events
Item 8.01 Other events
On September 14, 2009, the Board of Directors of IPtimize, Inc., a Delaware corporation (the “Company”), determined to cease the Company’s operations effective immediately and proceed with orderly dissolution and sale of the Company’s assets. The Board determination was made after the Company had run out of cash to finance its operations and after it had not received the $2.5 million financing which the Company expected to receive following its execution of the loan documentation with BJC Corporation on August 6, 2009. Notwithstanding the lender’s apparent continuous assurances that the funding was forthcoming, none of such financing materialized as of the date hereof and as of September 11, 2009, the Company became unable to continue its operations. The Company also attempted to pursue other financing alternatives, but was not able to complete any of them in the timeframe presented.
The secured creditors of the Company have started foreclosure actions and the remaining assets of the Company are being readied for liquidation. The Board also authorized the management of the Company to seek bankruptcy protection.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Iptimize, Inc.
Date: September 17, 2009 By:
/s/ Donald W. Prosser
Name: Donald W. Prosser
Title: Chief Financial and Accounting Officer
