Poker Tek, Inc. (PTEK)

[Bob22701]

PTEK - 8-K Link:

Item 3.02. Unregistered Sales of Equity Securities.

On September 18, 2012, the Registrant issued 405,405 shares (the “Shares”) of its common stock to Gehrig H. White in full satisfaction of the entire outstanding principal amount of a note held by White. The outstanding principal balance of the note at the time of issuance of the Shares was $300,000. The Shares were valued at $0.74 per share, which represented the consolidated closing bid price per share on the NASDAQ Capital Markets on September 17, 2012.

This transaction was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Act”), pursuant to Sections 4(2) and 4(5) of the Act. All of the Shares will be issued by our transfer agent as promptly as practicable after compliance with NASDAQ rules with respect to the listing of additional shares and will bear a legend restricting their transfer other than pursuant to registration or exemption from registration pursuant to the Act.

As a result of the issuance, the Registrant will have 8,277,180 issued and outstanding share of Common Stock, and the issuance to the debt holder will represent 4.9% of that total issued and outstanding number of shares. White will own 15.12% of the Registrant's common stock.

8-K Link

GLTA
Bob