IYSA 8K filed today:
INTELISYS AVIATION SYSTEMS OF AMERICA INC: 8-K, Sub-Doc 1, Page 2
Section 1 – Registrant’s Business and Operations
Item 1.01 Entry into a Material Definitive Agreement
On March 29, 2007, InteliSys Aviation Systems of America Inc. (the “Registrant”) executed and delivered a Promissory Note in the principal amount of $160,000 to Mohamed Juman (“Lender”) for loans being made to the Registrant as follows: $35,000 lent on March 6, 2007; $30,500 on April 1, 2007; $9,000 on July 1, 2007 and $5,500 on August 1, 2007. The principal and accrued interest at the rate of 1% above prime interest rate per annum is due and payable on the earlier of September 7, 2007 or a sale or merger of Registrant. The Registrant granted Lender a security interest in all its assets to secure its obligations under the Promissory Note. If there is a default under the Note, the Lender has the option of requiring the Registrant to repay the outstanding principal and accrued interest in preferred shares of the Registrant in an amount of $50,000.
Ralph Eisenschmid, the Chief Executive and Financial Officer of the Registrant, and Jock English, the Chief Operating Officer of the Registrant, pledged their shares in the Registrant to the Lender to secure the payment and performance of the Registrant to the Lender. The Pledgors further entered into a Voting Trust Agreement with the Lender, pursuant to which Lender was granted a proxy to vote the shares of Messrs. Eisenschmid and English.
For the terms and conditions of the Promissory Note, the Stock Pledge Agreement and the Voting Trust Agreement, reference is made to such proposals and the Court Order attached hereto as Exhibits 10.1, 10.2 and 10.3, respectively. All statements made herein concerning the foregoing agreements are qualified in their entirety by reference to such agreements.
Section 2 – Financial Information
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information contained in Item 1.01 of this Current Report is incorporated by reference into this Item 2.03.
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