UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
June 30, 2008
Date of Report (Date of earliest event reported)
BALSAM VENTURES, INC.
(Exact name of registrant as specified in its charter)
| NEVADA | 000-32011 | 52-2219056 |
| (State or other jurisdiction of | (Commission File | (IRS Employer Identification No.) |
| incorporation) | Number) | |
| 1480 Gulf Road, Suite 204 | |
| Point Roberts, WA | 98281 |
| (Address of principal executive offices) | (Zip Code) |
(360) 306-0230
Registrant's telephone number, including area code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
____ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
____ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
____ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
____ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
SECTION 1 REGISTRANT’S BUSINESS AND OPERATIONS
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On June 30, 2008, Balsam Ventures, Inc. (the “Company”) entered into a Release Agreement with Norpac Technologies, Inc. (“Norpac”), pursuant to which the Company agreed to release Norpac from any legal claims and liabilities in connection with a license agreement dated November 30, 2003, as amended on January 12, 2006, (the “License Agreement”) between the Company and Norpac (the “Release”). Under the terms of the License Agreement, Norpac had previously granted a license to the Company over its self chilling beverage container technology. However, Norpac’s patents over this technology expired. As such, in exchange for the Release, Norpac agreed to:
| (a) | surrender for cancellation the 5,545,000 shares of the Company’s common stock which were issued to Norpac under the License Agreement; and |
| | |
| (b) | assign an indebtedness owed to Norpac of approximately $612,000 plus accrued interest to the Company. Readers are cautioned that there is substantial doubt that the Company will be able to collect any or all of this indebtedness. |
The summary of the foregoing is qualified in its entirety by reference to the Release Agreement, which is included as an exhibit to this Current Report on Form 8-K.
SECTION 2 FINANCIAL INFORMATION
ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS
The details of the Release Agreement are described under Item 1.01 of this Current Report on Form 8-K.
SECTION 9 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | BALSAM VENTURES, INC. |
| | | |
| Date: July 7, 2008 | | |
| | By: | /s/ John Boschert |
| | | |
| | | JOHN BOSCHERT |
| | | Chief Executive Officer, Chief Financial Officer |
| | | President, Secretary and Treasurer |
| | | and Director |
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