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
DATE OF REPORT: April 22, 2005
(Date of earliest event reported)
______________________________
Electric Aquagenics Unlimited, Inc.
(Exact name of registrant as specified in its charter)
UTAH
333-86830
87-0654478
(State or other jurisdiction of
Commission File Number
(I.R.S. Employer
incorporation)
Identification Number)
1464 West 40 South, Suite 200
Lindon, Utah
84042
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (801) 443-1031
N/A
(Former Name or Former Address, if Changed Since Last Report)
________________________________________________________________________
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Item 2.01
Completion of Acquisition or Disposition of Assets.
On April 22, 2005, the Company sold 359,000 shares of common stock (the “Shares”) in Biofilm Strategies Corporation, a privately held Delaware corporation (“Biofilm”), to an unrelated third party for a total consideration of $718,000, which was paid in cash at the closing. The Shares represented thirty percent (30%) of the total issued and outstanding capital stock of Biofilm, and were acquired by the Company in increments between April 2004 and January 2005 for total cash consideration of $359,000. The sale resulted in a gain to the Company of $359,000. The reason for the sale was that the Board of Directors of the Company determined that the business of Biofilm no longer fit into the Company’s strategic plans.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
ELECTRIC AQUAGENICS UNLIMTED, Inc.
Date: April 28, 2005
By:/s/ Gaylord M. Karren
Name: Gaylord M. Karren
Title: Chief Executive Officer
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