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
Date of Report (Date of earliest event reported): September 25, 2008
ECOTALITY, INC.
(Exact name of Registrant as specified in charter)
Nevada | | 000-50983 | | 68-0515422 |
| (State of Other Jurisdiction | | (Commission | | (IRS Employer |
| of Incorporation) | | File Number) | | Identification No.) |
6821 E. Thomas Road | | |
Scottsdale, Arizona | | 85251 |
| (Address of Principal Executive Offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (480) 219-5005
(Former Name or Former Address, if Changed Since Last Report)
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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
As disclosed in our 8K filing of September 4, 2008 we have been in discussions with Don Karner, a Director of the Company, regarding a line of credit loan. These discussions culminated in an agreement under which Mr. Karner will provide to us a secured line of credit ("Line") for up to $650,000, $200,000 of which has been advanced by Mr. Karner. However, if we are unable to secure certain additional financing by October 26, 2008, the Line maximum draw down will be $450,000.
The Line is junior to our previously issued debentures.
We have agreed to pay Mr. Karner a loan fee of $45,000, payable at the time the Line expires on December 15, 2008. No other interest payments or fees are required under the Line. All amounts advanced under the Line are due and payable in full on December 15, 2008.
This Line was designed to serve as a flexible, cost effective supplement to our internally generated working capital as we explore other long term debt or equity financings. A copy of the Line, designated in the exhibit as a "Bridge Loan" has been filed herewith.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
Exhibit Number | | Name and/or Identification of Exhibit |
| 10.1 | | BRIDGE LOAN AGREEMENT |
| | | Signatures |
SIGNATURES
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.
ECOTALITY, INC.
(Registrant)
Signature | | Title | | Date |
| | | | | |
| /s/ Jonathan R. Read | | President and CEO | | September 25, 2008 |
| Jonathan R. Read | | | | |
| | | | | |
| /s/ Harold Sciotto | | Secretary | | September 25, 2008 |
| Harold Sciotto | | | | |
| | | | | |
| /s/ Barry S. Baer | | Chief Financial Officer | | September 25, 2008 |
| Barry S. Baer | | | | |
INDEX TO FINANCIAL STATEMENTS & EXHIBITS
10.1 BRIDGE LOAN AGREEMENT
