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
May 12, 2006
Date of Report
May 12, 2006
(Date of Earliest Event Reported)
SOLAR ENERTECH CORP.
(FORMERLY SAFER RESIDENCE CORPORATION)
(Exact name of Registrant as Specified in its Charter)
1600 Adams Drive
Menlo Park, CA 94025
(Address of Principal Executive Offices)
Tel: (650) 688-5800
(Registrant's Telephone Number)
Safer Residence Corporation
Unit #64044 – 528B Clarke Road Coquitlam, British Columbia
Canada V3J 7V6
(Former Name and Address)
| Nevada | 333-120926 | 98-0434357 |
| (State or other jurisdiction | (Commission File Number) | (IRS Employer |
| of incorporation) | | Identification No.) |
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SECTION 1 - REGISTRANT’S BUSINESS AND OPERATIONS
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
The Company has entered into a final agreement for factory lease facilities in Shanghai, China with Shanghai Jin Qiao Technology Park, Ltd. (the “Lease Agreement”).
The Lease Agreement is in Mandarin and is written in Mandarin characters, not in English.
The terms of the Lease Agreement are summarized in an exhibit attached hereto.
The terms of the Lease Agreement provide for the formal lease of a building area of 4,236.47 square metres of general-purpose factory space having an address at lot No. 2 (T52-2) No. 1201, Chaunqiao Road) in Plot 52 of the Jinqiao Export Processing District, Shanghai.
Rent for the factory lot is to be a total of RMB 135,302.26 per month (being approximately US$16,912.78 at an exchange rate of 8 RMB per US Dollar) payable every three months of the Lease Agreement’s three year term.
The Company has occupied the space for some time but had not entered into a definitive lease agreement until now.
The factory lease facilities secured by the Lease Agreement will, it is hoped, be used to as a manufacturing facility for production of Solar cells. There can be no assurance given that the Company will be succeed in commencing production of Solar cells from this facility or that the Company will have sufficient working capital, access to raw materials, inventory, machinery or equipment to fully develop the factory lease facilities.
ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT
Not Applicable
ITEM 1.03 BANKRUPTCY OR RECEIVERSHIP
Not Applicable
SECTION 2 – FINANCIAL INFORMATION
ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS
Not Applicable
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
Not Applicable
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
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Not Applicable
ITEM 2.04 TRIGGERING EVENTS THAT ACCELERATE OR INCREASE A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT
Not Applicable
ITEM 2.05 COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES
Not Applicable
ITEM 2.06 MATERIAL IMPAIRMENTS
Not Applicable
SECTION 3 – SECURITIES AND TRADING MARKETS
ITEM 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER OF LISTING
Not Applicable
ITEM 3.02 UNREGISTERED SALE OF EQUITY SECURITIES
Not Applicable
ITEM 3.03 MATERIAL MODIFICATION TO RIGHTS OF SECURITY HOLDERS
Not Applicable
SECTION 4 – MATTERS RELATED TO ACCOUNTANTS AND FINANCIAL STATEMENTS
ITEM 4.01 CHANGES IN REGISTRANT’S CERTIFYING ACCOUNTANT
Not Applicable
ITEM 4.02 NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR A RELATED AUDIT REPORT OR COMPLETED INTERIM REVIEW
Not Applicable
SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT
ITEM 5.01 CHANGES IN CONTROL OF REGISTRANT
Not Applicable
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ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS
Not Applicable
ITEM 5.03 AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGE IN FISCAL YEAR
Not Applicable
ITEM 5.04 TEMPORARY SUSPENSION OF TRADING UNDER REGISTRANT’S EMPLOYEE BENEFIT PLANS
Not Applicable
ITEM 5.05 AMENDMENTS TO REGISTRANT’S CODE OF ETHICS, OR WAIVER OF A PROVISION OF THE CODE OF ETHICS
Not Applicable
SECTION 6 – [RESERVED]
SECTION 7 – REGULATION FD
ITEM 7.01 REGULATION FD DISCLOSURE
Not Applicable
SECTION 8 – OTHER EVENTS
ITEM 8.01 OTHER EVENTS
Not Applicable
SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
Not Applicable
Financial statements for the Registrant are separately filed under Forms 10KSB and Forms 10QSB and can be found on the SEC’s EDGAR website atwww.sec.gov.
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EXHIBITS
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.
SOLAR ENERTECH CORP.
(Formerly Safer Residence Corporation)
| “Leo Young” | |
| By: /s/ Leo Young |
| President and Director |
| |
| Dated: May 12, 2006 |
