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): April 15, 2013
Southern Products, Inc.
(Exact name of registrant as specified in its charter)
| Nevada | 333-165692 | 27-1963282 |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| 115 East Wilson Street, Unit B, Costa Mesa, CA | 92627 |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code:(866) 236-8701
___________________________________________________ (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:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425) |
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| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| [ ] | 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 April 15, 2013, we reached a settlement of all claims and disputes with one of our former supplier, Anhui Technology Import and Export Co. (“Anhui”). The terms of the settlement are embodied in a Settlement Term Sheet. Under the Settlement Term Sheet, our wholly owned subsidiary SigmacUSA, Inc. (“Sigmac”) has agreed to pay Anhui a percentage of all funds raise from privately-placed equity investments as follows:
| a) | 9.8% of the first $3 million |
| b) | 13.1% of the next $3 million |
| c) | 19.7% of the next $4 million |
In addition, Sigmac has agreed to pay Anhui 0.98% of its ongoing net collections on sales, to be paid on a monthly basis. Our payment obligations under the Settlement Term Sheet will continue until we have paid Anhui the total sum of $1,679,400. If a minimum of $1 million in new equity is not raised within 120 days from the date of the Settlement Term Sheet, however, the agreement will be null and avoid.
The foregoing is a summary of the material terms of the Settlement Term Sheet, and not a complete description of all of its provisions. The Settlement Term Sheet should be reviewed in its entirety for further information.
Section 9 – FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01 Financial Statements and 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.
Southern Products, Inc.
/s/ Edward Meadows
Edward Meadows
President, Chief Executive Officer
Date: April 27, 2013
