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): October 24, 2008
General DataComm Industries, Inc.
(Exact Name of Registrant as Specified in its Charter)
| Delaware | 1-8086 | 06-0853856 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 6 Rubber Avenue, Naugatuck, CT | 06770 |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code (203)-729-0271
N/A
(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 (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)) |
| Item 1.01 | Entry into a Material Definitive Agreement |
On October 24, 2008, the Company’s Subsidiary, General DataComm, Inc. entered into a Receivable Sales Agreement with Howard S. Modlin, the Company’s Chief Executive Officer pursuant to which Mr. Modlin has initially purchased receivables with a face value of $256,242 for an aggregate purchase price of $250,000. The proceeds will be used for the Company’s working capital needs.
| Item 9.01 | Financial Statements and Exhibits |
| (d) | | Exhibits |
| | | |
| | Receivable Sales Agreement between General DataComm, Inc. and Howard S. Modlin |
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.
| | General DataComm Industries, Inc. | |
| | | (Registrant) | |
| | | | |
| | | By: /S/ William G. Henry | |
| | | William G. Henry |
| | | Vice President, Finance and |
| | | Administration, and Principal Financial |
| | | Officer |
| | | |
| October 27, 2008 | | |
3
