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) | March 17, 2006 |
Host America Corporation |
(Exact name of registrant as specified in its charter) |
Colorado |
| 0-16196 |
| 06-1168423 |
(State or other jurisdiction | (Commission File | (IRS Employer |
Two Broadway |
| 06518 |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code | (203) 248-4100 |
|
Not Applicable |
(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 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-14(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 8 – Other Events
Item 8.01 Other Events
Host America Corporation (the “Company”) has entered into a settlement agreement and release of claims in the litigation brought by Ralph Sherwin and Blaine Sherwin (collectively, the “Sherwins”) filed on August 25, 2004. The Sherwins had alleged various breach of contract claims and related claims against the Company and sought $1,900,000 in damages. The Company on April 8, 2005, filed cross complaints against the Sherwins alleging breach of contract and fraud.
In the settlement agreement which was placed on the record in open court on February 21, 2006, the Company has agreed to pay the Sherwins $150,000, consisting of $75,000 on March 17, 2006, with the remainder to be paid with interest in equal payments on September 17, 2006, and March 16, 2007. In addition, the Company will grant 175,000 shares of restricted common stock to be divided among the Sherwins and their attorneys. In exchange for the above consideration, Host America and the Sherwins have agreed to a complete release of all claims against each other. Based upon this settlement, on March 27, 2006, the trial date was vacated.
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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.
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| HOST AMERICA CORPORATION | |
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Dated: April 3, 2006 |
| By: | /s/ David Murphy |
David Murphy | |||
Chief Financial Officer | |||
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