UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the |
Date of Report: May 22, 2008 (Date of earliest event reported) | ||||
ISCO International, Inc. (Exact name of registrant as specified in its charter) | ||||
DE (State or other jurisdiction of incorporation) | 001-22302 (Commission File Number) | 36-3688459 (IRS Employer Identification Number) | ||
1001 Cambridge Drive, Elk Grove Village, IL (Address of principal executive offices) | 60007 (Zip Code) | |||
847-391-9400 (Registrant's telephone number, including area code) | ||||
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:
- 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 On May 22, 2008, ISCO International, Inc. (the "Company"), reached a non-binding agreement in principle with Manchester Securities Corporation ("Manchester"), and Alexander Finance, L.P. ("Alexander" and together with Manchester and their respective affiliates, the "Lenders"), for a new financing agreement, wherein the Company would be provided a credit line in the aggregate principal amount $2.5 million. A portion of this line is expected to be immediately drawn upon this line, first to repay the outstanding $500,000 short term loan between them from a receivables factoring arrangement as well as accrued interest, and then for net capital to the Company. The credit line is expected to expire on August 1, 2010. Borrowings are expected to accrue interest at a rate of 9.5%. All drawdowns on this line would be subject to the request of the Company and the approval of the Lenders. Amounts drawn under this credit line arrangement, including accrued interest, would be due and payable upon termination of the credit line. The Company expects to execute a definitive agreement with the Lenders for the new facility in the next several days. Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers Item 9.01. Financial Statements and Exhibits 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. |
Dated: May 22, 2008 | ISCO INTERNATIONAL, INC. By: /s/ Frank J Cesario |
Exhibit No. | Description |
99.1 | Press Release of ISCO International, Inc. dated May 22, 2008 |