SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): September 24, 2002
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AMERIGON INCORPORATED
(Exact name of registrant as specified in its charter)
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California 0-21810 95-4318554
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
5462 Irwindale Avenue
Irwindale, California 91706
(626) 815-7400
(Address, including zip code, and telephone number, including area code,
of registrant's principal executive offices)
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Item 5. Other Events.
On September 24, 2002, the Company obtained a loan from Big Beaver
Investments LLC ("Big Beaver"), one of the Company's principal shareholders, for
$1,000,000. The loan is secured by all accounts receivable of the Company. At
June 30, 2002, the Company had accounts receivable of $2,185,000. The loan from
Big Beaver accrues interest at 12% per annum, which is payable on the first day
of each month (commencing on October 1, 2002), on the date of any prepayment of
the loan and, if still outstanding, at maturity. The loan matures and all
outstanding principal and accrued interest become due and payable on November
24, 2002. The loan is necessary to allow the Company to continue operations
pending the raising of additional financing. Although the Company has received a
proposal from a financial institution for a line of credit secured by its
receivables, the Company continues to pursue obtaining an ongoing
receivables-based line of credit from another financial institution on more
favorable terms and conditions. There can be no assurance that the necessary
additional financing will be available on terms and conditions acceptable to the
Company.
Item 7. Exhibits.
Exhibit
No. Description
10.1 Credit Agreement, dated September 24, 2002, between Amerigon
Incorporated and Big Beaver Investments LLC.
10.2 Security Agreement, dated September 24, 2002, between Amerigon
Incorporated and Big Beaver Investments LLC.
10.3 Promissory Note, dated September 24, 2002, issued to Big Beaver
Investments LLC.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
AMERIGON INCORPORATED
By: /s/ Oscar B. Marx, III
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Oscar B. Marx, III
Chief Executive Officer
Date: September 24, 2002