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 13, 2008
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GSV, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-23901 13-3979226
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(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
191 Post Road, Westport, CT 06880
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(Address of principal executive offices, zip code)
Registrant's telephone number, including area code: (203) 221-2690
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N/A
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(Former name or former address, if changed since last report)
Item 1.01. Entry into a Material Definitive Agreement.
On March 13, 2008, GSV, Inc. ("GSV") and Brooks Station Holdings, Inc. ("Brooks
Station") entered into an agreement, dated as of March 11, 2008, pursuant to
which Brooks Station agreed to extend the maturity of a promissory note issued
by GSV on July 21, 2003 (the "Note") from March 1, 2008, to September 1, 2008,
and to waive any claim against GSV or its assets arising from GSV's failure to
repay the Note on the original maturity date. The Note had an original principal
amount of $180,000 and accrued interest of $32,533.33 through March 1, 2008. It
bears interest at a rate of 8% per annum and is secured by a lien on all of
GSV's assets. Contemporaneously with the execution of the agreement, GSV paid
Brooks Station $10,000 of the accrued and unpaid interest on the Note and
$20,000 of the principal balance of the Note, thus reducing the outstanding
principal balance of the Note to $160,000 and the accrued interest to
$22,533.33.
Forward-Looking Statements
Some of the statements in this document are forward-looking statements that
involve risks and uncertainties. These forward-looking statements include
statements about our plans, objectives, expectations, intentions and assumptions
that are not statements of historical fact. You can identify these statements by
the following words:
- - "may"
- - "will"
- - "should"
- - "estimates"
- - "plans"
- - "expects"
- - "believes"
- - "intends"
and similar expressions. We cannot guarantee our future results, performance or
achievements. Our actual results and the timing of corporate events may differ
significantly from the expectations discussed in the forward-looking statements.
You are cautioned not to place undue reliance on any forward- looking
statements. Potential risks and uncertainties that could affect our future
operating results include, but are not limited to, our limited operating
history, history of losses, need to raise additional capital, and the high risk
nature of our business, as well as other risks described in our most recent
annual report on Form 10-KSB filed with the Securities and Exchange Commission.
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.
GSV, INC.
(Registrant)
Dated: March 17, 2008 By:/s/ Gilad Gat
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Gilad Gat
Chief Executive Officer
(Principal Executive Officer)