UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
NOVEMBER 9, 2007
Date of Report (Date of Earliest Event Reported)
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ASI TECHNOLOGY CORPORATION
(Exact Name of Registrant as Specified in Charter)
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NEVADA 0-6428 88-0105586
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
980 AMERICAN PACIFIC DRIVE, #111, HENDERSON, NV 89014
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (702) 734-1888
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 November 8, 2007 the Company's wholly-owned subsidiary (ASI Capital
Corporation) received the consent of the primary landlord and for a sublease
agreement dated October 11, 2007 and with a lease term effective as of June 1,
2007. The sublease agreement between the Company and Joseph L. Lamarca and
related party Jerry E. Polis ("Sublessors") is for the lease of 3,747 square
feet of office space at 9121 West Russell Road, Suite 110, Las Vegas, Nevada.
Mr. Polis is the Company's Chairman and President.
The sublease relates to a portion of space leased by Messrs. Lamarca and Polis
("Sublessors") from an unaffiliated primary landlord dated October 30, 2006 and
became effective upon the subsidiary's occupancy of a portion of such leased
space as of June 1, 2007. The initial monthly lease payment is $7,869 per month
subject to future adjustment for common area and other expenses. The sublease
rate is the same rate per square foot, subject to adjustment, as charged by the
primary landlord. The subsidiary is not obligated to reimburse the Sublessors
for any rents incurred prior to the effective date of the sublease. The Company
believes the current lease rate is competitive to that available from
independent parties. The sublease term is through March 2012, unless earlier
terminated in accordance with the terms of the sublease.
The subsidiary improved the premises covered by the sublease at a capital cost
equal to $229,955 and pursuant to the terms of the sublease retained a net
improvement allowance paid directly by the primary landlord in cash of $103,424.
A complete copy of the Sublease is filed herewith as Exhibit 99.1 and is
incorporated herein by reference [except that we do not intend for any person
other than parties to the Sublease to rely upon the representations and
warranties contained in the exhibit]. The summary of the transaction set forth
herein does not purport to be complete and is qualified in its entirety by
reference to such exhibit.
ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
As more fully described in Item 1.01 above, the Company's subsidiary is
obligated pursuant to a sublease for office facilities at a current monthly rate
of $7,869, subject to future adjustment. Lease payments incurred through
September 30, 2007 were $33,540. The following table summarizes future minimum
lease payments:
YEAR ENDING SEPTEMBER 30:
2008 $ 96,080
2009 $ 99,443
2010 $ 102,924
2011 $ 106,526
2012 $ 47,214
The above minimum payments could be subject to certain future common area
expense adjustments.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
Exhibit
Number Description of Exhibit
99.1 Sublease dated as of October 11, 2007 between ASI Capital
Corporation and Joseph L. Lamarca and Jerry E. Polis
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.
ASI TECHNOLOGY CORPORATION
Date: November 9, 2007 /s/ JERRY E. POLIS
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Jerry E. Polis
Chairman