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 earliest event reported: March 6, 2009
NASCENT WINE COMPANY, INC.
(Exact name of Registrant as specified in charter)
NEVADA 333-120949 82-0576512
(State of Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
1330 Orange Ave Suite 300
CORONADO, CALIFORNIA 92118
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (619) 661-0458
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(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 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))
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ITEM 8.01 --OTHER EVENTS
8.01.1
On February 13, 2008, we entered into a loan agreement with Cyril
Capital, LLC ("Cyril") in which Cyril lent us $500,000. The loan was due and
payable on August 14, 2008. The primary security for the loan was our inventory
and accounts receivable. The secondary security was the personal guarantee of
Sandro Piancone, our Chief Executive Officer. In the event that the loan,
including interest at 8% per annum, was not repaid on August 14, 2008, a penalty
of 10% would apply. However, we opted to extend the term of the loan by 60 days
to October 14, 2008 for a fee of $20,000. On October 14, 2008, we extended the
term of the loan again by 60 days for a fee of $20,000. On January 14, 2009, we
extended the term of the loan again until February 15, 2009 for a fee of $5,000.
During the extension period, the loan is not in default and the penalty will not
apply. The extension to February 15, 2009 has expired. We have not repaid the
loan, as of March 5,2009 and Cyril has not at this time implemented the penalty.
Interest at the standard rate of 8% per annum will continue to accrue. We are in
discussions with the representative of Cyril to extend the maturity of the note.
8.01.2
On March 2, 2009 Miller Trading Company, S.A. de C.V. ("Miller") and
Best Beer Distributing, S.A. de C.V. ("Best Beer" ) a wholly owned subsidiary
of Nascent Wine Company, Inc. decided to terminate the Miller Distribution
Contract dated April 12, 2006. This decision was based on several factors, the
renewal of a stand by letter of credit, the peso devaluation in Mexico, and
overall competition in the beer industry in Mexico. Best Beer also, agrees to
return to Miller prices list, manuals, and related sales and marketing materials
Miller supplies pursuant to the Distribution Contact.
SIGNATURE
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.
Nascent Wine Company, Inc.
(Registrant)
Date: March 6, 2009 By: /s/ Sandro Piancone
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Name: Sandro Piancone
Its: Chief Executive Officer