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 1, 2005
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I/OMAGIC CORPORATION
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(Exact name of registrant as specified in its charter)
NEVADA 000-27267 88-0290623
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4 MARCONI, IRVINE, CALIFORNIA 92618
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (949) 707-4800
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NOT APPLICABLE
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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 (see General Instruction A.2. below):
[ ] 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 March 1, 2005, I/OMagic Corporation ("I/OMagic") and United National
Bank ("UNB") executed a Change in Terms Agreement amending the maturity date of
I/OMagic's line of credit with UNB. The Change in Terms Agreement is effective
March 1, 2005. The Change in Terms Agreement amended the maturity date of
I/OMagic's Promissory Note dated August 15, 2003 in favor of UNB in the
principal amount of up to $6,000,000 from March 1, 2005 to March 11, 2005.
We are currently in negotiations with financial institutions to replace the
UNB line of credit prior to March 11, 2005. There can be no assurances however
that we will be able to renew or replace the UNB line of credit prior to March
11, 2005. If we are unable to renew this line of credit or obtain a replacement
line of credit prior to its expiration, or we are unable to obtain an additional
extension of the line of credit from UNB, our financial condition may be
materially and adversely impaired.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Businesses Acquired.
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Not applicable.
(b) Pro Forma Financial Information.
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Not applicable.
(c) Exhibits.
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Number Description
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10.1 Change in Terms Agreement dated March 1, 2005
between I/OMagic Corporation and United National Bank
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.
Date: March 4, 2005 I/OMAGIC CORPORATION
By: /s/ STEVE GILLINGS
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Steve Gillings, Chief
Financial Officer
EXHIBITS FILED WITH THIS REPORT
Number Description
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10.1 Change in Terms Agreement dated March 1, 2005 between I/OMagic
Corporation and United National Bank