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 Report (Date of earliest event reported) July 14, 2008
METRO ONE DEVELOPMENT, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 333-61538 98-0231687
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(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification
Incorporation) No.)
85 Corstate Avenue, Unit #1
Concord, Ontario
Canada L4K 4Y2
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (905) 760-2987
Not applicable.
(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))
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ITEM 8.01 OTHER EVENTS.
Effective March 18, 2008, we entered into a binding agreement with FTS Group,
Inc. together with its wholly-owned subsidiary OTG Technologies Group, Inc.
(together, "FTS"), whereby FTS agreed to purchase certain assets of our
value-added reseller business unit, dba On The Go Technologies Group.
On June 6, 2008, we agreed to amend certain terms of the binding agreement.
On July 14, 2008, FTS notified us that it intended to terminate the
transactions described above. We believe FTS has breached its agreements
with us and that the promissory note issued pursuant to the binding agreement,
as amended, is in default. We intend to aggressively pursue all remedies that
are available to us.
This report contains forward-looking statements that involve risks and
uncertainties. You should not place undue reliance on these forward-looking
statements. Our actual results could differ materially from those anticipated
in the forward-looking statements for many reasons including the risks
described in our annual report on Form 10-K and other filings we make from
time to time filed with the Securities and Exchange Commission. Although we
believe the expectations reflected in the forward-looking statements are
reasonable, they relate only to events as of the date on which the statements
are made. We do not intend to update any of the forward-looking statements
after the date of this document to conform these statements to actual results
or to changes in our expectations, except as required by law.
ITEM 9.01 EXHIBITS.
EXHIBIT NUMBER DESCRIPTION
10.1 Binding Agreement between the Company on one side and FTS Group,
Inc. and OTG Technologies Group, Inc. on the other side, dated
March 18, 2008 (included as Exhibit 10.1 to the Form 8-K filed
March 27, 2008 and incorporated herein by reference).
10.2 Amendment No. 1 to Transaction Documents between the Company on
one side and FTS Group, Inc. and OTG Technologies Group, Inc.
on the other side (included as Exhibit 10.1 to the Form 8-K
filed June 16, 2008, and incorporated herein by reference).
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.
Metro One Development, Inc.
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(Registrant)
Date: July 17, 2008
/s/ Stuart Turk
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(Signature)
Name: Stuart Turk
Title: Chief Executive Officer and
President