SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT
Date of report (Date of earliest event reported): November 4, 2005
DATAMETRICS CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Delaware 8567 95-3545701
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(State or Other (Commission (IRS Employer
Jurisdiction File Number) Identification No.)
of Incorporation)
1717 Diplomacy Row, Orlando, Florida 32809
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(Address of Principal Executive Offices) (Zip Code)
Registrants telephone number, including area code: (407) 251-4577
Item 2.01 - Completion of Acquisition or Disposition of Assets
On November 4, 2005 DataMetrics Corporation (the Company) closed on the
sale of its headquarters building located at 1717 Diplomacy Row, Orlando Florida
to SG DMTI, LLC (SGD) for gross proceeds of $1,500,000. The net proceeds of the
sale, after satisfaction of mortgage, taxes, liens, and other obligations of the
Company were approximately $117,000. Concurrent with the closing of the sale of
the property, the Company and SGD entered into a five year triple-net lease for
rent in amount of $150,000 per year. The lease also has an additional five year
renewal option.
On November 7, 2005, the Company received $200,000 from SGD (the "Bridge
Loan). The Bridge Loan is evidenced by a promissory note secured by
substantially all of the Companys assets. The note accrues interest at a rate of
ten percent (10%) per annum and matures on December 7, 2005. The funds are being
utilized for operating capital. In connection with certain financial
restructuring of the Company, the Company anticipates executing a second
promissory note in favor of SGD in the amount of $500,000. It is contemplated
that the $500,000 note will offset the Bridge Loan. There can be no assurances,
however, that the restructuring will be consummated.
Item 7. Financial Statements and Exhibits
(c) Exhibits:
10.27. Contract of sale between DataMetrics Corporation and SG DMTI, LLC
dated November 4, 2005.
10.28. Lease Agreement between DataMetrics Corporation and SG DMTI, LLC
dated November 4, 2005.
10.29. Secured Promissory Note dated November 7, 2005
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on behalf by the
undersigned hereunto duly authorized.
November 18, 2005 DATAMETRICS CORPORATION
By:
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Edward G Kroning, Secretary