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 18, 2006
Commission File No. 000-49628
TELEPLUS ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
Nevada 90-0045023
------------------------------- ----------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
7575 Transcanadienne, Suite 305, St-Laurent, Quebec, Canada H4T 1V6
- --------------------------------------------------------------------------------
(Address of principal executive offices)
514-344-0778
--------------------------------------
(Issuer telephone number)
N/A
-------------------------------------------------------
(Former Name and Address)
-1-
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
TELIZON, INC. AND 1500536 ONTARIO INC ("ONE BILL") ACQUISITION
On June 30, 2005, Teleplus Connect Corp. ("TelePlus Connect"), a
subsidiary of TelePlus Enterprises, Inc. ("TelePlus"), purchased 100% of the
issued and outstanding shares of Telizon, Inc. ("Telizon"), an Ontario Company.
Simultaneously to the Telizon acquisition Teleplus Connect purchased 100% of the
issued and outstanding shares of 1500536 Ontario, Inc. ("One Bill"), an Ontario
Company. As part of these Agreements, the Company was to make a ballon payment
of $2,400,000 CDN on July 1, 2006. The Company and the sellers have agreed to
restructure such payment as follows:
o a principal amount of $300,000 paid on July 11, 2006;
o the balance in the amount of $1,800,000 shall be paid on or before
August 1, 2006; and
o a further principal payment of $300,000, shall be payable to the
Creditors in six (6) equal consecutive monthly principal
installments of $50,000 each commencing August 1, 2006.
The Company is currently evaluating funding options to make the payment required
on August 1, 2006.
ITEM 9. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits:
10.1 Foreberance Agreement
10.2 Montoring Agreement
Signatures
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Teleplus Enterprises, Inc.
July 18, 2006 /s/ Marius Silvasan
----------------------------------------
Marius Silvasan
Chief Executive Officer
July 18, 2006 /s/ Robert Krebs
----------------------------------------
Robert Krebs
Chief Financial Officer
-2-
July 18, 2006 /s/ Tom Davis
----------------------------------------
Tom Davis
Chief Operating Officer
July 18, 2006 /s/ Kelly McLaren
----------------------------------------
Kelly McLaren
President
-3-