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):
February 13, 2004 (February 1, 2004)
Availent Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-02252 13-1976670
______________________________ ______________________ ____________
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
2720 Stemmons Freeway, South Tower, Suite 600
Dallas, TX 75007
______________________________________ ________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 637-2972
______________
(Former name or former address, if changed since last report): Not Applicable
ITEM 5. OTHER EVENTS
On January 8, 2004, Availent Financial, Inc., a Delaware corporation (the
"Registrant"), acquired substantially all of the assets of Broyd, Inc. - D.B.A.
First Texas Residential ("First Texas" or "Seller"). The aggregate purchase was
$3,500,000.00, which payment consisted of $250,000.00 in cash and a
$3,250,000.00 promissory note issued by the Registrant, as maker, and payable to
the order of the Seller. The promissory note matured on February 1, 2004 and
bears interest at an annual rate equal to the prime rate plus two percent. The
promissory note is secured by substantially all of the assets acquired from the
Seller. At the sole option of the Registrant, one thirty day extension of the
due date of the promissory note was available if a payment of $100,000.00 was
made to Seller by the Registrant by the maturity date.
Registrant was unsuccessful in obtaining the required financing to timely
pay the promissory note in full by the maturity date of February 1, 2004.
Additionally, Registrant was unable to pay $100,000.00 to Seller by February 1,
2004 and extend the due date of the promissory note. Registrant and Seller are
in discussions to extend the maturity date but there can be no assurance that
this will occur. Accordingly, Seller may at any time declare the note in default
and, among other things, may exercise its rights as a secured creditor and
foreclose on the assets securing the promissory note.
SIGNATURES
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.
AVAILENT FINANCIAL, INC.
Dated: February 13, 2004 By: /s/ Bruce A. Hall
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Name: Bruce A. Hall
Title: Chief Financial Officer