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
March 2, 2009
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Date of Report (Date of earliest event reported)
TELVUE CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 0-17170 51-0299879
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
16000 HORIZON WAY, SUITE 500,
MT. LAUREL, NEW JERSEY 08054
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(Address of principal executive offices)
856-273-8888
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(Registrant's telephone number, including area code)
N/A
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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:
|_| 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 2, 2009, TelVue Corporation (the "Company") entered into a
Line of Credit Note (the "Note") with its majority stockholder, H.F. (Gerry)
Lenfest. Under the terms of the Note, the Company may borrow, from time to time,
up to the maximum principal amount of the Note, which is $400,000, for general
working capital. The minimum advance under the Note is $100,000 and the interest
rate of the Note is equal to the prime rate as stated in the Wall Street Journal
from time to time plus one percent (1%). The Note contains customary events of
default, including, among others, non-payment of principal and interest and in
the event the Company is involved in certain insolvency proceedings. In the
event of a default, all of the obligations of the Company under the Note may be
declared immediately due and payable. The Note is unsecured and all borrowings
plus interest are due six (6) years from the date of the first advance under the
Note unless extended or renewed. A copy of the Note is attached to this report
as Exhibit 10.1 and is incorporated by reference herein.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
On March 2, 2009, the Company entered into a Line of Credit Note with
its majority stockholder, H.F. (Gerry) Lenfest. This new line of credit is
summarized under Item 1.01 of this report, which is incorporated by reference
into this Item 2.03.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
EXHIBIT NO. DESCRIPTION
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10.1 Line of Credit Note, dated March 2, 2009, between H.F. (Gerry)
Lenfest and TelVue Corporation.
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 5, 2009 TelVue Corporation
By: /s/ Jesse Lerman
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Name: Jesse Lerman
Title: President and Chief Executive Officer
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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10.1 Line of Credit Note, dated March 2, 2009, between H.F. (Gerry)
Lenfest and TelVue Corporation.
3