O2Diesel Corp - Current report filing (8-K)
April 09 2008 - 2:01PM
Edgar (US Regulatory)
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):
April 6, 2008
O2DIESEL CORPORATION
(Exact name of
registrant as specified in its charter)
Commission file
number:
001-32228
Delaware
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91-2023525
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(State of
incorporation)
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(I.R.S. Employer
Identification No.)
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100
Commerce Drive, Suite 301
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Newark,
DE
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19713
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(Address of principal
executive offices)
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(Zip Code)
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(302)
266-6000
(Registrants
telephone number, including area code)
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:
o
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Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
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o
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Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
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SECTION 1
REGISTRANTS BUSINESS AND OPERATIONS
Item
1.01 Entry into a Material Definitive
Agreement
The disclosure required to be provided herein is
incorporated by reference to Item 3.02 below.
SECTION 3 SECURITIES AND TRADING MARKET
Item 3.02 Unregistered Sales of
Equity Securities
On April 6, 2008,
O2Diesel Corporation (the
Company
)
entered into a binding Letter of Intent (the
Agreement
)
to acquire all the outstanding shares of YellTec GmbH (
YellTec
),
a German company which specializes in biofuels distribution. YellTec is focused
on small to medium size truck fleets and operates an exclusively German based
network of its own strategically located fueling points with sales estimated to
be approximately 34 million or $50 million at current exchange rates for the
year ended December 31, 2007.
The Company is acquiring all
the outstanding shares of YellTec for 3 million or $4.7 million at current
exchange rates subject to a purchase price adjustment as described in the
Agreement and is issuing 5.3 million shares of the Companys common stock. The Company expects the transaction to close
during the second quarter.
The common stock will be issued
to the accredited investor in a transaction that will be exempt from
registration pursuant to Section 4(2) of the Securities Act of 1933,
as amended (the
Securities Act
), and/or
Regulation D promulgated under the Securities Act.
A
copy of the Agreement will be filed as an exhibit to the Companys Form 10-Q
on or about August 15, 2008. A copy
of the Companys April 9, 2008 Press Release announcing the transaction is
filed hereto as Exhibit 99.1 to this report and is incorporated herein by
reference.
SECTION 9 FINANCIAL
STATEMENTS AND EXHIBITS
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
Exhibit No.
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Description
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99.1
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Text of Press Release,
issued by O2Diesel Corporation on April 9, 2008. Filed herewith.
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2
S I G N A
T U R E
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.
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O2DIESEL
CORPORATION
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By:
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/s/ Alan R. Rae
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Alan R. Rae
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Chief Executive Officer
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Date: April 9, 2008
3
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