Pansoft CO LTD 8-K 2008
2795 Barton Street, East
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 (see General Instruction A.2. below):
ITEM 1.02 TERMINATION OF A DEFINITIVE AGREEMENT
On November 26, 2007, we entered into an agreement with Majestic Supply Co. Inc. wherein we were appointed non-exclusive distributor for Majestic products within the United States of America. Products are comprised of printing ink and media products. Under the terms of the agreement we have minimum monthly volumes of 1,000 units per month in April and May 2008; 3,000 units for the balance of 2008 and all of 2009; and, 5,000 units in 2010 and 2011 to the end of the initial term. The term of the agreement is four years. The agreement may be renewed upon mutual agreement. We were also granted an option to acquire exclusive distribution rights on empty cartridges in the United States west of the Mississippi River. The option will become exercisable when the empty cartridge product becomes available to Majestic Supply and for a period of six months thereafter. If the option is not exercised during the six month period, it will terminate. In the event we exercise the option, the minimum monthly volume requirements will be modified per the terms to an empty cartridge product agreement.
On April 4, 2008, the foregoing agreement was mutually terminated by the parties because of the delay in the availability of the cartridge.
There were no early termination penalties incurred by us.
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.
Dated this 8th day of April 2008.