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SCI ENGINEERED MATERIALS 8-K 2010 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): November 29, 2010 (November 23, 2010)>
SCI
Engineered Materials, Inc.
(Exact
Name of Registrant as specified in its charter)
2839
Charter Street
Columbus,
Ohio 43228
(614)
486-0261
(Address,
including zip code, and telephone number
including
area code of Registrant's
principal
executive offices)
Not
Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K fıling is intended to simultaneously
satisfy the fıling obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
¨
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.
The disclosure contained in "Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant" of this Current Report on Form 8-K is
incorporated in this Item 1.01 by reference.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant.
On
November 29, 2010, SCI Engineered Materials, Inc. (the “Company”) announced it
received final approval for two seven-year loans from agencies of the State of
Ohio totaling approximately $2.1 million to further the Company’s growth in the
solar market. The two loans are linked and include a $0.7 million 166
Direct Loan from the Ohio Department of Development (“ODOD”) and a $1.4 million
Ohio Air Quality Development Authority (“OAQDA”) 166 Direct Loan as part of the
Advanced Energy Job Stimulus. Each of the Company’s loan applications
was independently reviewed as part of the approval process. The
interest rate for each loan is 3%. ODOD also recommended that the
Ohio Tax Credit Authority approve a tax credit equal to 45 percent of employee
income tax withholdings resulting from the project for five
years. This credit has an estimated value of $86,000 during the
entire term. ODOD also is prepared to offer funding from the Rapid
Outreach Grant for up to $25,000 for costs associated with the acquisition and
installation of machinery and equipment.
The
Company will also contribute approximately $0.9 million in equity during the
20-month project to achieve its $3.0 million of forecasted capital requirements
for the manufacturing expansion of transparent conductive oxide
products.
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.
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