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This excerpt taken from the STKR 8-K filed Jul 5, 2006. Item 1.02 Termination of a Material Definitive Agreement. In connection with the Security Agreement described in Item 1.01 above, StockerYale used a portion of the proceeds from the transaction to repay in full the amount outstanding under a credit facility, dated as of May 26, 2003, by and between StockerYale Canada Inc. and National Bank of Canada. Such credit facility was simultaneously terminated. This excerpt taken from the STKR 8-K filed Dec 22, 2005. Item 1.02 Termination of a Material Definitive Agreement.
StockerYale intends to use a portion of the proceeds from the sale transaction described in Item 1.01 above to repay in full the Secured Convertible Note, dated as of June 10, 2004, in the original principal amount of $500,000 (the “Note”) issued by StockerYale to Smithfield Fiduciary LLC.
This excerpt taken from the STKR 8-K filed Jul 14, 2005. Item 1.02 Termination of a Material Definitive Agreement.
As previously reported by StockerYale, Inc. (“StockerYale”), on April 15, 2005, StockerYale entered into a Purchase and Sales Agreement and Deposit Receipt (the “Purchase Agreement”) with John Alberico (the “Buyer”), pursuant to which (i) StockerYale agreed to sell to the Buyer, and the Buyer agreed to purchase from StockerYale, for $4,750,000 (the “Sale Transaction”) the property owned by StockerYale and located at 32 Hampshire Road in Salem, New Hampshire (the “Property”) and (ii) StockerYale agreed to lease from the Buyer approximately 32,000 square feet of the Property (the “Leaseback”). The Purchase Agreement and the transactions contemplated thereby were contingent upon the agreement of StockerYale and the Buyer as to the terms and conditions of the Leaseback.
As StockerYale and the Buyer were not able to agree upon the terms and conditions of the Leaseback, on July 11, 2005, StockerYale and the Buyer entered into a Termination Agreement (the “Termination Agreement”), pursuant to which both parties agreed, among other things, to terminate the Purchase Agreement and all rights, obligations, agreements and covenants relating thereto, arising thereunder or in connection therewith and to release the other from the performance of, and all liabilities, obligations, covenants, requirements and payments arising from and pursuant to, the Purchase Agreement. StockerYale is continuing to actively market the Property for a sale and leaseback transaction.
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 thereunto duly authorized.
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