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As Of Filer Filing For·On·As Docs:Size Issuer Agent 5/10/07 Prescient Applied Intelligen… Inc 8-K:1,9 5/08/07 3:36K R R Donnelley … Filer/FA |
Document/Exhibit Description Pages Size 1: 8-K Acquisition of Fastech HTML 19K 3: EX-1.01 Letter of Intent, by and Between Prescient Applied HTML 19K Intelligence, Inc. and Fastech Integrated Solutions, LLC, Dated May 8, 2007 2: EX-99.01 Press Release, Dated May 8, 2007 HTML 11K
Prepared By R.R. Donnelley Financial -- Form 8-K |
Delaware
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73-1247666
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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Information to be included in the report
The LOI requires the payment to Fastech of a nonrefundable cash fee of $200,000 in the event the Registrant fails to proceed in good faith and with due diligence to negotiate a definitive asset purchase agreement upon substantially the terms and conditions set forth in the LOI.
On August 4, 2006, the Registrant entered into a services agreement with Fastech for hardware relocation/migration services and on demand hosting services. The services agreement remains in effect for a period of 36 months and renews each term for a consecutive 36-month period until terminated by either party. Under the terms of the services agreement, Fastech is paid approximately $40,000 per month. $76,160 was paid to Fastech under the terms of the services agreement during 2006. Jane Hoffer, the President and Chief Executive Officer of the Registrant, is a member of the Board of Directors of Fastech. In addition, Michael DiPiano, a director of the Registrant, is affiliated with NewSpring Mezzanine Capital ("NewSpring"). NewSpring is the holder of a promissory note of Fastech in the amount of approximately $2.25 million (the "NewSpring Note"). The LOI requires that the Newspring Note be restructured prior to closing of the Asset Purchase.
A copy of the LOI is attached hereto as Exhibit 1.01, and a copy of the press release announcing the execution of the LOI is attached hereto as Exhibit 99.01.
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Prescient Applied Intelligence, Inc.
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Date: May 10, 2007
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By:
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/s/ Jane Hoffer
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President and Chief Executive Officer
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Exhibit No.
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Description
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EX-99.01
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Press Release, dated May 8, 2007
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EX-1.01
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Letter of Intent, by and between Prescient Applied Intelligence, Inc. and Fastech Integrated Solutions, LLC, dated May 8, 2007
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This ‘8-K’ Filing | Date | Other Filings | ||
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Filed on: | 5/10/07 | |||
For Period End: | 5/8/07 | |||
8/4/06 | 8-K | |||
List all Filings |