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N-VIRO INTERNATIONAL CORP FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Change in Directors or Principal Officers

May 6, 2014



Item 1.01 - Entry Into a Material Definitive Agreement

On April 9, 2014, N-Viro International Corporation signed a forbearance agreement with Monroe Bank + Trust (the "Bank"), temporarily restricting the Bank from exercising certain rights and remedies available after the Company defaulted on its existing Commercial Line of Credit Agreement in December 2013.

In addition to retaining certain rights and remedies, the Bank agreed to allow the Company to repay the Line of Credit over six months, with an immediate payment of approximately $39,000 including accrued interest, and successive monthly payments of $36,784 plus accrued interest at 5%, up to and including September 7, 2014 until a total of $218,000 in principal is repaid.

Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

At a meeting of the Board of Directors on April 16, 2014, the Company appointed Dr. Gene Richard to the Board of Directors as a Class II director, effective until the Company's annual meeting to be held later in 2014. Dr. Richard has not yet been appointed to any committees as of the date of this filing, and is the son of a current member of the Board, Carl Richard.

Dr. Richard is currently an Associate Pathologist with Consultants in Laboratory Medicine of Greater Toledo, Ohio, and has an extensive background in clinical and anatomic pathology, having practiced in Fort Wayne, Dallas and Toledo, and specializes in surgical pathology and cytopathology. He has been educated via the Ohio State University College of Medicine, Medical University of South Carolina, Memorial Hospital for Cancer & Allied Diseases in New York, Memorial Sloan-Kettering Cancer Center in New York and the North Shore University Hospital at Cornell University, and has been Board Certified in Anatomic & Clinical Pathology since 1992.


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Source: Edgar Glimpses


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