ITEM 8.01 Other Events
The repurchase was made pursuant to a privately negotiated stock repurchase agreement. The per share repurchase price for the shares repurchased was determined through arms-length negotiations with the private investors. The exchange of shares was consummated at the price that the shares were issued for originally.
The repurchase price was paid through cash on hand from the Company's available surplus and through the issuance of unsecured promissory notes that accrue simple interest at 6% per annum. Other than this private transaction as described in this report, our board of directors has not authorized any stock repurchase program or plan, and we have no current plans to effect any open-market purchases of our common stock or other repurchases of our common stock.
A copy of the unsecured promissory note and press release announcing the share repurchase is attached hereto as Exhibits 10.1 and 99.1, respectively.
ITEM 9.01 Financial Statements and Exhibits
Exhibit 10.1 - Form of Unsecured Promissory Note.
Exhibit 99.1 - Press Release dated
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