able-8k60909.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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): June 8,
2009
ABLEAUCTIONS.COM,
INC.
(Exact
name of Registrant as specified in charter)
| Florida |
000-28179
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59-3404233
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| (State or other
jurisdiction of incorporation) |
(Commission File
Number)
|
(IRS
Employer Identification Number)
|
1963
Lougheed Highway
Coquitlam,
British Columbia Canada
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: 604-521-3369
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Registrant under any of the following
provisions (see General Instruction A.2 below).
r Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
r Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17
CFR240.14a-12)
r Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)).
r Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13(e)-4(c))
Item
1.01 Entry
into a Material Agreement
The
following discussion provides only a brief description of the document described
below. The discussion below is qualified in its entirety by the full
text of the agreement.
On June
8, 2009 we and our subsidiary, RapidFusion Inc., signed a License Agreement with
Pacific Amber Technologies Inc. (“PATI”). The effective date of the
License Agreement is June 1, 2009. PATI is an employee-owned entity
not otherwise affiliated with us.
Under the
terms of the License Agreement, PATI has sublicensed all
of RapidFusion’s Point of Sale (“POS”) technology and its source code, domain names,
intellectual property and various other assets used in the operations of
Rapidfusion’s business (“Licensed Assets”) in consideration for 50% of net
profits realized from PATI’s operations or 5% of PATI’s gross profits
from it’s POS revenues, whichever is greater.. The sublicense is
non-exclusive. The License Agreement will continue until terminated
by a breach by either party or until either party ceases its business or becomes
insolvent. We continue to own the Licensed Assets and will own any
enhancements made to the Licensed Assets by PATI or any of its affiliates in the
future. PATI has also hired all of Rapidfusion’s employees as of the
effective date and has begun performing Rapidfusion’s obligations under its
contracts and warranty agreements.
Going
forward, both parties will continue to look for a suitable buyer or partner for
the RapidFusion business. If we complete a sale or license of the
RapidFusion business, then PATI will receive a minimum of 25% of the
consideration payable to us upon completion of the 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 hereunto
duly authorized.
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ABLEAUCTIONS.COM,
INC. |
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Date:
June 9, 2009
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By:
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/s/ Abdul
Ladha
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Abdul
Ladha |
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Chief
Executive Officer |
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