form8k071408.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 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): April 14, 2008
Klever Marketing.
Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
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000-18730
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363688583
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(State
or other jurisdiction
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(Commission
File
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(IRS
Employer
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Of
incorporation)
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Number)
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Identification
No.)
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955 N 400 W, Suite 8, North
Salt Lake, UT 84054
(Address
of principal executive offices) (Zip Code)
PO Box #329, Bountiful, UT
84011-0329
(Preferred
address for secured mail receipt and company correspondence)
(801) 951-8066 (new) and/or
former telephone number (801) 263-0404
Registrant’s
telephone number, including area code
Item 8 -
Other
Klever
Marketing, Inc., announces the recent resignation of John L Hastings III as its
Interim President and CEO, effective April 14, 2008 due to his other public
obligations and commitments. However, at the request of the board, Mr. Hastings
has agreed to continue to serve on the board of directors in the short-term to
support the company's pending negotiation discussions.
Mr.
Hastings joined the company in his interim role in November, 2006 for the
purpose of evaluating go-forward business alternatives to either make the
company a going concern or alternatively to develop an exit strategy. Through
his leadership and effort, the company determined the most advantageous action
was to position the company for a reverse merger and/or to monetize its in-store
electronic marketing patent portfolio through the sale of assets or through an
equity interest sale of the company.
To make
the company more attractive to prospective suitors, together with the remainder
of Klever Marketing's board and through the concerted efforts of its founder
Paul G. Begum, John successfully restructured a majority of the company's debt.
From November, 2006 through March 2008, total historical debt fell from $5.8
million to approximately $400,000, exclusive of "current" liabilities. These
results led to KMI's current situation of being in discussions with qualified
parties interested in acquiring portions or all of the company or its assets,
thus allowing it to retire its remaining liabilities and to gain equity in a
going concern on behalf of its shareholders. This would also allow the company
to create a valuable, "clean public shell" with potential substantive tax loss
carry-forward benefits.
Since the company has discontinued
day-to-day operations, the Chairman of the Board, William C. Bailey has also
assumed the positions of President and CEO in addition to continuing to serve as
Chairman, effective on April 14, 2008.
SIGNATURES
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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Klever
Marketing, Inc.
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Date:
July 21, 2008
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by: /s/ William C.
Bailey
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William
C. Bailey, Chairman
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