SECTION 1 REGISTRANTS BUSINESS AND OPERATIONS |
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Item 1.01. |
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Entry into a Material Definitive Agreement. |
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On June 8, 2007 the Company entered into Amendment No. 4 to the definitive |
purchase agreements (Agreements) to sell two wholly-owned subsidiaries that are operating as |
competitive local exchange carriers, New Rochelle Telephone Corp. and Telecarrier Services, |
Inc., to two wholly-owned subsidiaries of Cyber Digital, Inc., CYBD Acquisition, Inc. and |
CYBD Acquisition II, Inc. The purpose of amending the Agreements was to extend the Outside |
Date (as defined in the Agreements) from May 31, 2007 to June 22, 2007. |
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Item 5.02. |
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Departure of Directors or Principal Officers. |
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On June 8, 2007, the Company terminated the employment of a Named Executive, |
Michael H. Khalilian. |
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Item 8.01. |
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Other Events. |
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The shareholders approved Proposals 2 through 6 at the annual shareholders |
meeting, and elected four of the five directors who were nominated for the director positions. |
Greg M Cooper, Gayle Greer, Paul H. Riss and S. Miller Williams were elected. |
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SECTION 9 FINANCIAL STATEMENT AND EXHIBITS |
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Item 9.01 |
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Financial Statements and Exhibits. |
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(c) |
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Exhibits. |
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Documents |
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10.1 |
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Amendment No. 4, dated June 8, 2007, to Stock Purchase Agreement |
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dated as of December 14, 2006 by and among eLEC Communications |
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Corp., CYBD Acquisition, Inc. and Cyber Digital, Inc., with respect to the |
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stock of New Rochelle Telephone Corp., as amended to date. |
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10.2 |
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Amendment No. 4, dated June 8, 2007, to Stock Purchase Agreement |
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dated as of December 14, 2006 by and among eLEC Communications |
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Corp., CYBD Acquisition II, Inc. and Cyber Digital, Inc., with respect to |
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the stock of Telecarrier Services, Inc. as amended to date. |