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) August 24, 2005
EFOODSAFETY.COM, INC.
(Exact name of registrant as specified in its charter)
Nevada |
333-68008 |
62-1772151 |
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(State or other jurisdiction |
(Commission |
(IRS Employer |
of incorporation) |
File Number) |
Identification No.) |
7702 East Camelback Road
Suite 300
Scottsdale, AZ 85258
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code (480) 607-2606
19125 N. Indian Avenue, North Palm Springs, California 92258
(Former name or former address, if changed since last report.)
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):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.01 Completion of Acquisition or Disposition of Assets
On August 24, 2005, the company completed the sale of its Ozone Safe Food, Inc. subsidiary to Mark Taggatz, former President and Chief Executive Officer of the company, in exchange for 1.5 million shares of the Companys common stock and an agreement to receive royalty payments on equipment sales up to $60 million through December 31, 2008. The shares were used to eliminate $300 thousand of the companys debt; the agreement provides for royalties of 5% of gross sales up to $20 million and 2.5% of gross sales from more than $20 million up to $60 million. The company anticipates that the sale will eliminate over $100 thousand in monthly operating expenses.
A copy of the agreement is attached hereto as an exhibit.
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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EFOODSAFETY.COM, INC. |
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(Registrant) |
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Date: August 29, 2005 |
/S/ Patricia Ross-Gruden |
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Patricia Ross-Gruden, President and |
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Chief Executive Officer |