-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ALaCfXIMaUp7RMslRHpxH9nNkDbXWfYF0vPrj9S9ZRucLUr4hfvSuyVAgMWkJ8vg JTFWeWOUK6G0+V/Ye2EOCw== 0001354488-10-001663.txt : 20100518 0001354488-10-001663.hdr.sgml : 20100518 20100518155643 ACCESSION NUMBER: 0001354488-10-001663 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20100514 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Unregistered Sales of Equity Securities FILED AS OF DATE: 20100518 DATE AS OF CHANGE: 20100518 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAFE TECHNOLOGIES INTERNATIONAL INC CENTRAL INDEX KEY: 0000829117 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 222824492 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17746 FILM NUMBER: 10842538 BUSINESS ADDRESS: STREET 1: 1200 N FEDERAL HIGHWAY STREET 2: SUITE 200 CITY: BOCA RATON STATE: FL ZIP: 33432 BUSINESS PHONE: 5618322700 MAIL ADDRESS: STREET 1: 1200 N FEDERAL HIGHWAY STREET 2: SUITE 200 CITY: BOCA RATON STATE: FL ZIP: 33432 FORMER COMPANY: FORMER CONFORMED NAME: SAFE AID PRODUCTS INC DATE OF NAME CHANGE: 19920703 8-K 1 sfaz_8k.htm CURRENT REPORT sfaz_8k.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):  May 14, 2010
 
______________
 
 
Safe Technologies International, Inc.
(Exact name of registrant as specified in its charter)
 
______________
 
 

 
Delaware
000-17746
22-2824492
(State or other jurisdiction
(Commission
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
 
1200 North Federal Highway, Suite 200, Boca Raton, FL 33432
(Address of principal executive offices) (Zip Code)
 
Registrant’s telephone number, including area code 866-297-5070
 

(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):
 
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 

 


 
 
 

Item 1.01
Entry into a Material Definitive Agreement
 
On May 14, 2010, we entered into an Agreement to Convert Debt with Franklin Frank, one of our largest shareholders.  Mr. Frank has lent money to the Company for many years in order to fund our operations. As of August 31, 2009, the accumulated amount of these loans , with interest, was converted into shares of our common stock at the then-current market value. Subsequent to that conversion, Mr. Frank has continued to fund our operating deficits through loans to the Company. As of May 14, 2010 the principal amount of the loans was $261,764.00 , plus accrued interest in the amount of $6,349.21, totaling  $268,113.21. Effective May 14, 2010, the total amount was converted into 18,775,435 shares of our common stock at a conversion price of $.01428 per share, which was the average of the closing bid and ask prices of our common stock over the twenty day period prior to the conversion date.
 
Item 3.02
Unregistered Sales of Equity Securities
 
Pursuant to the Agreement to Convert Debt reported above, we have agreed to issue 18,775,435 shares of our common stock to Franklin Frank in order to retire $268,113.21 of debt.  Mr. Frank is one of our largest shareholders, and is an accredited investor. Therefore the issuance is exempt from registration under Section 4(2) of the Securities Act of 1933, as amended.
 
 

 
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 thereunto duly authorized.
 

  Safe Technologies International, Inc.  
       
Date: May 14, 2010
By:
/s/ Christopher L. Kolb  
    Christopher L. Kolb  
    President (principal executive officer)  
       
 
 

 
 
 

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