Current Report
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)
June
29,
2006
Seawright
Holdings, Inc.
(Exact
Name of Registrant as Specified in its Charter)
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Delaware
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333-56848
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54-1965220
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|
(State
or Other Jurisdiction
Of
Incorporation)
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(Commission
File
Number)
|
(I.R.S.
Employer
Identification
No.)
|
|
600
Cameron Street
Alexandria,
Virginia
|
|
22134
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|
(Address
of Principal Executive Offices)
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|
(Zip
Code)
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Registrant’s
telephone number, including area code: (703) 340-1269
None
(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:
[
]
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.
The
information set forth in Item 2.03 hereof is incorporated by reference in
response to Item 1.01.
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On
June
29, 2006, the Registrant obtained a $525,000 business loan (the “Loan”) from
Fidelity & Trust Bank (the “Lender”). By the terms of the Loan, the
Registrant promised to pay to the Lender the principal amount of $525,000
together with interest at a rate of 9.375% per annum on the unpaid principal
balance from June 29, 2006, until paid in full. The Loan requires 35 regular
installments of $4,591.52 each and one balloon payment, equal to the principal
balance of the Loan, accrued interest, and other applicable fees, costs and
charges, due on June 29, 2009. The Loan will be secured by (i) a Deed of Trust
dated June 29, 2006, to a trustee in favor of Lender on the Mt. Sidney property;
(ii) an Assignment of All Rents to Lender on the Mt. Sidney property; and (iii)
certain fixtures described in a Commercial Security Agreement dated June 29,
2006.
In
addition, Joel P. Sens, the President of the Registrant, absolutely and
unconditionally guaranteed the Loan on behalf of the Registrant.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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SEAWRIGHT
HOLDINGS, INC. |
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By: |
/s/ Joel
P.
Sens |
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Name:
Joel P. Sens
Title:
Chief Executive Officer
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Dated:
July 6, 2006