- Current report filing (8-K)
January 16 2009 - 4:15PM
Edgar (US Regulatory)
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
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Date
of Report (Date of earliest event reported):
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January
14, 2009
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WORLD
AM, INC.
(Exact
name of registrant as specified in its charter)
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Nevada
(State
or other
jurisdiction
of incorporation)
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0-30639
(Commission
File
Number)
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90-0142757
(I.R.S.
Employer
Identification
No.)
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4340
Von Karman Ave., Suite 200
Newport
Beach, CA 92660
(Address
of principal executive offices) (zip code)
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(949)
955-5355
(Registrant’s
telephone number, including area code)
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(Former
name or former address, if changed since last
report.)
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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:
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Section 3 – Registrant’s Business and Operations
Item
1.01 Entry into a Material Definitive Agreement.
On November 10, 2008, the District
Court for Boulder County, Colorado entered an Order granting a motion for
attorney’s fees and costs in the amount of $141,929 to Karen Alexander in the
matter titled
Karen Alexander
v. World Am, Inc., Isotec, Inc., Robert A. Hovee, David J. Barnes, James R.
Largent and Ken Jochim
. On January 8, 2009, the Court entered
an Order that we turn over the stock certificates of our two operating
subsidiaries, Isotec, Inc. (“Isotec”) and Senz-It, Inc. (“Senz-It”) to counsel
for Karen Alexander for sale by the Boulder County Sheriff in satisfaction of
the amounts owing to Ms. Alexander under the November 10, 2008
Order.
On January 14, 2009, we entered into a
Stipulation for Satisfaction of Judgment dated January 13, 2009, wherein we
agreed to the following in full satisfaction of our obligations under the
November 10, 2008 Order:
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A.
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pay
$20,000 by February 10, 2009;
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B.
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pay
$10,000 for 6 consecutive months by the first day of each month,
commencing by March 1, 2009 ($60,000
total);
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C.
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pay
$15,000 for 6 consecutive months by the first day of each month,
commencing September 1, 2009 ($90,000 total);
and
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D.
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deliver
to counsel for Karen Alexander the stock certificates of Isotec and
Senz-It by no later than January 23, 2009. Upon receipt of the
$20,000 payment specified in paragraph A above, the certificates will be
returned to us.
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Section
2 – Financial Information
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant.
See the disclosure under Item 1.01
above.
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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Dated: January
16, 2009
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World
Am, Inc.,
a Nevada corporation
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/s/ Frederick T.
Rogers
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By:
Frederick T. Rogers
Its:
President
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