UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report: September 3, 2008
UROPLASTY, INC.
(Exact name of registrant as specified in charter)
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| 000-20989
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41-1719250 |
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(IRS Employer Identification No.) |
Minnesota
(State or other jurisdiction of incorporation or organization)
5420 Feltl Road
Minnetonka, Minnesota 55343
(Address of principal executive offices)
952-426-6140
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name and Address)
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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Written communications pursuant to Rule 425 of 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)) |
Item 1.01. Entry into a Material Definitive Agreement
On September 3, 2008, we entered into a business loan agreement with Venture Bank. The agreement
provides for a credit line of up to $2 million secured by the assets of our company. We may borrow
up to 50% (to a maximum of $500,000) of the value of our eligible inventory on hand and 80% of the
value of our eligible U.S. accounts receivable; provided, however, our total liabilities, inclusive
of the amount borrowed, may not exceed our tangible net worth. To be eligible to borrow any
amount, we must maintain a minimum tangible net worth of $5 million. Interest on the loan is
charged at a per annum rate of the greater of 7.5% or one percentage point over the prime rate.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits (filed herewith)
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Exhibit No. |
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Description |
10.23
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Business Loan Agreement and related Promissory
Note dated September 3, 2008 with Venture Bank. |
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.
Dated: September 4, 2008
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UROPLASTY, INC.
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By: |
/s/ Mahedi A. Jiwani
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Mahedi A. Jiwani |
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Vice President, Chief Financial
Officer and Treasurer |
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