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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July 30,
2007 |
En Pointe
Technologies, Inc.
__________________________________________
(Exact
name of registrant as specified in its charter)
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Delaware |
000-28052 |
75-2467002 |
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_____________________
(State
or other jurisdiction |
_____________
(Commission |
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(I.R.S.
Employer |
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of
incorporation) |
File
Number) |
Identification
No.) |
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2381
Rosecrans Avenue, Suite 325, El Segundo, California |
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90245 |
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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: |
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(310)
725-5200 |
Not
Applicable
______________________________________________
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.
On July
30, 2007, En Pointe Technologies Sales, Inc. and En Pointe Gov, Inc.
(collectively "En Pointe"), wholly-owned subsidiaries of En Pointe Technologies,
Inc., and GE Commercial Distribution Finance Corporation entered into an
Addendum (the Addendum") to that certain Business Financing Agreement and
that certain Agreement for Wholesale Financing, each dated June 25, 2004, as
amended ("Agreement"). The original June 25, 2004 Agreement expired
on June 25, 2007 and was extended on June 13,2007 to July 31, 2007 by
a temporary overline letter agreement.
The Addendum
is effective July 25, 2007 and En Pointe Technologies, Inc. executed an
acknowledgement to the Addendum in its capacity as Guarantor of the obligations
under the agreements. Under terms of the Addendum, En Pointe has
available collectively for borrowing under its accounts receivable and
flooring facility up to forty-five million dollars ($45,000,000). The
Addendum is for a period of three years from August 1, 2007 and for successive
one year periods thereafter, subject to termination at the end of any such
period on at least sixty days prior written notice by either party to either
party. Effective
for the June 2007 quarter and succeeding quarters going forward, the
Addendum deletes all prior financial covenants and restates them effective for
the last day of each calendar quarter as follows:
a.
Tangible Net Worth and Subordinated Debt in the combined amount of not less than
$12,750,000.
b.
Debt minus Subordinated Debt to Tangible Net Worth and Subordinated Debt will
not exceed 5.0:1.00 at June 30, 2007 and 4.75:1.00 for succeeding quarters
thereafter.
c.
Total Funded Indebtedness, as defined in the Agreement, to
EBITDA for the preceding four fiscal quarters then ended, shall be no more
than three to one (3.00:1.00).
The foregoing
description of the Addendum is qualified in its entirety by reference to the
Addendum, which is attached as Exhibit 10-61 hereto and is incorporated herein
by reference.
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The
disclosure set forth above under Item 1.01 is hereby incorporated by reference
into this Item 2.03.
Item
9.01 Financial Statements and Exhibits.
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(a)
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Financial
statements of business acquired. |
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(b) |
Pro
forma financial information. |
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(c) |
Shell
Company Transactions. |
(d) Exhibits:
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Exhibit
Number |
Description |
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Exhibit
10-61 |
Addendum
to Business Financing Agreement and Agreement for Wholesale Financing
among En Pointe Technologies Sales, Inc., En Pointe Gov, Inc. and GE
Commercial Distribution Finance Corporation, dated July 30,
2007. |
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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En
Pointe Technologies, Inc. |
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July 30,
2007 |
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By: |
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/s/
Javed Latif |
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Name:
Javed Latif |
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Title:
Chief Financial Officer |