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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Monarch Services Inc (CE) | USOTC:MAHI | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0002 | 0.00 | 01:00:00 |
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): December 28, 2007
Maryland 000-08512 52-1073628 -------- --------- ---------- (State or other jurisdiction (Commission file number) (IRS Employer of incorporation or organization) Identification No.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations 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 December 26, 2007, Monarch Services, Inc. (the "Registrant") entered into a Membership Interest Sales and Purchase Agreement (the "Agreement") with Joseph Bivona, Jr. (the "Buyer"). Pursuant to the Agreement, the Registrant has agreed to sell to the Buyer 100% of the Registrant's membership interest in (i) Peerce's Plantation GL, LLC, a Maryland limited liability company, and (ii) Peerce's Plantation Liquor License, LLC, a Maryland limited liability company (collectively, the "Membership Interests"). Peerce's Plantation GL, LLC owns the parcel of land on which Peerce's Plantation restaurant formerly operated its business. Peerce's Plantation Liquor License, LLC owns the liquor license used in connection with the restaurant business known as Peerce's Plantation.
The purchase price for the Membership Interests is $1,600,000. The closing for the sale of the Membership Interests is scheduled to occur on or before February 15, 2008. The Buyer's obligations to purchase the Membership Interests are contingent upon the Registrants representations and warranties in the Agreement being true and correct in all material respects on and as of the closing date and all covenants and obligations of the Registrant being performed on or before the closing date.
The Agreement provides that the Registrant will assist in the transition of the liquor license from Peerce's Plantation Liquor License, LLC to the Buyer. In the event the transfer of the liquor license has not been approved by the Baltimore County Liquor Board prior to the closing of the sale of the Membership interests, the Buyer will indemnify and hold harmless the Registrant for any actions that may arise from Buyer's use of the liquor license.
A copy of the Agreement is attached to this 8-K as Exhibit 10.1.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits:
10.1 Membership Interest Sales and Purchase Agreement
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
MONARCH SERVICES, INC.
Date: January 11, 2008 by: /s/ Jackson Y. Dott ----------------------- Jackson Y. Dott President and CEO |
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