pspf_8k.htm
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 (Date of earliest event reported): May 21, 2010
| POWER
SPORTS FACTORY, INC. |
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(Exact Name of
Registrant as Specified in Charter) |
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| Minnesota |
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000-25385 |
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41-1853993 |
| (State or
Other Jurisdiction |
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(Commission |
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( I.R.S.
Employer |
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Incorporation) |
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File
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Identification
No.) |
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300 Walnut Street, Philadelphia,
PA 19106 |
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(Address
of Principal Executive Offices) (Zip Code) |
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| Registrant's
telephone number, including area code: (267)
546-9073 |
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 (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act
(17CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a -12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d -2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e -4(c))
Item
7.01. Regulation FD
Disclosure.
On May 16th,
2010, we were served with a suit filed by Andretti IV, LLC, which has licensed
to us, pursuant to Licensing Agreements, certain rights to use the “Andretti”
name in connection with the branding and sale of our “Andretti Benelli” and
“Yamati” lines of scooters. We have been in default of our obligations under the
Licensing Agreements at various points in the last several years, and have been
engaged in settlement agreement negotiations with Andretti IV, LLC at various
times up to recently. Andretti IV, LLC terminated the Licensing
Agreements on February 1, 2010. The lawsuit names the Company, Shawn Landgraf
(our Chief Executive Officer) and Steve Rubakh (our President) as defendants,
and seeks payments owed under the Exclusive Licensing Agreement, damages for
fraudulent inducement, misrepresentations, damages to the Andretti IV name,
goodwill and reputation, and preliminary injunctive relief to prevent further
use by us of Andretti IV licensed rights.
SIGNATURE
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant has
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
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POWER
SPORTS FACTORY, INC. |
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Date:
May 21, 2010
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By:
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/s/ Shawn
Landgraf |
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Shawn
Landgraf |
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Chief
Executive Officer |
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