METRETEK TECHNOLOGIES, INC. 8-K
 

 
 
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): July 16, 2007
 
METRETEK TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its charter)
 
         
Delaware
(State or other jurisdiction
of incorporation)
  1-12014
(Commission File Number)
  84-1169358
(I.R.S Employer Identification No.)
     
1609 Heritage Commerce Court, Wake Forest, North Carolina
(Address of principal executive offices)
  27587
(Zip code)
Registrant’s telephone number, including area code: (919) 556-3056
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 (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 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 1.01
  Entry into a Definitive Material Agreement.
     The information applicable to this Item 1.01 is set forth in Item 2.03 below and is hereby incorporated in this Item 1.01 by reference.
     
Item 2.03
  Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
     On May 9, 2005, Caterpillar Financial Services Corporation (referred to herein, collectively with its affiliate Caterpillar Power Finance, as “Caterpillar”) offered PowerSecure, Inc. (“PowerSecure”), a wholly-owned subsidiary of Metretek Technologies, Inc., a Delaware corporation (the “Company”), a $5,000,000 line of credit (the “Caterpillar Equipment Line”) to finance the purchase, from time to time, of Caterpillar generator sets and affiliated equipment and installation services for PowerSecure projects, primarily in shared savings arrangements. Under the Caterpillar Equipment Line, PowerSecure may submit equipment purchases to Caterpillar for financing, and Caterpillar may provide such financing in its discretion at an interest rate, for a period of time between 12 and 60 months and upon such financing instruments, such as a promissory note or an installment sales contract, as are set by Caterpillar on a project by project basis. With respect to any equipment financed by Caterpillar, PowerSecure must make a 10% cash down payment of the purchase price and grant to Caterpillar a first priority security interest in the equipment being financed as well as other equipment related to the project. On May 18, 2006, Caterpillar notified the Company that Caterpillar renewed the Caterpillar Equipment Line until April 30, 2007, and increased its size to $7,500,000.
     On July 16, 2007, Caterpillar notified the Company that the Caterpillar Equipment Line had been renewed until July 31, 2008, or at an earlier date upon notice to PowerSecure in the sole discretion of Caterpillar. The letter setting forth the terms of the renewed and increased Caterpillar Equipment Line confirms the intent of Caterpillar to finance equipment purchases by PowerSecure, but provides that it is not an unconditional binding commitment to provide such financing. The Caterpillar Equipment Line is contingent upon the continued credit-worthiness of PowerSecure in the sole discretion of Caterpillar. At July 16, 2007, PowerSecure had the full $7.5 million available for additional equipment purchases under the Caterpillar Equipment Line.

 


 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  METRETEK TECHNOLOGIES, INC.
 
 
  By:   /s/ Sidney Hinton    
    Sidney Hinton   
    President and Chief Executive Officer   
 
Dated:  July 16, 2007