ACTIVECARE, INC. (OTCMKTS:ACAR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
As previously reported, on September 9, 2016, the Company and its
senior secured lender, Partners for Growth IV, L.P., a Delaware
limited partnership (“PFG”) entered into a Forbearance Loan and
Security Agreement (the “September Forbearance Agreement”). to
the terms of the September Forbearance Agreement, PFG agreed to
forbear from exercising remedies (the “Forbearance”) with
regard to certain breaches of agreements between the Company and
PFG, including the Loan and Security Agreement, dated as of
February 19, 2016, between the Company and PFG, and those certain
security agreements entered into in connection therewith
(collectively, the “Existing PFG Agreements”). The Forbearance
as set forth in the September Forbearance Agreement was in effect
through October 31, 2016.
Effective November 10, 2016, the Company and PFG entered into a
Forbearance and Consent Under Loan and Security Agreement (the
“November Forbearance Agreement”). to the terms of the November
Forbearance Agreement, PFG will forbear from exercising remedies
(the “November Forbearance”) with regard to certain breaches of
agreements between the Company and PFG, including the Existing
PFG Agreements as well as the September Forbearance Agreement.
Additionally, to the November Forbearance Agreement, PFG has
provided the Company with the consent required under the Existing
PFG Agreements and September Forbearance Agreement to, among
other things, make certain payments of debt to third parties as
more specifically outlined therein. In consideration for the
November Forbearance Agreement, the Company has agreed to issue
PFG Warrants to purchase shares of the Company’s Common Stock as
more specifically outlined in the November Forbearance Agreement.
The forbearance set forth in the November Forbearance Agreement
will be in effect through December 31, 2016.
The above description of the November Forbearance Agreement
does not purport to be complete and is qualified in its
entirety by the full text of such document, which is attached
as Exhibit 10.1 to this Current Report on Form 8-K and
incorporated herein by reference.
Item 9.01 Exhibits.
|
Exhibit No. |
Description |
|
10.1* |
November Forbearance Agreement* |
*filed herewith
About ACTIVECARE, INC. (OTCMKTS:ACAR)
ActiveCare, Inc. provides products and services to those diagnosed with chronic illnesses, and provides real-time visibility to health conditions and risk. The Company’s Chronic Illness Monitoring segment is engaged in the business of developing, distributing and marketing mobile monitoring of patient vital signs and physical activity to insurance companies, disease management companies, third-party administrators, and self-insured companies. The Company’s chronic illness monitoring involves the use of biometric monitoring devices in combination with data and algorithms to assess the wellbeing of an individual under care. The Company’s CareCenter service is designed to monitor and track patients’ health conditions and chronic illnesses on a real time basis. It has developed products that incorporate global positioning system (GPS), cellular capability, and fall detection, all of which are connected to its CareCenter with the push of a button. ACTIVECARE, INC. (OTCMKTS:ACAR) Recent Trading Information
ACTIVECARE, INC. (OTCMKTS:ACAR) closed its last trading session 00.0000 at 0.0315 with – shares trading hands.