e.Digital Corporation (OTCMKTS:EDIG) Files An 8-K Bankruptcy or ReceivershipItem 1.03 Bankruptcy or Receivership
On July 6, 2017, after considering all strategic alternatives, e.Digital Corporation, a Delaware Corporation (“the Company”), and its wholly-owned California subsidiary by the same name, ceased operations and filed a voluntary petition for relief under provisions of Chapter 7 of Title 11 of the United States Code, 11 U.S.C. §101 et seq. in the United States Bankruptcy Court for the District of Delaware and the State of California (“the Bankruptcy”). A Chapter 7 trustee will be appointed by the Bankruptcy Court and will assume control. The assets of the Company will be liquidated and claims paid in accordance with applicable laws.
Item 5.02 Departure of Directors or Certain Officers.
In connection with the Company’s voluntary assignment in bankruptcy, a trustee will assume control over the assets and liabilities of the Company, effectively eliminating the authority and powers of the Board of Directors of the Company and its executive officers to act on behalf of the Company. Accordingly, on July 6, 2017, Allen Cocumelli, Russell H. Packer, Donald S. Springer and Renee Warden resigned from their positions as directors of the Company. The resignations are not the result of any disagreement with the Company regarding the Company’s operations, policies, practices, but are because of the voluntary assignment in bankruptcy. The executive officers of the Company ceased to be officers and employees of the Company, effective July 6, 2017.
About e.Digital Corporation (OTCMKTS:EDIG)
e.Digital Corporation is a holding company. The Company is an intellectual property licensing company developing and pursuing licensing of three intellectual property portfolios: context and interpersonal awareness systems (Nunchi technology), advanced data security technologies (microSignet technology) and secure communication technologies (Synap technology). Nunchi technology includes a patent portfolio of eight United States patents: US8306514, US8311522, US8311523, US8311524, US8315618, US8315619, US9002331 and US9178983. All of the patents are system and method for managing mobile communications. Its microSignet technology includes two United States patents: US8572440, a system and method for managing information stored in semi-conductors, and US9298565, a system and method for identification of memory. Synap patent application encompasses systems and methods, which enable devices to create identical keys where those keys never need to be communicated between the devices.