QUALSTAR CORPORATION (NASDAQ:QBAK) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
As previously reported, on March 15, 2019, Qualstar Corporation (the “Company”) entered into a Standard Industrial/Commercial Multi-Tenant Lease – Gross dated February 14, 2019 with Flynn-Adolfo Associates, LP, a California limited partnership, for approximately 9,910 square feet of office and warehouse space at 1267 Flynn Road in Camarillo, California. Beginning June 1, 2019, the location will serve as the Company’s new head office and will also be used for research and development, manufacturing, storage and other ancillary business purposes.
In connection with the relocation of the Company’s head office, on May 22, 2019, the Company entered into a Standard Sublease Multi-Tenant dated May 20, 2019 (the “Sublease”), with Stillwater Agency, Inc., a California corporation (“Stillwater”), for approximately 15,160 square feet of office space located at 130 W. Cochran Street, Unit C, Simi Valley, CA 93065 (the “Premises”), which currently serves as the Company’s head office location and principal executive office. The term of the Sublease commences on July 15, 2019 and ends on February 28, 2021 (the “Term”). The base rent under the Sublease is approximately $12,886.00 per month. Stillwater is also responsible for approximately nine percent (9%) of certain operating expenses and taxes associated with the office building in which the Premises are located.
About QUALSTAR CORPORATION (NASDAQ:QBAK)
Qualstar Corporation is a provider of data storage systems marketed under the Qualstar brand and of power solutions marketed under the N2Power brand. The Company’s segments include Power Supplies and Data Storage. Under the Power Supplies segment, it designs, manufactures and sells open frame switching power supplies. Under the Data Storage segment, it designs, manufactures and sells automated magnetic tape libraries used to store, retrieve and manage electronic data primarily in network computing environments. The Company offers switching power supplies that provide power solutions to original equipment manufacturers for a range of markets, including communications networking, industrial, gaming, test equipment, light emitting diode (LED)/lighting, and medical, as well as other market applications. Its storage products provide data protection and archive storage systems, which are used to record, retrieve and manage electronic data, primarily in networked computing environments.