ableauctions8k052209.htm
UNITED
STATES
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, 2009
ABLEAUCTIONS.COM,
INC.
(Exact
name of Registrant as specified in charter)
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Florida
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000-28179
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59-3404233
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification Number)
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Suite
2000 - 1963 Lougheed Highway
Coquitlam,
British Columbia Canada
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: 604-521-3369
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
CFR240.14a-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
240.13(e)-4(c))
Item
2.01 Completion of
Acquisition or Disposition of Assets
The
following discussion provides only a brief description of the document described
below. The discussion below is qualified in its entirety by the full
text of the agreement.
On May
21, 2009 we and our subsidiary, iCollector Technologies Ltd., signed a License
Agreement with ABC Live Auction World Ltd. (“ABC”). The effective
date of the License Agreement is May 15, 2009. ABC is an
employee-owned entity not otherwise affiliated with us.
Under the
terms of the License Agreement, ABC has sublicensed all of iCollector’s auction
and auction-hosting related technology, domain names, intellectual property and
various other assets (including those assets used in the operations of NAALive)
(“Licensed Assets”) in consideration for 50% of net profits realized from ABC’s
operations or 10% of ABC’s net auction revenue. The sublicense is
non-exclusive. The License Agreement will continue until terminated
by a breach by either party or until either party ceases its business or becomes
insolvent. We continue to own the Licensed Assets and will own any
enhancements made to the Licensed Assets by ABC or any of its affiliates in the
future. ABC has also hired all of iCollector’s employees as of the
effective date and has begun performing iCollector’s obligations under its
auction and auction-hosting agreements.
Going
forward, both parties will continue to look for a suitable buyer or partner for
the iCollector business. If we complete a sale or license of the
iCollector business, then ABC will receive a minimum of 25% of the consideration
payable to us upon completion of the transaction.
Item
9.01 Financial Statements
and Exhibits
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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ABLEAUCTIONS.COM,
INC. |
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Dated: May
22, 2009
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By:
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/s/
Abdul Ladha |
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Abdul
Ladha, Chief Executive Officer |
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