Item
1.01 Entry into a Material Definitive Agreement.
On
April 10, 2009, Brightec, Inc., a Nevada corporation (f/k/a Advanced Lumitech,
Inc. and hereinafter, the Company) entered into that certain Amendment
and Allonge (the Amendment) to the Convertible Line of Credit Note
(the Note) with Ross/Fialkow Capital Partners, LLP, Trustee of
Brightec Capital Trust (Ross/Fialkow and together with the Company,
the Parties), originally dated as of June 8, 2006, whereby
Ross/Fialkow agreed to extend the maturity date of the Note from December 31,
2008 to December 31, 2009. Pursuant to the Amendment, the Parties also agreed
to amend the Note by reducing the interest rate payable on principal
outstanding thereunder, retroactive to April 1, 2009, from twenty percent (20%)
to ten percent (10%). A copy of the Amendment is attached hereto as Exhibit
10.32 and is incorporated by reference into this Item 1.01.
Also
on April 10, 2009, the Parties entered into that certain Amendment and Waiver
Agreement (the Waiver) to the Loan and Security Agreement dated June
8, 2006 (the Loan) whereby the Loan was amended to (i) extend the
termination date of the Loan to December 31, 2009, (ii) extend the expiration
of Ross/Fialkows conversion option thereunder to December 31, 2009 (iii)
terminate any commitment on the part of Ross/Fialkow to make any additional advances
or loans of principal under the Loan in excess of the principal balance
currently outstanding, (iv) reduce the interest rate payable on the principal
outstanding under the Loan, retroactive to April 1, 2009, from twenty percent
(20%) to ten percent (10%), and (v) waive the Companys existing payment
defaults and extend the grace period for curing such payment defaults until
June 30, 2009. In exchange for the terms referenced by (i), (iv) and (v) in the
preceding sentence, the Company agreed to issue 125,000 shares of its common
stock to Ross/Fialkow, no later than May 31, 2009. A copy of the Waiver is
attached hereto as Exhibit 10.33 and is incorporated by reference into
this Item 1.01.
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
See
Item 1.01 herein above.
Item 9.01 Financial Statements and Exhibits.
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(a)
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Not applicable
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(b)
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Not applicable
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(c)
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Not applicable
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(d)
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Exhibits.
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Exhibit
Number
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Description
of Exhibit
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Location
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10.32
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April 10, 2009 Amendment and Allonge to Convertible
Line of Credit Note dated as of June 8, 2006 from Brightec, Inc. f/k/a
Advanced Lumitech, Inc. to Ross/Fialkow Capital Partners LLP, Trustee of
Brightec Captial Trust
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Provided herewith
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10.33
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Amendment and Waiver Agreement dated as of April 10,
2009 to Loan and Security Agreement dated as of June 8, 2006 between
Ross/Fialkow Capital Partners LLP, Trustee of Brightec Capital Trust and
Brightec, Inc.
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Provided herewith
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2
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Date: April 16,
2009
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BRIGHTEC, INC.
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By:
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/s/ Patrick Planche
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Name:
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Patrick Planche
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Title:
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President and Chief Executive Officer
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