Satellite Security - We continue to be in default under the Notes....

Satellite Security - Recent Material Event

Item 1.01 above, effective February 23, 2007 we entered into an Agreement to sell our interest in Orbtech Holdings Limited for approximately $1.3 million, however payment under the terms of that Agreement are not due for 120 days. We have no other agreements or arrangements for financing or a strategic transaction in place at this time, and no assurances can be give concerning whether we will receive additional financing or transaction or as to the terms of any financing or transaction.

We continue to be in default under the Notes. These Notes were entered into in connection with a financing transaction on July 13, 2006 in which we issued an aggregate of $3.3 million of secured convertible promissory notes, 21,607,465 Series A Warrants and 18,006,221 Series B Warrants to certain unrelated accredited investors, as more particularly described in our Current Report on Form 8-K filed on July 18, 2006 and the exhibits thereto. The occurrence of an event of default gives the holders of the Notes the right to accelerate all outstanding obligations. We can also be compelled to reimburse note holders for their attorneys’ fees and costs of collection. Our obligation under the Notes, including the repayment obligations, are secured by a lien on substantially all of our assets including our ownership interest in Satellite Security Systems, Inc. and Orbtech Holdings Limited. Under the terms of the Notes and related agreement any sale of our assets requires the consent of the holders of the Notes, and the proceeds from any sale may be applied to the repayment of the Notes.

We are continuing to seek the funds necessary to retain financial and outside professional services in order to maintain our reporting obligations under the Securities Exchange Act of 1934.

ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS



Exhibit 10.1		Agreement dated February 23, 2007 between the Company and Mr. Allen Abraham Harington.

SIGNATURES

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.