Item 8.01 The Company is operating under a Forbearance Agreement with its major lender, United Bank, pursuant to which approximately $2.4 million was outstanding at January 31, 2008 and is scheduled to be repaid by August 1, 2008. Subsequent to January 31, 2008 the Company paid $500,000 to United Bank. Under the terms of the Forbearance Agreement, it is anticipated that United Bank will "term out" the remaining balance, possibly through 2011. On March 7, 2008, in order to fund the $500,000 payment to United Bank and for its working capital needs, Williams Bridge Company obtained an asset-based line of credit of $3.5 million. The line of credit is expected to enable WBC to manage its operations more efficiently. This disclosure remains conditioned upon the information contained in the Company's Form 10-K for the fiscal year ended July 31, 2007, and Form 10-Q for the quarter ended October 31, 2007, including without limitation the risk factors and safe harbor notice. 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. Williams Industries, Incorporated ----------------------------------- Registrant Date: March 13, 2008 /s/ FRANK E. WILLIAMS, III ------------------------------ Frank E. Williams, III, President </TEXT> </DOCUMENT>