Item 1.01 is incorporated herein by reference.
Item
3.02 Unregistered Sales of Equity Securities.
The
disclosure contained in Item 1.01 is incorporated herein by reference.
Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(b) Effective
December 7, 2007, Joseph Morris resigned from the Company as Chief Operating
Officer. Effective December 13, 2007, Jeffrey Burke resigned from the
Company as Executive Vice President. The Company is in the process of
negotiating separation agreements with Mr. Morris and Mr. Burke.
(c) Following
Mr. Morris’ resignation, effective December 16, 2007, the Company promoted Bobby
Reed to the position of Chief Operating Officer of the
Company. Previously, Mr. Reed was serving as Vice President of
Operations. Prior to joining the Company, Mr. Reed was Vice President
of Operations for Prince & Associates, a privately held company comprised of
four divisions (telecommunications, real estate, restaurants, and
construction). Prince & Associates provided consulting services
to AT&T, Cingular Wireless, Verizon Wireless, Ericsson, Lucent Technologies
and many other communications companies, municipalities, etc. Before
Prince & Associates, Mr. Reed served as Senior Vice President, Chief
Operating Officer, and Principal-In-Charge for a women-owned environmental
and
engineering consulting firm based in Atlanta, Georgia. The firm
provided services for municipalities, such as the City of Atlanta, Fulton
County, DeKalb County, private consulting firms, CH2M Hill, Metcalf & Eddy,
Parsons, and several other entities. Mr. Reed also served as
Principal-In-Charge, Program Manager and National Client Accounts Manager of
Law
Engineering (now MACTEC Engineering and Environmental Services) for fifteen
years. There are no transactions in which Mr. Reed has an interest
requiring disclosure under Item 404(a) of Regulation S-B. The Company
is currently in the process of negotiating the terms of Mr. Reed’s
employment.
Effective
November 26, 2007, the Company appointed David Lasier to the position of
President of the Company. Prior to joining the Company, Mr. Lasier
was Vice President of Shenandoah Telecommunications Company (Shentel;
NASDAQ: SHEN), a communications company that provides a broad range
of services, including local
and
long
distance telephone, Internet, cable television, and cellular
services. Before Shentel, Mr. Lasier was Chief Executive Officer and
President of Broadband Metro Communications, a wireless broadband communications
company providing services in the southeastern United States. Prior
to Broadband Metro Communications, he was founder and Chief Executive Officer
of
ClearSKY Networks, now Airimba Wireless, Inc. In addition, Mr. Lasier
was the founder and Chief Executive Officer of three wireless related companies,
including Telecom Wireless Solutions, Blue Sky Communications, Inc., and
BulletIN.net, now Bulletin Wireless. He also held senior management
positions with Motorola and BellSouth Enterprises. Mr. Lasier
received a B.S. degree in Business Management from Bradley University in 1978,
a
B.S. degree in Thermodynamic and Energy Conversion Engineering from the
University of Illinois in 1982, and his M.B.A. from Lake Forest Graduate School
of Management in 1990. There are no transactions in which Mr. Lasier
has an interest requiring disclosure under Item 404(a) of Regulation
S-B. The Company is currently in the process of negotiating the terms
of Mr. Lasier’s employment.
Item
7.01 Regulation FD Disclosure.
The
purpose of this disclosure is to update certain information included in the
Company's Form 10-Q for the quarter ended September 30, 2007, which was
filed with the Securities Exchange Commission on November 11, 2007, with
respect to the Yalley vs. Winsonic Digital Media Group, Ltd. legal proceeding
described in Notes 6 and 13 to the Financial Statements included
therein. The Company inadvertently failed to report that prior to the
settlement of this matter, which prohibits either party from bringing any future
claim based on their previous relationship, the Company withdrew the
counterclaim it filed in response to the amended complaint Mr. Yalley filed
on
March 20, 2007.
Item
8.01 Other Events.
Effective
November 26, 2007, the Company appointed Katie Ashcraft to the position of
Vice
President of Finance for the Company. Prior to joining the Company,
Ms. Ashcraft was the Chief Financial Officer for CIO Partners of Atlanta, Inc.,
a nationwide leader in executive search, IT staffing, and HR solution
strategies. Before CIO Partners, she was a financial consultant
assisting development stage companies with implementing accounting and financial
management systems, including IT governance policies and
procedures. From 1994 to 2004, Ms. Ashcraft was a founding member and
Vice President of several international wireless related companies, including
Telecom Wireless Solutions, TWS do Brasil, BulletIN.net (now Bulletin Wireless),
ClearSKY Networks (now Airimba Wireless, Inc.), and Broadband Metro
Communications. She joined Shenandoah Telecommunications Company
(Shentel; NASDAQ: SHEN) upon the asset sale of Broadband Metro
Communications. In addition, Ms. Ashcraft also held management
positions with Hughes Aircraft, Unisys, and BellSouth. Ms. Ashcraft
received a B.S. degree in Marketing from Appalachian State University in 1976;
studied abroad at the Oxford University in London, England; and received her
M.B.A. with an emphasis in international finance from California State
University in 1983. There are no transactions in which Ms. Ashcraft
has an interest requiring disclosure under Item 404(a) of Regulation
S-B. The Company is currently in the process of negotiating the terms
of Ms. Ashcraft’s employment.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
| 4.1 | $300,000 6% Convertible Subordinated Promissory Note dated December 3, 2007 issued to Surry P.Roberts. |
|
4.2
|
Warrant
to purchase 600,000 shares of the Company’s Common Stock dated December 3,
2007 issued to Surry P. Roberts.
|
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.
| Date: December 20, 2007 | ||||
| WINSONIC DIGITAL MEDIA GROUP, LTD. | ||||
|
|
By:
|
/s/ Winston Johnson | ||
|
Name:
|
Winston Johnson | |||
|
Title:
|
Chairman of the Board and CEO | |||