- Current report filing (8-K)
05 2월 2009 - 1:17AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 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):
February
2, 2009
COMMERCE PLANET,
INC.
(Exact
Name of Small Business Issuer as Specified in Its Charter)
UTAH
|
333-34308
|
87-052057
|
(State or Other
Jurisdiction of
Incorporation or
Organization)
|
(Commission File Number)
|
(I.R.S. Employer
Identification No.)
|
30 South La Patera Lane, Suite 8
Goleta, California 93117
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(Address
of Principal Executive Offices)
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(805) 964-9126
(Registrant’s
Telephone Number, Including Area Code)
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)
:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On February 2, 2009, Mr. Anthony G. Roth resigned as the President and
Chief Executive Officer of Commerce Planet, Inc. (the “
Company
”),
effective immediately, citing that the sale of the Company’s wholly
owned subsidiaries Consumer Loyalty Group, LLC and Legacy Media, LLC, as
reported in the Company’s Current Report on Form 8-K filed with the
Securities and Exchange Commission on January 27, 2009, was a sale of
substantially all of the assets of the Company (a “
Change in
Control
”) that triggered a provision in Mr. Roth’s employment
agreement with the Company, dated as of November 5, 2007, which provides
that within twelve months following a Change in Control in which Mr.
Roth’s employment is modified, such modification shall be deemed a
Change in Control termination of the agreement. In connection with his
resignation and due to the occurrence of a Change in Control termination
of the employment agreement, Mr. Roth’s agreement with the Company is
terminated, effective immediately. There was no disagreement or dispute
between Mr. Roth and the Company which led to his resignation.
In addition, on February 2, 2009 Mr. Jaime Rovelo was terminated as the
Company’s Chief Financial Officer, Secretary and Treasurer without
cause, due to the fact that the board of directors of the Company
elected to suspend all operations of the Company’s business, other than
the operations of Iventa, LLC, and to suspend the employment of all of
the Company’s employees, as further described in this Current Report
under Item 8.01 below. There was no disagreement or dispute between Mr.
Rovelo and the Company which led to his termination. In connection with
his termination, Mr. Rovelo’s employment agreement, dated as of January
1, 2008, is terminated, effective immediately. Under his employment
agreement, Mr. Rovelo is entitled to receive severance payments from the
Company equal to 100% of his base salary for a period of six months,
representing an amount equal to $93,750, in cash or in restricted shares
of common stock. However, Mr. Rovelo has not requested any severance
payments as of the date of this Current Report.
Mr. Roth will remain as the sole member of the board of directors of the
Company. He will not be compensated for his services as the sole
director of the Company. In addition, Messrs. Roth and Rovelo will
continue to serve as advisors to the Company on a consulting basis to
resolve certain remaining legal and operating matters of the Company,
including, but not limited to, pursuing potential strategic alternatives
for the Company’s sole remaining wholly owned subsidiary and operating
business, Iventa, LLC.
Item 1.02 Termination of a Material Definitive Agreement.
The disclosure set forth in Item 5.02 to this Current Report is
incorporated into this item by reference.
Item 8.01 Other Events.
On February 2, 2009, the board of directors of the Company elected to
suspend all operations of the Company’s business, other than the
operations of Iventa, LLC, the Company’s sole remaining wholly owned
subsidiary and operating business. In connection with the Company’s
suspension of operations, the Company has suspended the employment of
all of its employees, including the employees of Iventa, LLC. However,
Iventa, LLC will continue to operate with some key personnel on a
consulting basis. As instructed by the board of directors, the Company
intends to resolve certain remaining legal and operating matters of the
Company, including, but not limited to, pursuing potential strategic
alternatives for Iventa, LLC.
On February 2, 2009, the Company issued a press release announcing the
events described in Items 5.02 and 8.01 of this Current Report on Form
8-K. A copy of the Company’s press release is attached as Exhibit 99.1
and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(a)
Financial statements of businesses acquired
.
Not applicable.
(b)
Pro forma financial information
.
Not applicable.
(c)
Shell company transactions
.
Not applicable.
(d)
Exhibits
.
Exhibit
Number
|
|
Description
|
99.1
|
|
Press Release of Commerce Planet, Inc. dated as of February 2, 2009.
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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:
|
February 4, 2009
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COMMERCE PLANET, INC.
|
|
|
|
|
|
|
|
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By:
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/s/ Tony Roth
|
|
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Name:
|
Tony Roth
|
|
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Title:
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Chief Executive Officer
|
CommercePlanet (CE) (USOTC:CPLT)
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