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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): September 11, 2000
ELINEAR, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-27418 76-0478045
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
10055 Westmoor Drive
Westminster, CO 80021
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 534-1408
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ITEM 5. OTHER EVENTS.
As a result of unexpected overhead and leasing costs incurred by
Elinear, Inc. ("Elinear" or the "Company") in the State of Florida, the Company
will relocate its headquarters to Colorado and simultaneously close its Florida
operations. In connection therewith, the Company is currently negotiating to
sell certain assets related to its Florida operations, including those held
through its wholly-owned subsidiary, Elinear Corporation, to Inobbar, L.L.C., a
Florida limited liability company ("Inobbar"), formed by Jay Vickers and John
Kaercher. Messrs. Vickers and Kaercher currently are officers of the Company.
Elinear plans to terminate the Company's employment relationship with Messrs.
Vickers and Kaercher upon the completion of the contemplated sale. As
consideration for the purchase of the assets, Inobbar will assume certain
liabilities of Elinear and the Company will cancel Mr. Vickers' options to
acquire 933,333 shares of Elinear common stock. Elinear believes that the
proposed acquisition is fair to the Company and on terms at least equivalent to
those it may have received in an arms length transaction. There can be no
assurances that the contemplated sale of assets will be completed.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this Report to be signed on its
behalf by the undersigned thereunto duly authorized.
ELINEAR, INC.
By: /s/ Paul Thomas
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Paul Thomas
Chief Financial Officer
Dated: September 11, 2000
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