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) August 27, 1999
MICROENERGY, INC.
(Exact name of Registrant as Specified in its Charter)
Delaware 0-12595 36-3262274
(State of Incorporation) (Commission File (IRS Employer
Number) Identification No.)
350 Randy Road, Carol Stream, Illinois 60188
(Address of principal executive offices)
(630) 653-5900
Registrant's Telephone Number
Item 2. BANK FORECLOSURE
On August 27, 1999 Marquette National Bank (the "Bank"), which is the
Registrant's principal secured lender, declared a default under the loan
agreement between the Registrant and the Bank, and accelerated the payments
due to the Bank. There is due from the Registrant to the Bank approximately
$3.99 Million.
On that same date the Bank foreclosed and took possession of substantially
all of the Registrant's assets, as permitted by the Security Agreement
between the Bank and the Registrant. The Bank has scheduled a public sale
of the Registrant's assets on September 9, 1999 at the offices of the Bank's
attorneys. The assets will be sold to the highest bidder at that time.
The Registrant's Management has spent considerable effort, prior to the
foreclosure, seeking a purchaser for the assets or the Registrant in its
entirety. Based on that experience, Management believes that the proceeds
of the foreclosure sale will be substantially less that $3.99 Million.
Accordingly, all proceeds of the foreclosure sale will be retained by the
Bank.
Upon completion of the foreclosure sale, the Registrant will have no
business operations, no assets, and liabilities in excess of $2 Million
(depending on the net amount of proceeds from the foreclosure sale).
EXHIBITS
None
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.
MICROENERGY, INC.
Dated: September 1, 1999 By:___________________________
Robert J. Fanella
Chief Financial Officer
