Unassociated Document
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): April 21, 2006
Entrx
Corporation
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(Exact
name of registrant as specified in its
charter)
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Delaware
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0-2000
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95-2368719
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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800
Nicollet Mall, Suite 2690,
Minneapolis,
Minnesota
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55402
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (612) 333-0614
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N/A
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(Former
name or former address, if change since last
report.)
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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:
o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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Soliciting
material pursuant to rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13c-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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INFORMATION
TO BE INCLUDED IN THIS REPORT
Section
2 - Financial Information
Item
2.01 Completion
of Acquisition or Disposition of Assets
On
April
21, 2006, Metalclad Insulation Corporation (“Metalclad”), Entrx Corporation’s
(“Entrx”) wholly owned subsidiary, completed the sale of the building housing
its offices and operating facilities in Anaheim, California (the “Premises”),
for a gross price of $3,900,000. Under the terms of the sale, Metalclad
Corporation will lease these facilities from the buyers of the Premises, Amin
and Hasina Lakhani, for a period of eight months, at monthly rent of $21,800.
Neither of the buyers has any material relationship to Entrx or any of its
affiliates, or any officer or director of Entrx, or any associate of any such
officer or director.
Metalclad
intends to lease alternate facilities, from which it can conduct its operations,
which will likely be located in the Anaheim, California area. While Metalclad
has identified several potential suitable sites for these facilities, no site
has yet been agreed upon, and no negotiations for leasing such site have been
commenced. Entrx does not anticipate that the lease costs required will
substantially exceed the monthly rent currently being paid for the
Premises.
At
the
closing of the sale of the Premises, Metalclad paid the Far East National Bank
(the “Bank”) $1,500,093 to release the mortgage held by the Bank on the
Premises, and paid the Bank $1,005,282, to pay off Metalclad’s line of credit
with the Bank, releasing Metalclad and Entrx from all obligations owing to
that
Bank.
Entrx
intends to use the funds remaining from the sale of the Premises, after paying
the Bank, and paying commissions and fees related to the sale transaction,
totaling approximately $1,060,000, as working capital for future
operations.
Item
2.04 Triggering
Events that Accelerate or Increase a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement
Metalclad’s
obligations to Far East National Bank, as reported in Item 2.04 of the Company’s
Form 8-K dated April 3, 2006, and filed on April 7, 2006 with the Securities
and
Exchange Commission, have been satisfied as discussed in Item 2.01
above.
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.
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Date: April
26, 2006 |
ENTRX
CORPORATION |
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By: |
/s/ Brian D. Niebur |
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Brian
D. Niebur, Treasurer and Chief Financial
Officer |
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