Unassociated Document
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 27, 2007
BRAVO!
BRANDS INC.
(Exact
name of registrant as specified in its amended charter)
|
Delaware
|
|
0-20539
|
|
62-1681831
|
|
(State
or other jurisdiction of
|
|
(Commission
|
|
(I.R.S.
Employer
|
|
incorporation
or organization)
|
|
File
Number)
|
|
Identification
No.)
|
11300
US
Highway 1, Suite 400
North
Palm Beach, Florida 33408 USA
(Address
of principal executive offices)
(561)
625-1411
Registrant's
telephone number
(Former
name or former address if changed since last report)
Item
3.02
On
May 1, 2007,
the
Company closed a funding transaction with six
accredited institutional investors,
for the
issuance and sale of 18.5 million shares of the Company’s common stock to the
Subscribers for $740,000. The Company also issued five year warrants for the
purchase of an additional 9.25 million shares of common stock at an exercise
price of $0.04 per share. The securities are restricted and have been issued
pursuant to an exemption to the registration requirements of Section 5 of the
Securities Act of 1933 for “transactions of the issuer not involving any public
offering” provided in Section 4(2) of the Act and pursuant to a Regulation D
offering.
Item
5.01
On
April 30, 2007, the Company’s Board of Directors voted to terminate the
employment of Roy G. Warren, who had held the position of Chief Executive
Officer of the Company since May 1999. Mr. Warren will remain as a director
of
the Company. The employment of Michael Edwards, who held the position of Chief
Revenue Officer of the Company since 2003, also has been terminated, effective
May 1, 2007.
Item
8.01
On
April 27, 2007, the Company terminated 34 of its 62 employees. These
terminations included the release of Mr. Stanley Harris, who had served as
the
Company’s Chief of Marketing since January 2006. The Company’s total monthly
payroll expense has been reduced by in excess of 50%.
Item
9.01
Exhibits
| 99.1 |
Form of Securities Purchase
Agreement
|
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.
| |
|
|
| |
Bravo!
Brand
Inc. |
|
|
|
| Date:
May 1, 2007 |
By: |
/s/ Roy
D.
Toulan, Jr. |
| |
Roy
D. Toulan, Jr., |
| |
Vice
President, General Counsel |
Exhibit
99.1 Form of Securities Purchase Agreement