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): September 11, 2007 (June 1,
2007)
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CLEAR
CHOICE FINANCIAL, INC.
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(Exact
Name of Registrant as Specified in its Charter)
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Nevada
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000-52071
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33-1080880
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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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7373
E.
Doubletree Ranch Rd., Suite 200, Scottsdale, AZ 85258
(Address
of principal executive offices) (Zip Code)
Registrant’s
Telephone Number, Including Area Code: (480)
621-5925
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):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR
240.14a-
12)
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o
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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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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Effective
June 1, 2007, Gene O’Bryan resigned as Chief Operating Officer of Clear Choice
Financial, Inc. (the “Company”). As of the date of this report, the Company has
no COO.
Item
8.01 Other Events
On
April
4, 2007, Clear Choice Financial, Inc. entered into a term sheet with Foundations
Financial Group, LLC (“Foundations") to acquire all of the assets and business
entities of Foundations subject to the negotiation, execution and closing of
a
definitive agreement. The Company has been unable to reach any agreement on
the
terms of an acquisition that were acceptable to the Company. As a result,
discussions between the two companies have terminated and they have agreed
not
to pursue any form of acquisition or merger. The Company has $85,000 of cash
remaining and is a shell corporation owning two insolvent companies, Bay Capital
Corp. and BrokerLogix, both of which formerly operated in the mortgage business.
Bay Capital has well over $6 million in indebtedness which it is unable to
repay
and the Company itself has approximately $2 million of direct indebtedness
which
is it trying to settle.
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:
September 10, 2007
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CLEAR
CHOICE FINANCIAL, INC.
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By: /s/
Michael J.
Schifsky
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Michael J. Schifsky
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Chief Financial Officer
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