UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 27, 2005
Commission File Number 0-23903
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eAUTOCLAIMS, INC.
(Exact name of registrant as specified in its charter)
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Nevada 95-4583945
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
110 East Douglas Road, Oldsmar, Florida 34677
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(Address of principal executive offices) (Zip Code)
(813) 749-1020
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(Registrant's telephone
number)
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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 provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
Item 2.03 Creation of a Direct Financial Obligation
Item 7.01 Regulation FD Disclosure
Eautoclaims Announces close of Bridge Financing
Oldsmar, FL. October 28, 2005 - eAutoclaims announced that an agreement for
interim financing has been reached with Resource Equities LLC and the
transaction has funded. Under the terms of the agreement, Resource Equities has
provided a $500,000, 15% APR loan to eAutoclaims. eAutoclaims will pay closing
costs of 1% of the loan amount at the time of funding. The loan will be repaid
in its entirety from the proceeds of the sale of the eAutoclaim facility,
which the company has an option to purchase, at the time of closing. EAutoclaims
will execute a new lease with the buyer of the Company's corporate location. In
the event the sale to the current contracted buyer does not close, eAutoclaims
will have 120 days to secure a new buyer, after which Resource Equities will
have the right to the purchase option on the facility. In any event, eAutoclaims
retains the rights to the net profits from any sale of the facility after
repayment of the loan and accrued interest. As part of the agreement, Resource
Equities will receive a warrant to purchase 200,000 shares of eAutoclaims Common
Stock at an exercise price of $0.20 per share. Additional warrants to purchase a
total of 250,000 shares of eAutoclaims Common Stock, with an exercise price of
$0.20 per share, were issued to two finders for helping to facilitate
the transaction.
The specific terms and conditions of the new agreement with Resource Equities
LLC is set forth in the form of the Promissory Note and Financing Term
Sheet, which is attached as an exhibit to which reference is hereby made.
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: October 31, 2005 eAUTOCLAIMS, INC.
By: /s/ Eric Seidel,
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Title: CEO and President
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