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 20, 2003 (October
17, 2003)
EPICEDGE, INC.
(Exact name of Registrant as specified in its charter)
TEXAS 001-15493 75-1657943
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
5508 HIGHWAY TWO NINETY WEST
SUITE 300
AUSTIN, TEXAS 78735
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (512) 261-3346
NOT APPLICABLE
(Former name, former address and former fiscal year,
if changed since last report)
ITEM 5. OTHER EVENTS.
As previously reported, on September 19, 2003 EpicEdge, Inc. (the "Company")
received a notice from Silicon Valley Bank ("SVB") stating that SVB had
determined that certain events of default had occurred under our Loan and
Security Agreement dated November 6, 2002 with SVB, stating that SVB was
entitled to exercise any and all remedies available to SVB under the Loan
Agreement, declaring the entire amount of the Company's obligations under the
Loan Agreement immediately due and payable, and stating that the amount of the
obligations at September 19, 2003 was $1,250,732.52.
On October 17, 2003 SVB conducted a foreclosure sale pursuant to
Article 9 of the Uniform Commercial Code and sold all or substantially all of
the Company's assets to The Nakoma Group. The amount of the foreclosure sale
proceeds, assuming the maximum amount that may be paid over time, are expected
to be approximately equal to the amount owed to SVB.
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 thereunto duly authorized.
EPICEDGE, INC.
By: /s/ Mark L. McManigal
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Name: Mark L. McManigal
Title: Interim Chief Executive Officer
Date: October 20, 2003