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GRB > SEC Filings for GRB > Form 8-K on 24-Oct-2008All Recent SEC Filings

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Form 8-K for GERBER SCIENTIFIC INC


24-Oct-2008

Creation of a Direct Financial Obligation or an Obligation under an Off-Bal


Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

On October 21, 2008, Gerber Scientific, Inc. (the "Company") borrowed $30.0 million under its existing $125.0 million revolving Credit Agreement, dated as of January 31, 2008 to finance its acquisition of Virtek Vision International, Inc. ("Virtek"). The Credit Agreement contains customary events of default, including failure by the borrowers to make payment when due, failure by the borrowers to comply with specified covenants, conditions or agreements, and specified events of bankruptcy, insolvency, or similar events affecting the borrowers.

The information set forth under Item 8.01 of this report and the news release filed as Exhibit 99.1 to this report are incorporated in this Item 2.03 by reference in their entirety.



Item 8.01 Other Events

On October 22, 2008, the Company announced that its wholly owned Canadian subsidiary, Gerber Scientific Canada Inc., has taken up 29,369,010 common shares (approximately 88%) of Virtek under the offer to acquire all of the common shares of Virtek at a price of C$1.05 cash per common share. This transaction was financed under the Company's $125.0 million revolving Credit Agreement.

The Company will seek to complete a compulsory acquisition transaction to acquire the remaining outstanding shares of Virtek as soon as possible. Following the completion of such a transaction, the Company intends to de-list the common shares of Virtek and to cause Virtek to cease to be a reporting issuer.

A copy of the Company's news release containing the announcement is filed as Exhibit 99.1 to this report and is incorporated by reference in this Item 8.01.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following documents are filed herewith as exhibits to this report:

Exhibit
Number    Description of Exhibits

 99.1     News Release dated October 22, 2008


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