Item 8.01. Other Events.

On December 15, 2008, the Company announced that its Board of Directors amended its existing stock repurchase program by increasing the amount it has authorized management to repurchase from up to $20,000,000 of the Company's common stock to up to $22,000,000. The stock repurchases may, at the discretion of the Company's management, be made from time to time on the open market or in privately negotiated transactions.

Under the stock repurchase program, the Company may repurchase shares of its common stock from time to time in compliance with SEC regulations and subject to market conditions. The stock repurchase program does not require the Company to acquire any specific number of shares, and the Company may terminate the program at any time. Subject to the $22,000,000 limitation, of which approximately $3,532,000 remains available for repurchases under the stock repurchase program, the timing and quantity of any stock repurchases will be at the sole discretion of the Company.

A copy of the press release announcing the amendment to the existing stock repurchase program is attached hereto as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits

The following exhibits are filed with this Form 8-K:

(c) Exhibit No. Description

99.1 Press Release of Paragon Technologies, Inc. dated December 15, 2008.