- Current report filing (8-K)
September 17 2010 - 6:03AM
Edgar (US Regulatory)
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 reported) September 13, 2010
OTIX
GLOBAL, INC.
(Exact
name of registrant as specified in its charter)
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DELAWARE
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000-30335
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87-0494518
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(State
or other jurisdiction of
incorporation
or organization)
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(Commission
file
number)
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(I.R.S.
Employer
Identification
No.)
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4246
South Riverboat Road, Suite 300
Salt
Lake City, UT 84123
(Address
of principal executive offices)
(801)
312-1700
(Registrant’s
telephone number, including area code)
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:
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¨
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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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¨
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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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¨
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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
2.05
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Costs
Associated with Exit or Disposal
Activities
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On April
28, 2009, pursuant to Form 8-K, Otix Global, Inc. (“Otix”) (formerly known as
Sonic Innovations, Inc.), announced the recognition of a goodwill and asset
impairment charge of approximately $14.7 million in the first quarter of 2009
related to its wholly-owned Sonic Innovations GmbH subsidiary in
Germany. From April 2009, Otix has continued to work under the
modified legislative and regulatory changes in Germany, including engaging in
lobbying and on-going discussions with members of Parliament and regulators to
obtain favorable changes to the modified laws and regulations. Otix
has also engaged in continuous negotiations with insurance company
representatives to secure business under the prevailing rules and
regulations. These efforts have resulted in little progress, and the
ongoing political and regulatory roadblocks have continued to erode the performance
and certainty of the business prospects of Sonic Innovations GmbH. As
a result, on September 13, 2010 Otix announced that it is discontinuing selling
products in the German market and will wind-down the operation of its German
subsidiary over the next four to six months.
Otix
estimates that charges and cash expenditures related to the wind-down will be in
excess of $3 million, excluding inventory related charges, which are currently
under review.
As Otix
previously announced in its Form 8-K dated September 13, 2010, it has entered
into an Agreement and Plan of Merger with William Demant Holdings A/S, which is
expected to be completed between mid-November and the end of
2010.
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ITEM
9.01
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Financial
Statements and Exhibits
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(d)
Exhibits.
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99.1
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Otix
Global, Inc. press release dated September 13,
2010.
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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.
Dated:
September 16, 2010
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OTIX
GLOBAL, INC.
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/s/
Michael M. Halloran
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Michael
M. Halloran
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Vice
President and Chief Financial
Officer
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