Telkonet, Inc.
UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
March
9, 2007
(Date
of
earliest event reported)
TELKONET,
INC.
(Exact
Name of Registrant as Specified in Its Charter)
Utah
(State
or
Other Jurisdiction of Incorporation)
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000-27305
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87-0627421
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(Commission
File No.)
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(I.R.S.
Employer Identification No.)
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20374
Seneca Meadows Parkway, Germantown, Maryland 20876
(Address
of Principal Executive Offices)
(240)-912-1800
(Registrant's
Telephone Number)
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
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 (see General Instruction A.2. below):
[
]
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
2.01. COMPLETION OF ACQUISITION
On
March
9, 2007, Telkonet, Inc. (AMEX: TKO), the leader in providing in-building
broadband access over existing electrical wiring,
completed the acquisition of Smart Systems International (SSI), a leading
technology manufacturer of in-room energy management systems for the hospitality
industry. The Company acquired substantially all the assets of SSI for
$7,000,000 comprised of $875,000 cash and 2,227,273 shares of Company common
stock. Telkonet plans to integrate the two companies’ products, using the
Telkonet iWire System™
to
provide a cost-effective, easy-to-install broadband platform to network all
the
energy-related components.
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(a)
Financial statements of Business Acquired:
Financial
statements required by this Item shall be filed by amendment to this Form 8-K
not later than 71 calendar days following the date that this Form 8-K was
required to be filed.
(b)
Pro
forma financial information:
The
pro
forma financial information required by this Item shall be filed by amendment
to
this Form 8-K not later than 71 calendar days following the date that this
Form
8-K was required to be filed.
(c)
Exhibits:
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99
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Press
release, dated March 15, 2007.
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99.1
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Asset
Purchase Agreement, dated February 23, 2007, by and between Telkonet,
Inc.
and Smart Systems International (incorporated by reference to our
Current
Report on Form 8-K filed on March 2,
2007)
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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 hereunto
duly authorized.
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TELKONET,
INC.
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Date: March
15, 2007
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By:
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/s/ Ronald
W. Pickett
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Ronald
W. Pickett
Chief
Executive Officer
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