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
Date of Report (Date of earliest event reported): November 28, 2005 (November
23, 2005)
PACIFIC MAGTRON INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)
Nevada
(State or other jurisdiction of incorporation)
000-25277 88-0353141
(Commission File Number) (IRS Employer Identification Number)
1600 California Circle, Milpitas, California 95035
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (408) 956-8888
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))
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Item 2.01 Completion of Acquisition or Disposition of Assets
On November 23, 2005, Pacific Magtron, Inc. ("PMI"), a wholly owned subsidiary
of Pacific Magtron International Corp., sold the land and office/warehouse
building located at 1600 California Circle, Milpitas, California (the
"Building") pursuant to an agreement (the "Agreement") with Everlasting Private
Foundation for the gross amount of $4,990,000. Everlasting Private Foundation is
not related to PMI, its affiliates, its shareholders, officers or directors.
As part of the purchase price contemplated by the Agreement, PMI paid-off the
outstanding principal balances of its first mortgage with Wells Fargo Bank in
the amount of $2,302,340 and its second mortgage with the Small Business
Administration in the amount of $752,849.99. After payment of these debts and
related transaction expenses, PMI received net proceeds in the amount of
$1,602,559.38. These proceeds will be subject to the jurisdiction of the United
States Bankruptcy Court for the District of Nevada, Southern Division (the
"Court") and any Plan of Reorganization that may be eventually approved by the
Court.
SIGNATURE
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.
PACIFIC MAGTRON INTERNATIONAL CORP.,
A Nevada Corporation
Date: November 28, 2005
By /s/ Martin Nielson
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Martin Nielson
President and Chief Executive Officer
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