Minnesota
|
000-25385
|
41-1853993
|
(State
or Other Jurisdiction
|
(Commission
|
(
I.R.S. Employer
|
of
Incorporation)
|
File
Number)
|
Identification
No.)
|
6950
Central Highway, Pennsauken, NJ
|
08109
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
a.
|
Pay
to Andretti IV, LLC the sum of One Hundred Fifty Thousand Dollars
($150,000), payable $30,000 on October 23, 2009, which payment has been
made, $60,000 on or before December 1, 2009, and $60,000 on or before
January 1, 2010.
|
b.
|
All
future payments will be made on a per bike basis of $65 per Andretti bike
sold. Payment will be made on a quarterly basis 45 days after the Company
closes its financial quarter.
|
Exhibit
No.
|
Description
|
10(k)
|
Settlement
Agreement, dated October 23, 2009, between the Company and Andretti IV,
LLC.
|
POWER
SPORTS FACTORY, INC.
|
|
By
|
/s/ Shawn
Landgraf
|
Shawn
Landgraf, Chief Executive Officer
|
|
Date:
October 23, 2009
|
Exhibit
No.
|
Description
|
10(k)
|
Settlement
Agreement, dated October 23, 2009, between the Company and Andretti IV,
LLC.
|