princeton_8k-091807.htm
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
September
18, 2007
(Date
of
Report: Date of earliest event reported)
Princeton
Security Technologies, Inc.
(Exact
name of registrant as specified in its charter)
Nevada
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333-141482
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20-5506885
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(State
or other jurisdiction
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(Commission
File Number)
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(IRS
Employer ID No.)
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of
incorporation)
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303C
College Road, Princeton, New Jersey 08540
(Address
of principal executive office)
Registrant's
telephone number, including area code: 609-924-7310
NA
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K is intended to simultaneously satisfy
the
filing obligation of the registrant under any of the following provisions (see
General Instruction A.2. below):
[
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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[
]
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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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SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
document contains forward-looking statements, which reflect our views with
respect to future events and financial performance. These forward-looking
statements are subject to certain uncertainties and other factors that could
cause actual results to differ materially from such statements. These
forward-looking statements are identified by, among other things, the words
“anticipates”, “believes”, “estimates”, “expects”, “plans”, “projects”,
“targets” and similar expressions. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
the statement was made. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. Important factors that may cause actual results to differ
from those projected include the risk factors specified below.
Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On
September 18, 2007, Princeton Security Technologies, Inc.’s (the “Company”)
wholly owned subsidiary, Princeton Gamma Tech Instruments, Inc. received the
resignation of its president Chris Cox. Mr. Cox has indicated he
wants to accept a lesser role with the Company’s subsidiary, Princeton Gamma
Tech Instruments, Inc., and not be involved in the daily management
activities. Accordingly, Princeton Gamma Tech Instruments, Inc. has
agreed to enter into a consulting contract with Mr. Cox whereby he will continue
to provide services to Princeton Gamma Tech Instruments, Inc.
Under
the
terms of the consulting contract, Mr. Cox will continue providing technical
assistance on Princeton Gamma Tech Instruments, Inc. products. The
consulting contract is for a period of one year and pays Mr. Cox an hourly
basis. Mr. Cox informed the Company he did not want the added duties
related to management and the Company has work out the consulting contract
in an
effort to keep Mr. Cox involved with Princeton Gamma Tech Instruments, Inc.
in
the capacity he was originally hired to perform and in which he has indicated
he
prefers to spend his time.
Princeton
Gamma Tech Instruments, Inc. will be looking for a replacement for Mr. Cox
from
the managerial side and will focus on a new member of management with sales
experience. Juhani Taskinen will continue his role as CEO and also
cover any additional duties being vacated by Mr. Cox. Mr. Taskinen
has indicated he does not foresee much of a change in his daily duties since
he
has been handling most of the managerial duties in the past and Mr. Cox has
been
focused primarily on the technical aspects of products. The
resignation of Mr. Cox makes it a more formal separation of his duties but
does
not change the daily task for Mr. Taskinen. Additionally, Princeton
Gamma Tech Instruments, Inc. has been looking for additional management support
and trying to find someone with more of a marketing and sales background instead
of technical engineering skills.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunder duly authorized.
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Princeton
Security Technologies, Inc.
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By:
/s/ Juhani
Taskinen
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Date:
September 19, 2007
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Juhani Taskinen, Chief Financial
Officer
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