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<SEC-DOCUMENT>0001144204-08-049717.txt : 20080825
<SEC-HEADER>0001144204-08-049717.hdr.sgml : 20080825
<ACCEPTANCE-DATETIME>20080825164558
ACCESSION NUMBER:		0001144204-08-049717
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080820
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
FILED AS OF DATE:		20080825
DATE AS OF CHANGE:		20080825

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POWERVERDE, INC.
		CENTRAL INDEX KEY:			0000933972
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTORS & GENERATORS [3621]
		IRS NUMBER:				880271109
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27866
		FILM NUMBER:		081037074

	BUSINESS ADDRESS:	
		STREET 1:		21615 N. 2ND AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85027
		BUSINESS PHONE:		623-780-3321

	MAIL ADDRESS:	
		STREET 1:		21615 N. 2ND AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85027

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VYREX CORP
		DATE OF NAME CHANGE:	19951206
</SEC-HEADER>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
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      DC 20549</strong></font></div>
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      8-K</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
      REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
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      Exchange Act of 1934</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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                780-3321</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vyrex
                Corporation</font></div>
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          </tr>
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                Report)</font></div>
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      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:</font></div>
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    <div>&#160;</div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 63pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
              4.02</strong></font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Non&#8722;Reliance
                on Previously Issued Financial Statements or a Related Audit
                </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Report
                or Completed Interim
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      20, 2008, the Board of Directors of PowerVerde, Inc., a Delaware corporation
      formerly known as Vyrex Corporation (the &#8220;Company&#8221;), after consultation with the
      Company&#8217;s management, its independent accountants and the staff of the Division
      of Corporate Finance of the U.S. Securities and Exchange Commission (the
&#8220;Staff&#8221;), has determined to change the accounting treatment of the previously
      announced February 12, 2008, merger transaction among the Company, PowerVerde
      Systems, Inc., formerly known as PowerVerde, Inc., and Vyrex Acquisition
      Corporation, a wholly-owned subsidiary of the Company (the &#8220;Merger&#8221;). The new
      accounting treatment will be identical to that of a reverse acquisition, except
      that no goodwill and other intangibles will be recorded. Moreover, at the time
      of the Merger, PowerVerde Systems, Inc. was the operating entity and, since
      the
      Merger, its operations have represented the sole operations of the Company
      and
      the historical financial statements presented for the Company will be those
      of
      PowerVerde Systems, Inc., the operating subsidiary. This change will require
      that the Company&#8217;s previously filed Forms 10-Q for the quarters ended March 31,
      2008 and June 30, 2008 be amended to include restated financial statements.
      Accordingly, these financial statements should no longer be relied upon. The
      Company will amend these quarterly reports to include restated financial
      statements in the near future.</font></div>
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      addition, on August 20, 2008, the Board, after consultation with the Company&#8217;s
      management, its independent accountants and the Staff, determined to amend
      the
      Company&#8217;s previously filed Form 10-KSB for the year ended December 31, 2007, to
      include an omitted paragraph in the controls and procedures item, as well
      as&#160;changes to the auditor&#8217;s report and restated financial statements for
      the pre-Merger development stage reporting period. Accordingly, the financial
      statements and related auditor reports included in the Form 10-KSB, should
      no
      longer be relied upon. The Company will amend this annual report to include
      these changes in the near future.</font></div>
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      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.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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          <tr valign="top" bgcolor="#ffffff">
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            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: "><strong>POWERVERDE,
              INC.</strong></font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Dated:
              August 25, 2008</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/
              George Konrad</font></td>
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              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">George
              Konrad</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Principal
              Executive Officer</font></td>
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