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
Date of Report (Date of
earliest event reported): April 16, 2007
|
JACLYN, INC.
|
| (Exact Name of Registrant as Specified in its Charter) |
|
|
|
| Delaware |
1-5863 |
22-1432053 |
| (State or Other Jurisdiction |
(Commission |
(IRS Employer |
| of Incorporation) |
File No.) |
Identification No.) |
|
|
| 635 59TH Street |
|
|
| West New York, New Jersey |
|
07093 |
|
|
|
| (Address of Principal Executive Offices) |
|
(Zip Code) |
|
Registrant’s
telephone number, including area code: (201) 868-9400
|
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:
 |
|
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 1.02. |
|
Termination
of a Material Definitive Agreement. |
In
accordance with an agreement signed on April 16, 2007 (the “Termination
Agreement”), the Option Contract of Sale dated as of September 7, 2005, as
amended to date (as so amended, the “Option Contract”), between the
Company and John Crowley (the “Optionee”) was terminated effective on
April 16, 2007. Pursuant to the Option Contract, the Company had granted to the Optionee
an option relating to the sale of the Company’s executive offices and warehouse
facility, as well as two adjacent lots, located in West New York, New Jersey
(collectively, the “Properties”).
The
Option Contract was subject to a number of contingencies and conditions, including receipt
by the Optionee of governmental approvals for the use of the Properties as residential
housing. Jaclyn previously granted to the Optionee extensions of time to obtain the
approvals. However, the Optionee has not received, and advised the Company that he does
not expect to receive, the necessary approvals. Accordingly, at the Optionee’s
request, the Optionee and the Company agreed to terminate the Option Contract. The Option
Contract was set to expire by its terms on May 2, 2007.
The
foregoing description is qualified in its entirety by the text of the Termination
Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.01
and which is incorporated by reference herein.
On
April 16, 2007, the Company issued a press release relating to the Termination Agreement.
The Press Release, a copy of which is attached to this Current Report on Form 8-K as
Exhibit 99.01, is incorporated by reference herein.
| Item 9.01. |
|
Financial
Statements and Exhibits. |
| |
|
(a) |
|
Financial
statements of businesses acquired. Not applicable. |
| |
|
(b) |
|
Pro
forma financial information. Not Applicable. |
| |
|
(c) |
|
Shell
company transactions. Not applicable. |
SIGNATURES
Pursuant
to the requirements of Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 16, 2007
|
JACLYN, INC.
By: /s/ Robert Chestnov
Robert Chestnov, President |
EXHIBIT INDEX