Unassociated Document
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)
October 18, 2007
ACORN
FACTOR, INC.
(Exact
name of Registrant as Specified in its Charter)
|
Delaware
|
0-19771
|
22-2786081
|
|
(State
or Other Jurisdiction
|
(Commission
file Number)
|
(IRS
Employer
|
|
of
Incorporation)
|
|
Identification
No.)
|
4
West
Rockland Road, Montchanin, DE 19710
(Address
of Principal Executive Offices) (Zip Code)
Registrant’s
telephone number, including area code (302)
656-1708
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:
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material
pursuant to Rule 14a-2 under the Exchange Act (17 CFR 240.14a-2)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On
October 18, 2007, Mizrahi Bank issued certain financial and performance
guarantees in support of obligations of dsIT Solutions Ltd., a subsidiary of
Acorn Factor, Inc., under a purchase order from the Israeli Ministry of Defense
for a sonar and underwater acoustics system (the “dsIT Guarantees”). Acorn
Factor, Inc., as guarantor, has issued a Deed of Guarantee to Mizrahi Bank,
under which Acorn Factor pledged monies in an account with Mizrahi Bank in
an
amount up to $2,500,000 (the “Guarantee Funds”). The Deed of Guarantee was
issued in order to secure the dsIT Guarantees. Mizrahi Bank will be entitled
to
draw from the Guarantee Funds as reimbursement in the event that it is required
to pay any amounts under the dsIT Guarantees.
SIGNATURES
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 on this 22nd day of October 2007.
ACORN
FACTOR, INC.
By: /s/
Sheldon Krause
Name:
Sheldon Krause
Title:
Secretary and General Counsel