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 14, 2008
NASCENT WINE COMPANY, INC.
(Exact Name of Registrant as Specified in Charter)
Nevada 82-0576512
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(State or Other Jurisdiction of (IRS Employer Identification No.)
Incorporation)
333-120949
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(Commission File Number)
2355-B Paseo De Las Americas 92154
San Diego, California --------------
---------------------------------------- Zip Code
(Address of Principal Executive Offices)
(619) 661-0458
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(Registrant's telephone number, including area code)
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 (see General Instruction A.2. below):
[_] 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 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On February 13, 2008, we entered into a loan agreement with Cyril
Capital, LLC ("Cyril") in which Cyril lent us $500,000. The loan was due and
payable on August 14, 2008. The primary security for the loan was our inventory
and accounts receivable. The secondary security was the personal guarantee of
Sandro Piancone, our Chief Executive Officer. In the event that the loan,
including interest at 8% per annum, was not repaid on August 14, 2008, a penalty
of 10% would apply. However, we opted to extend the term of the loan by 60 days
to October 14, 2008 for a fee of $20,000. On October 14, 2008, we extended the
term of the loan again by 60 days for a fee of $20,000. During the extension
period, the loan is not in default and the penalty will not apply. Interest at
the standard rate of 8% per annum will continue to accrue. The proceeds of this
loan are intended to be used for working capital.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
The disclosure required by this item is included in Item 1.01 and is
incorporated herein by this reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
EXHIBIT NUMBER DESCRIPTION
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99.1 Loan Agreement dated February 13, 2008
SIGNATURE
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 hereunto duly authorized.
Date: October 20, 2008 NASCENT WINE COMPANY, INC.
By: /s/ Peter V. White
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Peter V. White
Chief Financial Officer and Treasurer