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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
October 23, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Bluesphere Corporation </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in
its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="color: black">&nbsp; <FONT STYLE="font-size: 10pt"><U>Nevada </U></FONT></FONT></TD>
    <TD STYLE="width: 33%; text-decoration: underline; text-align: center"><FONT STYLE="color: black"><U>&nbsp; <FONT STYLE="font-size: 10pt">333-147716 </FONT></U></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="color: black">&nbsp; <FONT STYLE="font-size: 10pt"><U>98-0550257 </U></FONT></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center"><FONT STYLE="color: black">&nbsp; <FONT STYLE="font-size: 10pt">(State or Other Jurisdiction </FONT></FONT><BR>
<FONT STYLE="font-size: 10pt; color: black">of Incorporation or Organization) </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="color: black">&nbsp; <FONT STYLE="font-size: 10pt">(Commission File Number) </FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="color: black">&nbsp; <FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.) </FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>35
Asuta St., P.O.B 857, Even Yehuda, Israel 40500 </U></B></FONT><B><U><FONT STYLE="color: black"> </FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: black">Registrant's
telephone number, including area code: </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>972-9-8917438</U></B></FONT><FONT STYLE="color: black">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Not Applicable </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
since Last Report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Wingdings"> </FONT>&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Wingdings"> </FONT>&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Wingdings"> </FONT>&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Wingdings"> </FONT>&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01. Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 19, 2012, Blueshere Corporation
(the &ldquo;Registrant&rdquo;) signed two definitive project agreements (the &ldquo;Project Argreements&rdquo;) to acquire 100%
of Orbit Energy Inc.&rsquo;s right, title and interest in, to and under two waste to energy projects in the United States: (i)
an 5.2 MW waste to energy project in North Carolina and a 3.2 MW waste to energy project in Rhode Island. At each site, the Registrant
will construct and operate a facility to accept organic food waste, anaerobically digest it to make biogas and compost and then
use such biogas to produce heat and electricity. The Registrant will sell the heat, electricity and compost to local off-takers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In both cases, Orbit Energy Inc.&rsquo;s
right, title and interest in, to and under such projects is held in limited liability companies (the &ldquo;LLCs&rdquo;), each
of which will, subject to the fulfillment of certain conditions, be transferred to the Registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #262626">The material aspects of
such agreement are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #262626">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">Subject to the fulfillment of certain conditions,
Orbit Energy Inc., a North Carolina corporation, is obligated to transfer 100% of its rights in the projects, which are held,
in each case, in the LLCs, to the Registrant.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">Subject to certain conditions, Registrant is obligated
to invest the equity component of the projects&rsquo; required financing.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">The conditions to be fulfilled for the transfer of
the LLCs to Registrant and the Registrant&rsquo;s obligation to invest the equity include the receipt by Registrant of:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">valid and binding feedstock agreement(s) in form and
substance acceptable to Registrant;</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">a valid and binding power purchase agreement (in respect
of which there is reasonable time to satisfy all timing and milestone requirements and which is in form and substance acceptable
to Registrant in its sole discretion);</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">submitted applications in respect of required permits;</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(iv)</TD><TD STYLE="text-align: justify">a valid, signed and binding agreement or debt commitment
letter in respect of debt finance on terms and conditions acceptable to Registrant in its sole discretion;</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(v)</TD><TD STYLE="text-align: justify">valid and binding lease and/or purchase agreement (in
form and substance acceptable to Registrant in its sole discretion) in respect of the land on which the Project will be located;</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(vi)</TD><TD STYLE="text-align: justify">valid and binding agreement in respect of the equipment,
procurement and construction for and on behalf of the Project in form and substance acceptable to Registrant in its sole discretion;
and</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(vii)</TD><TD STYLE="text-align: justify">tax credit and depreciation sale agreement or other
agreement monetizing the Project&rsquo;s applicable tax credits and depreciation benefits.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #262626; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: justify">As at the date hereof, Orbit has already delivered
to Registrant valid and binding power purchase agreement (in respect of which there is reasonable time to satisfy all timing and
milestone requirements and which is in form and substance acceptable to Registrant in its sole discretion).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #262626"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD STYLE="text-align: justify">Within 10 days of the date on which the project agreements
were signed, Orbit is obligated to deliver to an escrow agent to be appointed by Registrant a transfer agreement in respect of
each LLC that transfers 100% of the right, title and interest in, to and under each LLC to Registrant.</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">6.</TD><TD STYLE="text-align: justify">Registrant will be entitled to receive such transfer
agreements out of escrow when all the closing conditions (described above) are met.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">7.</TD><TD STYLE="text-align: justify">In exchange for full ownership of the projects, Registrant
will pay Orbit development and management fees in respect of each site. Registrant will then be entitled to receive cash in a
sufficient amount to recoup 100% of its investment in the projects, then receive cash in a sufficient amount to achieve a 30%
internal rate of return and from then on keep 70% of the distributable cash from each site for itself and transfer 30% of such
cash to Orbit for the life of each project.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">8.</TD><TD STYLE="text-align: justify">Each Project Agreement is governed by the laws of
the State of North Carolina.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Signature</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-right: 0; padding-left: 0; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-right: 0; padding-left: 0; font-weight: bold; text-align: justify">Bluesphere Corporation</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Dated: October 23, 2012</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">By: <U>/s/ Shlomo Palas</U>_____________</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">Name: Shlomo Palas</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Title: Chief Executive Officer</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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[{"type": "8-K", "sequence": "1", "filename": "v326449_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 21483}]
{"company-data": {"conformed-name": "BLUE SPHERE CORP.", "cik": "0001419582", "assigned-sic": "7370", "irs-number": "980550257", "state-of-incorporation": "NV", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-147716", "film-number": "121155586"}, "business-address": {"street1": "35 ASUTA STREET, PO BOX 857", "city": "EVEN YEHUDA", "state": "L3", "zip": "40500", "phone": "972-9-8917438"}, "mail-address": {"street1": "35 ASUTA STREET, PO BOX 857", "city": "EVEN YEHUDA", "state": "L3", "zip": "40500"}, "former-company": [{"former-conformed-name": "Blue Sphere Corp", "date-changed": "20100219"}, {"former-conformed-name": "Jin Jie Corp.", "date-changed": "20071128"}]}
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 23, 2012
Bluesphere Corporation
(Exact name of Registrant as specified in
its Charter)
Nevada
333-147716
98-0550257
(State or Other Jurisdiction
of Incorporation or Organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
35
Asuta St., P.O.B 857, Even Yehuda, Israel 40500
(Address of Principal Executive Offices)                         
(Zip Code)
Registrant's
telephone number, including area code:
972-9-8917438
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 (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 October 19, 2012, Blueshere Corporation
(the "Registrant") signed two definitive project agreements (the "Project Argreements") to acquire 100%
of Orbit Energy Inc.'s right, title and interest in, to and under two waste to energy projects in the United States: (i)
an 5.2 MW waste to energy project in North Carolina and a 3.2 MW waste to energy project in Rhode Island. At each site, the Registrant
will construct and operate a facility to accept organic food waste, anaerobically digest it to make biogas and compost and then
use such biogas to produce heat and electricity. The Registrant will sell the heat, electricity and compost to local off-takers.
In both cases, Orbit Energy Inc.'s
right, title and interest in, to and under such projects is held in limited liability companies (the "LLCs"), each
of which will, subject to the fulfillment of certain conditions, be transferred to the Registrant.
The material aspects of
such agreement are as follows:
1.
Subject to the fulfillment of certain conditions,
Orbit Energy Inc., a North Carolina corporation, is obligated to transfer 100% of its rights in the projects, which are held,
in each case, in the LLCs, to the Registrant.
2.
Subject to certain conditions, Registrant is obligated
to invest the equity component of the projects' required financing.
3.
The conditions to be fulfilled for the transfer of
the LLCs to Registrant and the Registrant's obligation to invest the equity include the receipt by Registrant of:
(i)
valid and binding feedstock agreement(s) in form and
substance acceptable to Registrant;
(ii)
a valid and binding power purchase agreement (in respect
of which there is reasonable time to satisfy all timing and milestone requirements and which is in form and substance acceptable
to Registrant in its sole discretion);
(iii)
submitted applications in respect of required permits;
(iv)
a valid, signed and binding agreement or debt commitment
letter in respect of debt finance on terms and conditions acceptable to Registrant in its sole discretion;
(v)
valid and binding lease and/or purchase agreement (in
form and substance acceptable to Registrant in its sole discretion) in respect of the land on which the Project will be located;
(vi)
valid and binding agreement in respect of the equipment,
procurement and construction for and on behalf of the Project in form and substance acceptable to Registrant in its sole discretion;
and
(vii)
tax credit and depreciation sale agreement or other
agreement monetizing the Project's applicable tax credits and depreciation benefits.
4.
As at the date hereof, Orbit has already delivered
to Registrant valid and binding power purchase agreement (in respect of which there is reasonable time to satisfy all timing and
milestone requirements and which is in form and substance acceptable to Registrant in its sole discretion).
5.
Within 10 days of the date on which the project agreements
were signed, Orbit is obligated to deliver to an escrow agent to be appointed by Registrant a transfer agreement in respect of
each LLC that transfers 100% of the right, title and interest in, to and under each LLC to Registrant.
6.
Registrant will be entitled to receive such transfer
agreements out of escrow when all the closing conditions (described above) are met.
7.
In exchange for full ownership of the projects, Registrant
will pay Orbit development and management fees in respect of each site. Registrant will then be entitled to receive cash in a
sufficient amount to recoup 100% of its investment in the projects, then receive cash in a sufficient amount to achieve a 30%
internal rate of return and from then on keep 70% of the distributable cash from each site for itself and transfer 30% of such
cash to Orbit for the life of each project.
8.
Each Project Agreement is governed by the laws of
the State of North Carolina.
Signature
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereto
duly authorized.
Bluesphere Corporation
Dated: October 23, 2012
By:
/s/ Shlomo Palas
_____________
Name: Shlomo Palas
Title: Chief Executive Officer