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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;border-top:double 2.25pt;padding-top:1;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Washington, D.C. 20549</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>___________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CURRENT REPORT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Date of Report (Date of earliest event reported):  </font><b><font size=2>October 11, 2007</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>___________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>GREENS WORLDWIDE INCORPORATED</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact name of registrant as specified in its charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Arizona</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(State or other jurisdiction</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>of incorporation)</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>000-25025</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Commission</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>File Number)</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><font size=2>86-0718104</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(I.R.S. Employer</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Identification No.)</font></p> </td> </tr></table>
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            <p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><font size=2>801 International Parkway, 5th floor</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><font size=2>Lake Mary, Florida</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Address of principal executive offices)</font></p> </td>
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><font size=2>32746</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Zip Code)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Registrant&#146;s telephone number, including area code:  </font><b><font size=2>(757) 572-9241</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Not Applicable</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Former name or former address, if changed since last report)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>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:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.29in;text-align:justify;'><font face=Wingdings>o</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.29in;text-align:justify;'><font face=Wingdings>o</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.29in;text-align:justify;'><font face=Wingdings>o</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.29in;text-align:justify;'><font face=Wingdings>o</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;border-bottom:double 2.25pt;padding-bottom:1;'><font size=2>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 1.01</font></b></p> </td>
        <td width="320" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Entry into a Material Definitive Agreement.</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>On October 11, 2007, Greens Worldwide Incorporated (the &#147;Company&#148;) entered into an Exclusive Definitive Agreement (the &#147;Agreement&#148;), dated as of October 9, 2007, with Fuselier Holding, LLC (&#147;FHLLC&#148;), under which, subject to certain conditions precedent, FHLLC will assume more than $2,700,000 of the Company&#146;s accounts payable (the &#147;Debt&#148;) in exchange for shares of freely tradable common stock of the Company equal in aggregate market value to 300% of the total amount of the Debt (the &#147;Stock&#148;).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>FHLLC&#146;s obligations under the Agreement will not be effective or binding until (i) the Company&#146;s shareholders approve an amendment to the Company&#146;s Articles of Incorporation increasing the number of the Company&#146;s authorized shares of common stock and such amendment has been filed and declared effective by the Arizona Corporation Commission; (ii) the Company has filed all past due and currently required reports with the Securities and Exchange Commission (&#147;SEC&#148;); and (iii) the Company files, and the SEC declares effective, a registration statement covering the resale of the Stock.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Pursuant to the Agreement, FHLLC will resolve and settle the claims relating to the Debt over certain time periods based on the category under which the Debt is listed.  The time periods range from 12 months to three years from the date that the Stock is delivered to FHLLC.  During the 12 month period following the issuance of the Stock and the 24 month period following this initial 12 month period, FHLLC will determine the market value of the Stock every three months, in the case of the initial 12 month period, and every six months thereafter.  If the value of the Stock declines, the Company shall issue additional shares of Stock to FHLLC so that, at all times, the aggregate market value of the Stock equals 300% of the total amount of the Debt.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>The above discussion of the Agreement is qualified in its entirety by reference to the text of the agreement.  A copy of the Agreement is being filed as Exhibit 10.1 to this report and is incorporated by reference into this Item 1.01.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>9.01</font></b></p> </td>
        <td width="259" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Financial Statements and Exhibits.</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;page-break-after: avoid'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td width="76" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height: 14.0pt;page-break-after:avoid'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><u><b><font size=2>Exhibit No.</font></b></u></p> </td>
        <td width="99" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><u><b><font size=2>Description</font></b></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.1</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Exclusive Definitive Agreement dated October 9, 2007 by and between Fuselier Holding, LLC and Greens Worldwide Incorporated.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in; text-indent:-0.75in;text-align:justify;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>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.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font SIZE=2>GREENS WORLDWIDE INCORPORATED</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>October 12, 2007</font></p> </td>
        <td width="172" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By: </font><u><font size=2>/s/ R. Thomas Kidd</font></u></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>R. Thomas Kidd</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="263" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>President and Chief Executive Officer</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>EXHIBIT INDEX </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><u><b><font size=2>Exhibit No.</font></b></u></p> </td>
        <td width="99" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><u><b><font size=2>Description</font></b></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in; text-indent:-0.75in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in; text-indent:-0.75in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.1</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Exclusive Definitive Agreement dated October 9, 2007 by and between Fuselier Holding, LLC and Greens Worldwide Incorporated.</font></p> </td> </tr></table>
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{"company-data": {"conformed-name": "GREENS WORLDWIDE INC", "cik": "0001072971", "assigned-sic": "5812", "irs-number": "860718104", "state-of-incorporation": "AZ", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-25025", "film-number": "071174450"}, "business-address": {"street1": "346 WOODLAND CHURCH RD", "city": "HERTFORD", "state": "NC", "zip": "27944", "phone": "252-264-2064"}, "mail-address": {"street1": "346 WOODLAND CHURCH RD", "city": "HERTFORD", "state": "NC", "zip": "27944"}, "former-company": {"former-conformed-name": "SEDONA WORLDWIDE INC", "date-changed": "19981104"}}
Form 8-K
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 11, 2007
___________
GREENS WORLDWIDE INCORPORATED
(Exact name of registrant as specified in its charter)
Arizona
(State or other jurisdiction
of incorporation)
000-25025
(Commission
File Number)
86-0718104
(I.R.S. Employer
Identification No.)
801 International Parkway, 5th floor
Lake Mary, Florida
(Address of principal executive offices)
32746
(Zip Code)
Registrant's telephone number, including area code:
(757) 572-9241
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:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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 1.01
Entry into a Material Definitive Agreement.
On October 11, 2007, Greens Worldwide Incorporated (the "Company") entered into an Exclusive Definitive Agreement (the "Agreement"), dated as of October 9, 2007, with Fuselier Holding, LLC ("FHLLC"), under which, subject to certain conditions precedent, FHLLC will assume more than $2,700,000 of the Company's accounts payable (the "Debt") in exchange for shares of freely tradable common stock of the Company equal in aggregate market value to 300% of the total amount of the Debt (the "Stock").
FHLLC's obligations under the Agreement will not be effective or binding until (i) the Company's shareholders approve an amendment to the Company's Articles of Incorporation increasing the number of the Company's authorized shares of common stock and such amendment has been filed and declared effective by the Arizona Corporation Commission; (ii) the Company has filed all past due and currently required reports with the Securities and Exchange Commission ("SEC"); and (iii) the Company files, and the SEC declares effective, a registration statement covering the resale of the Stock.
Pursuant to the Agreement, FHLLC will resolve and settle the claims relating to the Debt over certain time periods based on the category under which the Debt is listed.  The time periods range from 12 months to three years from the date that the Stock is delivered to FHLLC.  During the 12 month period following the issuance of the Stock and the 24 month period following this initial 12 month period, FHLLC will determine the market value of the Stock every three months, in the case of the initial 12 month period, and every six months thereafter.  If the value of the Stock declines, the Company shall issue additional shares of Stock to FHLLC so that, at all times, the aggregate market value of the Stock equals 300% of the total amount of the Debt.
The above discussion of the Agreement is qualified in its entirety by reference to the text of the agreement.  A copy of the Agreement is being filed as Exhibit 10.1 to this report and is incorporated by reference into this Item 1.01.
Item
9.01
Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit No.
Description
10.1
Exclusive Definitive Agreement dated October 9, 2007 by and between Fuselier Holding, LLC and Greens Worldwide Incorporated.
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.
GREENS WORLDWIDE INCORPORATED
Date:
October 12, 2007
By:
/s/ R. Thomas Kidd
R. Thomas Kidd
President and Chief Executive Officer
EXHIBIT INDEX
Exhibit No.
Description
10.1
Exclusive Definitive Agreement dated October 9, 2007 by and between Fuselier Holding, LLC and Greens Worldwide Incorporated.