<HTML>
<HEAD>
<TITLE>Form 8-K </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<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>August 17, 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>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="638" style='border-collapse:collapse'>
    <tr >
        <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>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>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" 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; text-indent:45.0pt'><b><font size=2>86-0718104</font></b></p>
<p style='margin-left:0pt;text-indent:35.25pt;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:30.0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Identification No.)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" 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>
    <tr >
        <td  colspan="2" 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>346 Woodland Church Road</font></b></p>
<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><font size=2>Hertford, North Carolina</font></b></p>
<p style='margin-left:0pt;text-indent:3.0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Address of principal executive offices)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" 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 style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>27944</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>
<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>
    <tr>
        <td width="213" ></td>

        <td width="106" ></td>

        <td width="106" ></td>

        <td width="213" ></td> </tr> </table>
            </div>

<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>252-264-2064</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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="628" style='border-collapse:collapse'>
    <tr >
        <td width="24" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:140.4%'><font size=1>&nbsp;</font></p> </td>
        <td width="24" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:116.64%'><font face=Wingdings>o</font></p> </td>
        <td width="580" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:116.64%'><font size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> </td> </tr></table>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="628" style='border-collapse:collapse'>
    <tr >
        <td width="24" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:140.4%'><font size=1>&nbsp;</font></p> </td>
        <td width="24" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:116.64%'><font face=Wingdings>o</font></p> </td>
        <td width="580" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:116.64%'><font size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="628" style='border-collapse:collapse'>
    <tr >
        <td width="24" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:140.4%'><font size=1>&nbsp;</font></p> </td>
        <td width="24" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:116.64%'><font face=Wingdings>o</font></p> </td>
        <td width="580" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:116.64%'><font size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p></td> </tr></table>
</div>

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

<div>
<table border="0" cellspacing=0 cellpadding=0 width="628" style='border-collapse:collapse'>
    <tr >
        <td width="24" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:140.4%'><font size=1>&nbsp;</font></p> </td>
        <td width="24" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:116.64%'><font face=Wingdings>o</font></p> </td>
        <td width="580" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:116.64%'><font size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p></td> </tr></table>
</div>

<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:left;border-bottom:double 2.25pt;padding-bottom:1;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="416" style='border-collapse:collapse; '>
    <tr >
        <td width="96" nowrap valign=top >
            <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>
</div>

<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:0.56in;text-align:justify;'><font size=2>On August 17, 2007, Greens Worldwide Incorporated (the &#147;Company&#148;) entered into a Stock Issuance, Assumption and Release Agreement (the &#147;Air Brook Agreement&#148;), by and among the Company and Air Brook Airport Express, Inc. (&#147;Air Brook&#148;) and AJW Partners, LLC, AJW Offshore, Ltd., AJW Qualified Partners, LLC and New Millennium Capital Partners II, LLC (collectively, the &#147;Investors&#148;).  The transactions contemplated by the Air Brook Agreement include the following:</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></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>The issuance by the Company of 390,000 shares of a new Series A Convertible Preferred Stock, par value $10.00 per share, of the Company (the &#147;Series A Preferred Stock&#148;) to Air Brook;</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></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>The assumption by Air Brook of 50% of the Company&#146;s indebtedness to the Investors under the Securities Purchase Agreement, dated as of March 22, 2007, by and among the Company and the Investors (the &#147;Purchase Agreement&#148;);</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></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>The release by the Investors of the Company&#146;s obligations relating to such indebtedness assumed by Air Brook; and</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></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>The issuance by the Company of warrants to purchase 20,000,000 shares of the Company&#146;s common stock, no par value per share (&#147;Common Stock&#148;), to the Investors in exchange for the cancellation of warrants to purchase 40,000,000 shares of Common Stock that were issued pursuant to the Purchase Agreement.</font></p> </td> </tr></table>
</div>


<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>A copy of the Air Brook 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>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>As previously reported on a Current Report on Form 8-K filed on March 28, 2007, the transactions contemplated by the Purchase Agreement resulted in a new funding of $625,000 into the Company and a restructuring of the Company&#146;s relationship with the Investors.  The Purchase Agreement provided for the sale by the Company to the Investors of callable secured convertible notes with an aggregate face amount of $7,807,500, including interest (the &#147;New Notes&#148;).  The New Notes are due and payable on March 22, 2010 (the &#147;Maturity Date&#148;).  The Company was not required to make any payments until the Maturity Date, but it had the option to prepay the amounts due under the New Notes in whole or in part at any time.  The New Notes were convertible into Common Stock at a 75% discount to the then current fair market value of Common Stock as
defined in the New Notes.</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>Under the terms of the Air Brook Agreement, the Investors released the Company from its obligations under the New Notes.  In consideration for such release, Air Brook issued to AJW Partners, LLC, AJW Master Fund, Ltd., and New Millennium Capital Partners II, LLC, who are the successors to the Investors (the &#147;Successors&#148;), callable secured convertible notes with an aggregate face amount of $3,903,750, including interest, and the Company issued to the Successors callable secured convertible notes with an aggregate face amount of $3,903,750, </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>including interest (collectively, the &#147;Replacement Notes&#148;).  The Replacement Notes have the same terms and conditions as the New Notes.  A copy of the form of the Replacement Notes is being filed as Exhibit 10.2 to this report and is incorporated by reference into this Item 1.01.  </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 transactions contemplated by the Air Brook Agreement were completed on August 17, 2007.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 2.03</font></b></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of the Registrant.</font></b></p> </td> </tr></table>
</div>


<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:0.57in;text-align:justify;'><font size=2>The terms of the Replacement Notes are set forth in Item 1.01 above and are incorporated by reference into this Item 2.03.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="387" style='border-collapse:collapse; '>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>3.02</font></b></p> </td>
        <td width="291" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Unregistered Sales of Equity Securities.</font></b></p> </td> </tr></table>
</div>

<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 August 17, 2007, the Company sold 390,000 shares of Series A Preferred Stock to Air Brook in exchange for the assumption by Air Brook of 50% of the Company&#146;s indebtedness to the Investors under the Purchase Agreement.  The terms of this transaction are set forth in Item 1.01 above and are incorporated by reference into this Item 3.02.  Each share of Series A Preferred Stock is convertible into 640 shares of Common Stock at the option of its holder at any time.  The Company relied upon Section 4(2) of the Securities Act of 1933, as amended, for the exemption from registration for the sale of such shares.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="336" style='border-collapse:collapse; '>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 5.01</font></b></p> </td>
        <td width="240" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Change of Control of Registrant</font></b></p> </td> </tr></table>
</div>

<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:0.57in;text-align:justify;'><font size=2>The execution of the Air Brook Agreement and the issuance of the Series A Preferred Stock to Air Brook under it resulted in a change of control of the Company on August 17, 2007 because the terms of the Series A Preferred Stock entitle Air Brook to elect a majority of the members of the Company&#146;s board of directors.  As of the date of this report, the only member of the Company&#146;s board of directors is R. Thomas Kidd, who is the President and Chief Executive Officer of each of Air Brook and the Company.  In addition, Air Brook&#146;s ability to vote its shares of Series A Preferred Stock on an as-converted basis assures its control of any matters presented to the holders of Common Stock.</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:0.57in;text-align:justify;'><font size=2>The information set forth in Items 1.01 and 3.02 above and Items 5.02 and 5.03 below are incorporated by reference into this Item 5.01.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>5.02</font></b></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></b></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-1in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font size=2>On August 15, 2007, William Conwell resigned as President and Chief Executive Officer of the Company.  He also resigned as a director of the Company.</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:0.5in;text-align:justify;'><font size=2>On August 17, 2007, Vera L. Harrell resigned as Vice President, Administration, and Secretary of the Company.  She also resigned as a director of the Company.  On the same date, Robert Marshburn resigned as the Company&#146;s Senior Vice President.  He also resigned as a director of the Company.</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:0.5in;text-align:justify;'><font size=2>On August 17, 2007, the Company appointed R. Thomas Kidd as its sole director and as its President and Chief Executive Officer.  Mr. Kidd, age 60, has served as President and Chief Executive Officer of Lextra Management Group, Inc., a sports marketing company (&#147;Lextra&#148;), since November 2006.  Mr. Kidd served as the Company&#146;s President and Chief Executive Officer from June 2005 to November 2006.  In addition, Mr. Kidd served as President and Chief Executive Officer of US Pro Golf Tour, Inc., which is now a wholly owned subsidiary of the Company, from January 2005 to July 2005.  Mr. Kidd served as the President and Chief Executive Officer of the American Senior Golf Association, ASGA Tour, Inc., from 1999 to January 2005. </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 Company has not entered into an employment agreement or similar arrangement with Mr. Kidd.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-1in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Item 5.03</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</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-indent:0.56in;text-align:justify;'><font size=2>On August 17, 2007, the Company amended its articles of incorporation to create the Series A Preferred Stock as a class of its authorized preferred stock.  As set forth in the designation for the Series A Preferred Stock, each share of Series A Preferred Stock is convertible into 640 shares of Common Stock at the option of its holder at any time.  The holders of the Series A Preferred Stock, voting as a separate class, have the power to elect a majority of the members of the Company&#146;s board of directors and will vote with the holders of the Common Stock on as converted basis on all matters place before such holders.</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:0.57in;text-align:justify;'><font size=2>There are no rights associated with dividends, redemption or liquidation associated with the Series A Preferred Stock.</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:0.5in;text-align:justify;'><font size=2>A copy of the designation for the Series A Preferred Stock is being filed as Exhibit 3.1 to this report and is incorporated by reference into this Item 5.03.</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:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="355" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top >
            <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>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="172" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top >
            <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>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="291" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top >
            <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>
        <td width="96" 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>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>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="120" valign=top >
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.1</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>Articles of Amendment, Certificate of Designation for Series A Preferred Stock</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="120" valign=top >
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="72" valign=top >
            <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>Stock Issuance, Assumption and Release Agreement among Greens Worldwide Incorporated, Air Brook Airport Express, Inc., AJW Partners, LLC, AJW Offshore, Ltd., AJW Qualified Partners, LLC and New Millennium Capital Partners II, LLC dated August 17, 2007.</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="120" valign=top >
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.2</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>Form of Callable Secured Convertible Note by Greens Worldwide Incorporated and issued to each of AJW Partners, LLC, AJW Master Fund, Ltd., and New Millennium Capital Partners II, LLC.</font></p> </td> </tr></table>
</div>


<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>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->


<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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="601" style='border-collapse:collapse; '>
    <tr >
        <td width="288" nowrap valign=top >
            <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="313" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>GREENS WORLDWIDE INCORPORATED</font></p> </td> </tr></table>
</div>

<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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="440" style='border-collapse:collapse; '>
    <tr >
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="240" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 22, 2007</font></p> </td>
        <td width="152" 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>R. Thomas Kidd</font></u></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in;text-align:left;'><font size=2>R. Thomas Kidd</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in;text-align:left;'><font size=2> President and Chief Executive Officer </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.38in;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>
<!-- EEDocs PBStart-->
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->


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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="291" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height: 14.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" 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>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>
</div>

<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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="120" valign=top >
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.1</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>Articles of Amendment, Certificate of Designation for Series A Preferred Stock</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="120" valign=top >
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="72" valign=top >
            <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>Stock Issuance, Assumption and Release Agreement among Greens Worldwide Incorporated, Air Brook Airport Express, Inc., AJW Partners, LLC, AJW Offshore, Ltd., AJW Qualified Partners, LLC and New Millennium Capital Partners II, LLC dated August 17, 2007.</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="120" valign=top >
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.2</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>Form of Callable Secured Convertible Note by Greens Worldwide Incorporated and issued to each of AJW Partners, LLC, AJW Master Fund, Ltd., and New Millennium Capital Partners II, LLC.</font></p> </td> </tr></table>
</div>


<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;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<!-- EEDocs PBEnd-->

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


</div>
</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "f8kgrww.htm", "secsgml_size_bytes": 41828}]
{"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": "071075929"}, "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):
August 17, 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.)
346 Woodland Church Road
Hertford, North Carolina
(Address of principal executive offices)
27944
(Zip Code)
Registrant's telephone number, including area code:
252-264-2064
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 August 17, 2007, Greens Worldwide Incorporated (the "Company") entered into a Stock Issuance, Assumption and Release Agreement (the "Air Brook Agreement"), by and among the Company and Air Brook Airport Express, Inc. ("Air Brook") and AJW Partners, LLC, AJW Offshore, Ltd., AJW Qualified Partners, LLC and New Millennium Capital Partners II, LLC (collectively, the "Investors").  The transactions contemplated by the Air Brook Agreement include the following:
•
The issuance by the Company of 390,000 shares of a new Series A Convertible Preferred Stock, par value $10.00 per share, of the Company (the "Series A Preferred Stock") to Air Brook;
•
The assumption by Air Brook of 50% of the Company's indebtedness to the Investors under the Securities Purchase Agreement, dated as of March 22, 2007, by and among the Company and the Investors (the "Purchase Agreement");
•
The release by the Investors of the Company's obligations relating to such indebtedness assumed by Air Brook; and
•
The issuance by the Company of warrants to purchase 20,000,000 shares of the Company's common stock, no par value per share ("Common Stock"), to the Investors in exchange for the cancellation of warrants to purchase 40,000,000 shares of Common Stock that were issued pursuant to the Purchase Agreement.
A copy of the Air Brook Agreement is being filed as Exhibit 10.1 to this report and is incorporated by reference into this Item 1.01.
As previously reported on a Current Report on Form 8-K filed on March 28, 2007, the transactions contemplated by the Purchase Agreement resulted in a new funding of $625,000 into the Company and a restructuring of the Company's relationship with the Investors.  The Purchase Agreement provided for the sale by the Company to the Investors of callable secured convertible notes with an aggregate face amount of $7,807,500, including interest (the "New Notes").  The New Notes are due and payable on March 22, 2010 (the "Maturity Date").  The Company was not required to make any payments until the Maturity Date, but it had the option to prepay the amounts due under the New Notes in whole or in part at any time.  The New Notes were convertible into Common Stock at a 75% discount to the then current fair market value of Common Stock as
defined in the New Notes.
Under the terms of the Air Brook Agreement, the Investors released the Company from its obligations under the New Notes.  In consideration for such release, Air Brook issued to AJW Partners, LLC, AJW Master Fund, Ltd., and New Millennium Capital Partners II, LLC, who are the successors to the Investors (the "Successors"), callable secured convertible notes with an aggregate face amount of $3,903,750, including interest, and the Company issued to the Successors callable secured convertible notes with an aggregate face amount of $3,903,750,
including interest (collectively, the "Replacement Notes").  The Replacement Notes have the same terms and conditions as the New Notes.  A copy of the form of the Replacement Notes is being filed as Exhibit 10.2 to this report and is incorporated by reference into this Item 1.01.
The transactions contemplated by the Air Brook Agreement were completed on August 17, 2007.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of the Registrant.
The terms of the Replacement Notes are set forth in Item 1.01 above and are incorporated by reference into this Item 2.03.
Item
3.02
Unregistered Sales of Equity Securities.
On August 17, 2007, the Company sold 390,000 shares of Series A Preferred Stock to Air Brook in exchange for the assumption by Air Brook of 50% of the Company's indebtedness to the Investors under the Purchase Agreement.  The terms of this transaction are set forth in Item 1.01 above and are incorporated by reference into this Item 3.02.  Each share of Series A Preferred Stock is convertible into 640 shares of Common Stock at the option of its holder at any time.  The Company relied upon Section 4(2) of the Securities Act of 1933, as amended, for the exemption from registration for the sale of such shares.
Item 5.01
Change of Control of Registrant
The execution of the Air Brook Agreement and the issuance of the Series A Preferred Stock to Air Brook under it resulted in a change of control of the Company on August 17, 2007 because the terms of the Series A Preferred Stock entitle Air Brook to elect a majority of the members of the Company's board of directors.  As of the date of this report, the only member of the Company's board of directors is R. Thomas Kidd, who is the President and Chief Executive Officer of each of Air Brook and the Company.  In addition, Air Brook's ability to vote its shares of Series A Preferred Stock on an as-converted basis assures its control of any matters presented to the holders of Common Stock.
The information set forth in Items 1.01 and 3.02 above and Items 5.02 and 5.03 below are incorporated by reference into this Item 5.01.
Item
5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 15, 2007, William Conwell resigned as President and Chief Executive Officer of the Company.  He also resigned as a director of the Company.
On August 17, 2007, Vera L. Harrell resigned as Vice President, Administration, and Secretary of the Company.  She also resigned as a director of the Company.  On the same date, Robert Marshburn resigned as the Company's Senior Vice President.  He also resigned as a director of the Company.
On August 17, 2007, the Company appointed R. Thomas Kidd as its sole director and as its President and Chief Executive Officer.  Mr. Kidd, age 60, has served as President and Chief Executive Officer of Lextra Management Group, Inc., a sports marketing company ("Lextra"), since November 2006.  Mr. Kidd served as the Company's President and Chief Executive Officer from June 2005 to November 2006.  In addition, Mr. Kidd served as President and Chief Executive Officer of US Pro Golf Tour, Inc., which is now a wholly owned subsidiary of the Company, from January 2005 to July 2005.  Mr. Kidd served as the President and Chief Executive Officer of the American Senior Golf Association, ASGA Tour, Inc., from 1999 to January 2005.
The Company has not entered into an employment agreement or similar arrangement with Mr. Kidd.
Item 5.03
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On August 17, 2007, the Company amended its articles of incorporation to create the Series A Preferred Stock as a class of its authorized preferred stock.  As set forth in the designation for the Series A Preferred Stock, each share of Series A Preferred Stock is convertible into 640 shares of Common Stock at the option of its holder at any time.  The holders of the Series A Preferred Stock, voting as a separate class, have the power to elect a majority of the members of the Company's board of directors and will vote with the holders of the Common Stock on as converted basis on all matters place before such holders.
There are no rights associated with dividends, redemption or liquidation associated with the Series A Preferred Stock.
A copy of the designation for the Series A Preferred Stock is being filed as Exhibit 3.1 to this report and is incorporated by reference into this Item 5.03.
Item
9.01
Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit No.
Description
3.1
Articles of Amendment, Certificate of Designation for Series A Preferred Stock
10.1
Stock Issuance, Assumption and Release Agreement among Greens Worldwide Incorporated, Air Brook Airport Express, Inc., AJW Partners, LLC, AJW Offshore, Ltd., AJW Qualified Partners, LLC and New Millennium Capital Partners II, LLC dated August 17, 2007.
10.2
Form of Callable Secured Convertible Note by Greens Worldwide Incorporated and issued to each of AJW Partners, LLC, AJW Master Fund, Ltd., and New Millennium Capital Partners II, LLC.
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:
August 22, 2007
By:
R. Thomas Kidd
R. Thomas Kidd
President and Chief Executive Officer
EXHIBIT
INDEX
Exhibit No.
Description
3.1
Articles of Amendment, Certificate of Designation for Series A Preferred Stock
10.1
Stock Issuance, Assumption and Release Agreement among Greens Worldwide Incorporated, Air Brook Airport Express, Inc., AJW Partners, LLC, AJW Offshore, Ltd., AJW Qualified Partners, LLC and New Millennium Capital Partners II, LLC dated August 17, 2007.
10.2
Form of Callable Secured Convertible Note by Greens Worldwide Incorporated and issued to each of AJW Partners, LLC, AJW Master Fund, Ltd., and New Millennium Capital Partners II, LLC.