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<TITLE>Form 8-K</TITLE>
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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): March 5, 2009 (March 3, 2009)</B>


<P style="font-size: 24pt" align="center"><B>TRI-ISTHMUS GROUP,
INC.<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
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  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>000-30326</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>77-0557617</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
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  <TD style="border-bottom: #000000 1px solid"><B>9663 Santa Monica Boulevard,
#959<BR>
Beverly Hills, California<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>90210-4303</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(310) 860-2501</B>
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cellpadding="0" width="30%" border="0">

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  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>



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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;2.03: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On March&nbsp;3, 2009, Tri-Isthmus Group, Inc. (&#147;<U>Registrant</U>&#148;) closed a transaction in which
the Registrant entered into the following nine (9)&nbsp;promissory notes, each dated as of March&nbsp;3, 2009:
(i)&nbsp;a convertible promissory note with Michael Ciabattoni, an individual (&#147;<U>M. Ciabattoni</U>&#148;),
in the principal amount of $100,000.00 (the &#147;<U>M. Ciabattoni Note</U>&#148;); (ii)&nbsp;a convertible
promissory note with Scott Casey, an individual (&#147;<U>Casey</U>&#148;), in the principal amount of
$50,000.00 (the &#147;<U>Casey Note</U>&#148;); (iii)&nbsp;a convertible promissory note with Jean Heaton, an
individual (&#147;<U>Jean Heaton</U>&#148;), in the principal amount of $50,000.00 (the &#147;<U>Jean Heaton
Note</U>&#148;); (iv)&nbsp;a convertible promissory note with Stephanie Heaton, an individual (&#147;<U>S.
Heaton</U>&#148;), in the principal amount of $25,000.00 (the &#147;<U>S. Heaton Note</U>&#148;); (v)&nbsp;a
convertible promissory note with Jennifer Heaton, an individual (&#147;<U>J. Heaton</U>&#148;), in the
principal amount of $25,000.00 (the &#147;<U>J. Heaton Note</U>&#148;); (vi)&nbsp;a convertible promissory note
with Cobea Associates LLC, an Arizona limited liability company (&#147;<U>Cobea</U>&#148;), in the principal
amount of $100,000.00 (the &#147;<U>Cobea Note</U>&#148;); (vii)&nbsp;a convertible promissory note with William
Wallace, Trustee of the Wallace Family Revocable Trust dated April&nbsp;23, 2001 (&#147;<U>Wallace</U>&#148;), in
the principal amount of $50,000.00 (the &#147;<U>Wallace Note</U>&#148;); (viii)&nbsp;a convertible promissory
note with Otto J. Claricurzio, an individual (&#147;<U>Claricurzio</U>&#148;), in the principal amount of
$50,000.00 (the &#147;<U>Claricurzio Note</U>&#148;); and (ix)&nbsp;a convertible promissory note with Phillip J.
Ciabattoni, an individual (&#147;<U>P. Ciabattoni</U>&#148;), in the principal amount of $50,000.00 (the
&#147;<U>P. Ciabattoni Note</U>&#148;) (each, a &#147;<U>Note</U>&#148; and collectively, the &#147;<U>Notes</U>,&#148; a form
of which is attached hereto as Exhibit&nbsp;10.1). M. Ciabattoni, Casey, Jean Heaton, S. Heaton, J.
Heaton, Cobea, Wallace, Claricurzio, and P. Ciabattoni are each a &#147;<U>Holder</U>&#148; and are
collectively referred to herein as the &#147;<U>Holders</U>.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Each Note becomes due and payable on December&nbsp;3, 2009 (the &#147;<U>Maturity Date</U>&#148;); provided
however, that the term of each of the Notes may be extended for an additional three months at the
Registrant&#146;s discretion. In the event the Registrant exercises this option, it will be required to
issue warrants to the Holders to purchase shares of the Registrant&#146;s common stock, par value $0.01
per share (the &#147;<U>Common Stock</U>&#148;), as follows: (i)&nbsp;M. Ciabattoni &#151; 25,000 shares at a price
of $0.50 per share, and 16,667 shares at a price of $0.75 per share; (ii)&nbsp;Casey &#151; 12,500 shares at
a price of $0.50 per share, and 8,333 shares at a price of $0.75 per share; (iii)&nbsp;Jean Heaton &#151;
12,500 shares at a price of $0.50 per share, and 8,333 shares at a price of $0.75 per share; (iv)
S. Heaton &#151; 6,250 shares at a price of $0.50 per share, and 4,167 shares at a price of $0.75 per
share; (v)&nbsp;J. Heaton &#151; 6,250 shares at a price of $0.50 per share, and 4,167 shares at a price of
$0.75 per share; (vi)&nbsp;Cobea &#151; 25,000 shares at a price of $0.50 per share, and 16,667 shares at a
price of $0.75 per share; (vii)&nbsp;Wallace &#151; 12,500 shares at a price of $0.50 per share, and 8,333
shares at a price of $0.75 per share; (viii)&nbsp;Claricurzio &#151; 12,500 shares at a price of $0.50 per
share, and 8,333 shares at a price of $0.75 per share; and (ix)&nbsp;P. Ciabattoni &#151; 12,500 shares at a
price of $0.50 per share, and 8,333 shares at a price of $0.75 per share. Forms of the extension
warrants are attached as Exhibits A and B to the Notes. On the Maturity Date, Registrant will pay
the unpaid principal of each Note, together with accrued and unpaid interest of 16% per annum.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Notes include a conversion feature allowing each Holder to convert all or any portion of
the entire unpaid principal and any unpaid accrued interest at the date upon which the conversion
is to be effected into a number of shares of Common Stock, determined by dividing the sum of the
unpaid principal and unpaid accrued interest at the conversion date by the conversion price in
effect at the conversion date. The initial conversion price is $0.625, which price is adjustable as
set forth in the Notes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Notes include a provision granting the Holders, to the extent the Holders holding notes
representing a majority of the aggregate outstanding principal amount of the notes issued in
conjunction with Registrant&#146;s February&nbsp;2009 Bridge Financing agree, demand registration rights with
respect to the resale of the shares issuable upon conversion of the
Notes, which rights vest thirty-six (36)&nbsp;months after the date of issuance of the Notes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The foregoing descriptions of the Notes do not purport to be complete and are qualified in
their entirety by reference to the full texts of such agreements, a form of which is filed as
Exhibits 10.1 to this Current Report on Form 8-K and is incorporated herein by reference thereto.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;3.02: Unregistered Sales of Equity Securities.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On March&nbsp;3, 2009, in connection with the issuance of the Notes discussed above, Registrant
issued eighteen (18) warrants to the Holders as follows: (i)&nbsp;Warrant No.&nbsp;113, issued to M. Ciabattoni
for the purchase of up to 75,000 shares of Common Stock at an initial exercise price of $0.50 per share and exercisable for a
period of three years from the date of issuance (&#147;<U>Warrant 113</U>&#148;); (ii)&nbsp;Warrant No.&nbsp;114,
issued to M. Ciabattoni for the purchase of up to 50,000 shares of Common Stock at an initial
exercise price of $0.75 per share and exercisable for a period of three years from the date of
issuance (&#147;<U>Warrant 114</U>,&#148; and together with Warrant 113, the &#147;<U>M. Ciabattoni
Warrants</U>&#148;); (iii)&nbsp;Warrant No.&nbsp;115, issued to Casey for the purchase of up to 37,500 shares of
Common Stock at an initial exercise price of $0.50 per share and exercisable for a period of three
years from the date of issuance (&#147;<U>Warrant 115</U>&#148;); (iv)&nbsp;Warrant No.&nbsp;116, issued to Casey for
the purchase of up to 25,000 shares of Common Stock at an initial exercise price of $0.75 per share
and exercisable for a period of three years from the date of issuance (&#147;<U>Warrant 116</U>,&#148; and
together with Warrant 115, the &#147;<U>Casey Warrants</U>&#148;); (v)&nbsp;Warrant No.&nbsp;117, issued to Jean
Heaton for the purchase of up to 37,500 shares of Common Stock at an initial exercise price of
$0.50 per share and exercisable for a period of three years from the date of issuance (&#147;<U>Warrant
117</U>&#148;); (vi)&nbsp;Warrant No.&nbsp;118, issued to Jean Heaton for the purchase of up to 25,000 shares of
Common Stock at an initial exercise price of $0.75 per share and exercisable for a period of three
years from the date of issuance (&#147;<U>Warrant 118</U>,&#148; and together with Warrant 117, the
&#147;<U>Jean Heaton Warrants</U>&#148;); (vii)&nbsp;Warrant No.&nbsp;119, issued to S. Heaton for the purchase of up
to 18,750 shares of Common Stock at an initial exercise price of $0.50 per share and exercisable
for a period of three years from the date of issuance (&#147;<U>Warrant 119</U>&#148;); (viii)&nbsp;Warrant No.
120, issued to S. Heaton for the purchase of up to 12,500 shares of Common Stock at an initial
exercise price of $0.75 per share and exercisable for a period of three years from the date of
issuance (&#147;<U>Warrant 120</U>,&#148; and together with Warrant 119, the &#147;<U>S. Heaton Warrants</U>&#148;);
(ix)&nbsp;Warrant No.&nbsp;121, issued to J. Heaton for the purchase of up to 18,750 shares of Common Stock
at an initial exercise price of $0.50 per share and exercisable for a period of three years from
the date of issuance (&#147;<U>Warrant 121</U>&#148;); (x)&nbsp;Warrant No.&nbsp;122, issued to J. Heaton for the
purchase of up to 12,500 shares of Common Stock at an initial exercise price of $0.75 per share and
exercisable for a period of three years from the date of issuance (&#147;<U>Warrant 122</U>,&#148; and
together with Warrant 121, the &#147;<U>J. Heaton Warrants</U>&#148;); (xi)&nbsp;Warrant No.&nbsp;123, issued to Cobea
for the purchase of up to 75,000 shares of Common Stock at an initial exercise price of $0.50 per
share and exercisable for a period of three years from the date of issuance (&#147;<U>Warrant
123</U>&#148;); (xii)&nbsp;Warrant No.&nbsp;124, issued to Cobea for the purchase of up to 50,000 shares of Common
Stock at an initial exercise price of $0.75 per share and exercisable for a period of three years
from the date of issuance (&#147;<U>Warrant 124</U>,&#148; and together with Warrant 123, the &#147;<U>Cobea
Warrants</U>&#148;); (xiii)&nbsp;Warrant No.&nbsp;125, issued to Wallace for the purchase of up to 37,500 shares
of Common Stock at an initial exercise price of $0.50 per share and exercisable for a period of
three years from the date of issuance (&#147;<U>Warrant 125</U>&#148;); (xiv)&nbsp;Warrant No.&nbsp;126, issued to
Wallace for the purchase of up to 25,000 shares of Common Stock at an initial exercise price of
$0.75 per share and exercisable for a period of three years from the date of issuance (&#147;<U>Warrant
126</U>,&#148; and together with Warrant 125, the &#147;<U>Wallace Warrants</U>&#148;); (xv)&nbsp;Warrant No.&nbsp;127,
issued to Claricurzio for the purchase of up to 37,500 shares of Common Stock at an initial
exercise price of $0.50 per share and exercisable for a period of three years from the date of
issuance (&#147;<U>Warrant 127</U>&#148;); (xvi)&nbsp;Warrant No.&nbsp;128, issued to Claricurzio for the purchase of
up to 25,000 shares of Common Stock at an initial exercise price of $0.75 per share and exercisable
for a period of three years from the date of issuance (&#147;<U>Warrant 128</U>,&#148; and together with
Warrant 127, the &#147;<U>Claricurzio Warrants</U>&#148;); (xvii)&nbsp;Warrant No.&nbsp;129, issued to P. Ciabattoni
for the purchase of up to 37,500 shares of Common Stock at an initial exercise price of $0.50 per
share and exercisable for a period of three years from the date of issuance (&#147;<U>Warrant
129</U>&#148;); and (xviii)&nbsp;Warrant No.&nbsp;130, issued to P. Ciabattoni for the purchase of up to 25,000
shares of Common Stock at an initial exercise price of $0.75 per share and exercisable for a period
of three years from the date of issuance (&#147;<U>Warrant 130</U>,&#148; and together with Warrant 129, the
&#147;<U>P. Ciabattoni Warrants</U>&#148;) (collectively, the &#147;<U>Warrants</U>&#148;). A form of the Warrants
issued at an initial exercise price of $0.50 per share is attached hereto as Exhibit&nbsp;10.2, and a
form of the Warrants issued at an initial exercise price of $0.75 per share is attached hereto as
Exhibit&nbsp;10.3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Warrants are exempt from registration pursuant to Rule&nbsp;506 of Regulation&nbsp;D promulgated
under the Securities Exchange Act of 1933, as amended, (the &#147;<U>1933 Act</U>&#148;) because the
offering satisfies the terms and conditions of Rules&nbsp;501 and 502 of Regulation&nbsp;D promulgated under
the 1933 Act, there are no more than 35 purchasers of securities under this offering, and each
Holder is an &#147;accredited investor&#148; as that term is defined in Rule 501(a) of Regulation&nbsp;D
promulgated under the 1933 Act.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;5.02: Departure of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers.</B>
</DIV>


<DIV style="margin-top: 10pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Not applicable.</DIV></TD>
</TR>

</TABLE>
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<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Effective March&nbsp;3,
2009, Dennis M. Smith ceased to be a member of the Board of Directors of Registrant, and Mr.&nbsp;Smith has decided to pursue other interests.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Not applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Not applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Not applicable.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.01: Financial Statements and Exhibits.</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Not applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Not applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Not applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Exhibits</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>


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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Convertible Promissory Note</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Warrant (exercisable at $0.50 per share)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Warrant (exercisable at $0.75 per share)</TD>
</TR>
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</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;Index</B>
</DIV>

<DIV align="center">
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    <TD width="8%">&nbsp;</TD>
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    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>


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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Convertible Promissory Note</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Warrant (exercisable at $0.50 per share)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Warrant (exercisable at $0.75 per share)</TD>
</TR>
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</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
</DIV>

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    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TRI-ISTHMUS GROUP, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: <u>March 5, 2009</u>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ David Hirschorn
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">DAVID HIRSCHHORN,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
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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): March 5, 2009 (March 3, 2009)
TRI-ISTHMUS GROUP,
INC.
(Exact name of registrant as
specified in its charter)
Delaware
000-30326
77-0557617
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
9663 Santa Monica Boulevard,
#959
Beverly Hills, California
90210-4303
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(310) 860-2501
(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 2.03: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On March 3, 2009, Tri-Isthmus Group, Inc. ("
Registrant
") closed a transaction in which
the Registrant entered into the following nine (9) promissory notes, each dated as of March 3, 2009:
(i) a convertible promissory note with Michael Ciabattoni, an individual ("
M. Ciabattoni
"),
in the principal amount of $100,000.00 (the "
M. Ciabattoni Note
"); (ii) a convertible
promissory note with Scott Casey, an individual ("
Casey
"), in the principal amount of
$50,000.00 (the "
Casey Note
"); (iii) a convertible promissory note with Jean Heaton, an
individual ("
Jean Heaton
"), in the principal amount of $50,000.00 (the "
Jean Heaton
Note
"); (iv) a convertible promissory note with Stephanie Heaton, an individual ("
S.
Heaton
"), in the principal amount of $25,000.00 (the "
S. Heaton Note
"); (v) a
convertible promissory note with Jennifer Heaton, an individual ("
J. Heaton
"), in the
principal amount of $25,000.00 (the "
J. Heaton Note
"); (vi) a convertible promissory note
with Cobea Associates LLC, an Arizona limited liability company ("
Cobea
"), in the principal
amount of $100,000.00 (the "
Cobea Note
"); (vii) a convertible promissory note with William
Wallace, Trustee of the Wallace Family Revocable Trust dated April 23, 2001 ("
Wallace
"), in
the principal amount of $50,000.00 (the "
Wallace Note
"); (viii) a convertible promissory
note with Otto J. Claricurzio, an individual ("
Claricurzio
"), in the principal amount of
$50,000.00 (the "
Claricurzio Note
"); and (ix) a convertible promissory note with Phillip J.
Ciabattoni, an individual ("
P. Ciabattoni
"), in the principal amount of $50,000.00 (the
"
P. Ciabattoni Note
") (each, a "
Note
" and collectively, the "
Notes
," a form
of which is attached hereto as Exhibit 10.1). M. Ciabattoni, Casey, Jean Heaton, S. Heaton, J.
Heaton, Cobea, Wallace, Claricurzio, and P. Ciabattoni are each a "
Holder
" and are
collectively referred to herein as the "
Holders
."
Each Note becomes due and payable on December 3, 2009 (the "
Maturity Date
"); provided
however, that the term of each of the Notes may be extended for an additional three months at the
Registrant's discretion. In the event the Registrant exercises this option, it will be required to
issue warrants to the Holders to purchase shares of the Registrant's common stock, par value $0.01
per share (the "
Common Stock
"), as follows: (i) M. Ciabattoni — 25,000 shares at a price
of $0.50 per share, and 16,667 shares at a price of $0.75 per share; (ii) Casey — 12,500 shares at
a price of $0.50 per share, and 8,333 shares at a price of $0.75 per share; (iii) Jean Heaton —
12,500 shares at a price of $0.50 per share, and 8,333 shares at a price of $0.75 per share; (iv)
S. Heaton — 6,250 shares at a price of $0.50 per share, and 4,167 shares at a price of $0.75 per
share; (v) J. Heaton — 6,250 shares at a price of $0.50 per share, and 4,167 shares at a price of
$0.75 per share; (vi) Cobea — 25,000 shares at a price of $0.50 per share, and 16,667 shares at a
price of $0.75 per share; (vii) Wallace — 12,500 shares at a price of $0.50 per share, and 8,333
shares at a price of $0.75 per share; (viii) Claricurzio — 12,500 shares at a price of $0.50 per
share, and 8,333 shares at a price of $0.75 per share; and (ix) P. Ciabattoni — 12,500 shares at a
price of $0.50 per share, and 8,333 shares at a price of $0.75 per share. Forms of the extension
warrants are attached as Exhibits A and B to the Notes. On the Maturity Date, Registrant will pay
the unpaid principal of each Note, together with accrued and unpaid interest of 16% per annum.
The Notes include a conversion feature allowing each Holder to convert all or any portion of
the entire unpaid principal and any unpaid accrued interest at the date upon which the conversion
is to be effected into a number of shares of Common Stock, determined by dividing the sum of the
unpaid principal and unpaid accrued interest at the conversion date by the conversion price in
effect at the conversion date. The initial conversion price is $0.625, which price is adjustable as
set forth in the Notes.
The Notes include a provision granting the Holders, to the extent the Holders holding notes
representing a majority of the aggregate outstanding principal amount of the notes issued in
conjunction with Registrant's February 2009 Bridge Financing agree, demand registration rights with
respect to the resale of the shares issuable upon conversion of the
Notes, which rights vest thirty-six (36) months after the date of issuance of the Notes.
The foregoing descriptions of the Notes do not purport to be complete and are qualified in
their entirety by reference to the full texts of such agreements, a form of which is filed as
Exhibits 10.1 to this Current Report on Form 8-K and is incorporated herein by reference thereto.
Item 3.02: Unregistered Sales of Equity Securities.
On March 3, 2009, in connection with the issuance of the Notes discussed above, Registrant
issued eighteen (18) warrants to the Holders as follows: (i) Warrant No. 113, issued to M. Ciabattoni
for the purchase of up to 75,000 shares of Common Stock at an initial exercise price of $0.50 per share and exercisable for a
period of three years from the date of issuance ("
Warrant 113
"); (ii) Warrant No. 114,
issued to M. Ciabattoni for the purchase of up to 50,000 shares of Common Stock at an initial
exercise price of $0.75 per share and exercisable for a period of three years from the date of
issuance ("
Warrant 114
," and together with Warrant 113, the "
M. Ciabattoni
Warrants
"); (iii) Warrant No. 115, issued to Casey for the purchase of up to 37,500 shares of
Common Stock at an initial exercise price of $0.50 per share and exercisable for a period of three
years from the date of issuance ("
Warrant 115
"); (iv) Warrant No. 116, issued to Casey for
the purchase of up to 25,000 shares of Common Stock at an initial exercise price of $0.75 per share
and exercisable for a period of three years from the date of issuance ("
Warrant 116
," and
together with Warrant 115, the "
Casey Warrants
"); (v) Warrant No. 117, issued to Jean
Heaton for the purchase of up to 37,500 shares of Common Stock at an initial exercise price of
$0.50 per share and exercisable for a period of three years from the date of issuance ("
Warrant
117
"); (vi) Warrant No. 118, issued to Jean Heaton for the purchase of up to 25,000 shares of
Common Stock at an initial exercise price of $0.75 per share and exercisable for a period of three
years from the date of issuance ("
Warrant 118
," and together with Warrant 117, the
"
Jean Heaton Warrants
"); (vii) Warrant No. 119, issued to S. Heaton for the purchase of up
to 18,750 shares of Common Stock at an initial exercise price of $0.50 per share and exercisable
for a period of three years from the date of issuance ("
Warrant 119
"); (viii) Warrant No.
120, issued to S. Heaton for the purchase of up to 12,500 shares of Common Stock at an initial
exercise price of $0.75 per share and exercisable for a period of three years from the date of
issuance ("
Warrant 120
," and together with Warrant 119, the "
S. Heaton Warrants
");
(ix) Warrant No. 121, issued to J. Heaton for the purchase of up to 18,750 shares of Common Stock
at an initial exercise price of $0.50 per share and exercisable for a period of three years from
the date of issuance ("
Warrant 121
"); (x) Warrant No. 122, issued to J. Heaton for the
purchase of up to 12,500 shares of Common Stock at an initial exercise price of $0.75 per share and
exercisable for a period of three years from the date of issuance ("
Warrant 122
," and
together with Warrant 121, the "
J. Heaton Warrants
"); (xi) Warrant No. 123, issued to Cobea
for the purchase of up to 75,000 shares of Common Stock at an initial exercise price of $0.50 per
share and exercisable for a period of three years from the date of issuance ("
Warrant
123
"); (xii) Warrant No. 124, issued to Cobea for the purchase of up to 50,000 shares of Common
Stock at an initial exercise price of $0.75 per share and exercisable for a period of three years
from the date of issuance ("
Warrant 124
," and together with Warrant 123, the "
Cobea
Warrants
"); (xiii) Warrant No. 125, issued to Wallace for the purchase of up to 37,500 shares
of Common Stock at an initial exercise price of $0.50 per share and exercisable for a period of
three years from the date of issuance ("
Warrant 125
"); (xiv) Warrant No. 126, issued to
Wallace for the purchase of up to 25,000 shares of Common Stock at an initial exercise price of
$0.75 per share and exercisable for a period of three years from the date of issuance ("
Warrant
126
," and together with Warrant 125, the "
Wallace Warrants
"); (xv) Warrant No. 127,
issued to Claricurzio for the purchase of up to 37,500 shares of Common Stock at an initial
exercise price of $0.50 per share and exercisable for a period of three years from the date of
issuance ("
Warrant 127
"); (xvi) Warrant No. 128, issued to Claricurzio for the purchase of
up to 25,000 shares of Common Stock at an initial exercise price of $0.75 per share and exercisable
for a period of three years from the date of issuance ("
Warrant 128
," and together with
Warrant 127, the "
Claricurzio Warrants
"); (xvii) Warrant No. 129, issued to P. Ciabattoni
for the purchase of up to 37,500 shares of Common Stock at an initial exercise price of $0.50 per
share and exercisable for a period of three years from the date of issuance ("
Warrant
129
"); and (xviii) Warrant No. 130, issued to P. Ciabattoni for the purchase of up to 25,000
shares of Common Stock at an initial exercise price of $0.75 per share and exercisable for a period
of three years from the date of issuance ("
Warrant 130
," and together with Warrant 129, the
"
P. Ciabattoni Warrants
") (collectively, the "
Warrants
"). A form of the Warrants
issued at an initial exercise price of $0.50 per share is attached hereto as Exhibit 10.2, and a
form of the Warrants issued at an initial exercise price of $0.75 per share is attached hereto as
Exhibit 10.3.
The Warrants are exempt from registration pursuant to Rule 506 of Regulation D promulgated
under the Securities Exchange Act of 1933, as amended, (the "
1933 Act
") because the
offering satisfies the terms and conditions of Rules 501 and 502 of Regulation D promulgated under
the 1933 Act, there are no more than 35 purchasers of securities under this offering, and each
Holder is an "accredited investor" as that term is defined in Rule 501(a) of Regulation D
promulgated under the 1933 Act.
Item 5.02: Departure of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers.
(a)
Not applicable.
(b)
Effective March 3,
2009, Dennis M. Smith ceased to be a member of the Board of Directors of Registrant, and Mr. Smith has decided to pursue other interests.
(c)
Not applicable.
(d)
Not applicable.
(e)
Not applicable.
Item 9.01: Financial Statements and Exhibits.
(a)
Not applicable.
(b)
Not applicable.
(c)
Not applicable.
(d)
Exhibits
Exhibit No.
Description
10.1
Form of Convertible Promissory Note
10.2
Form of Warrant (exercisable at $0.50 per share)
10.3
Form of Warrant (exercisable at $0.75 per share)
Exhibit Index
Exhibit No.
Description
10.1
Form of Convertible Promissory Note
10.2
Form of Warrant (exercisable at $0.50 per share)
10.3
Form of Warrant (exercisable at $0.75 per share)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
TRI-ISTHMUS GROUP, INC.
Date:
March 5, 2009
By:
/s/ David Hirschorn
DAVID HIRSCHHORN,
Chief Executive Officer