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     <TD align=center width="100%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B></TD></TR>
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     <TD align=center width="100%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Washington, D.C. 20549</FONT></B></TD></TR>
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     <TD align=center width="100%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM 8-K</FONT></B></TD></TR>
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     <TD align=center width="100%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CURRENT REPORT</FONT></B></TD></TR>
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     <TD noWrap align=center width="100%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></B>&nbsp;</TD></TR>
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     <TD align=center width="100%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Date of report: May 22, 2007</FONT></B></TD></TR>
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     <TD align=center width="100%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Date of earliest event reported)</FONT></TD></TR>
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     <TD align=center width="100%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">eLEC COMMUNICATIONS CORP.</FONT></B></TD></TR>
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     <TD align=center width="100%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Exact name of Registrant as specified in its charter)</FONT></TD></TR></TABLE><BR>
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     <TD align=center width="98%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">New York</FONT></B></TD></TR>
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     <TD align=center width="98%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(State or other jurisdiction of incorporation)</FONT></TD></TR>
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     <TD noWrap align=center width="46%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">0-4465</FONT></B>&nbsp;</TD>
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     <TD noWrap align=center width="48%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">13-2511270</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=center width="46%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Commission File No.)</FONT>&nbsp;</TD>
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     <TD noWrap align=center width="48%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(I.R.S. Employer</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center width="48%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Identification No.)</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD align=center width="100%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">75 South Broadway, Suite 302</FONT></B></TD></TR>
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     <TD align=center width="100%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">White Plains, New York 10601</FONT></B></TD></TR>
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     <TD align=center width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Address of principal executive offices; zip code)</FONT></TD></TR>
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     <TD align=center width="100%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(914) 682-0214</FONT></B></TD></TR>
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     <TD noWrap align=center width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Registrant&#146;s telephone number, including area code)</FONT>&nbsp;</TD></TR>
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     <TD align=center width="100%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">N/A</FONT></B></TD></TR>
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     <TD noWrap align=center width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Former Name or Former Address, if changed Since Last Report)</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=left width="99%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>filing obligation of the registrant under any of the following provisions (</FONT><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>see</FONT></I> <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>General Instruction A.2.</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="9%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>below):</FONT>&nbsp;</TD>
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     <TD noWrap align=left width="9%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=Wingdings>&#168;</FONT>&nbsp;</TD>
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     <TD noWrap align=left width="88%">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="9%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face=Wingdings-Regular,WingDings size=2></FONT><FONT face=Wingdings>&#168;</FONT></TD>
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     <TD noWrap align=left width="88%">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="9%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face=Wingdings-Regular,WingDings size=2></FONT><FONT face=Wingdings>&#168;</FONT></TD>
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     <TD noWrap align=left width="88%">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Pre-commencement communications pursuant to Rule 14-2(b) under the Exchange Act (17</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="88%">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>CFR 240.14d-2(b))</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="9%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face=Wingdings-Regular,WingDings size=2></FONT><FONT face=Wingdings>&#168;</FONT></TD>
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     <TD noWrap align=left width="88%">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Pre-commencement communications pursuant to Rule 13-4(e) under the Exchange Act (17</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="9%">&nbsp;</TD>
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     <TD noWrap align=left width="88%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>CFR 240.13e-4(c))</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD align=center width="100%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 1 &#150; REGISTRANT&#146;S BUSINESS AND OPERATIONS</FONT></B> </TD></TR>
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     <TD noWrap align=left width="100%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 1.01. Entry into a Material Definitive Agreement.</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">On May 22, 2007 the Company entered into Amendment No. 3 to the definitive</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">purchase agreements (&#147;Agreements&#148;) to sell two wholly-owned subsidiaries that are operating as</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Competitive Local Exchange Carriers, New Rochelle Telephone Corp. and Telecarrier Services,</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Inc., to two wholly-owned subsidiaries of Cyber Digital, Inc., a publicly traded</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">company. The purpose of amending the Agreements was to extend the Outside Date (as defined</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">in each such amendment) from May 12, 2007 to May 31, 2007.</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD align=center width="98%" colSpan=7><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 9 &#150; FINANCIAL STATEMENT AND EXHIBITS</FONT></B> </TD></TR>
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     <TD align=left width="98%" colSpan=7><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 9.01</FONT></B>&nbsp; <B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Financial Statements and Exhibits.</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(c)</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="92%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibits.</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="12%" colSpan=3><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Number</FONT></U>&nbsp; </TD>
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     <TD noWrap align=left width="78%"><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Documents</FONT></U>&nbsp; </TD></TR>
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     <TD noWrap align=left width="12%" colSpan=3>&nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">10.1</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="78%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Amendment No. 3, dated May 22, 2007, to Stock Purchase Agreement</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="7%">&nbsp; </TD>
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     <TD noWrap align=left width="78%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">dated as of December 14, 2006 by and among eLEC Communications</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="4%">&nbsp; </TD>
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     <TD noWrap align=left width="7%">&nbsp; </TD>
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     <TD noWrap align=left width="78%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Corp., CYBD Acquisition, Inc. and Cyber Digital, Inc., with respect to the</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="7%">&nbsp; </TD>
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     <TD noWrap align=left width="78%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">stock of New Rochelle Telephone Corp., as amended by Amendment No.</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="7%">&nbsp; </TD>
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     <TD noWrap align=left width="78%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2 and Amendment No. 1 to Stock Purchase Agreement, dated as of April</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="78%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">13, 2007 and February 27, 2007, respectively.</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="12%" colSpan=3>&nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">10.2</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="78%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Amendment No. 3, dated May 22, 2007, to Stock Purchase Agreement</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="4%">&nbsp; </TD>
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     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
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     <TD noWrap align=left width="78%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">dated as of December 14, 2006 by and among eLEC Communications</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
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     <TD noWrap align=left width="78%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Corp., CYBD Acquisition II, Inc. and Cyber Digital, Inc., with respect to</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="4%">&nbsp; </TD>
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     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
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     <TD noWrap align=left width="78%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the stock of Telecarrier Services, Inc. as amended by Amendment No. 2</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="4%">&nbsp; </TD>
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     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="78%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Amendment No. 1 to Stock Purchase Agreement, dated as of April 13,</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="78%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2007 and February 27, 2007, respectively.</FONT>&nbsp; </TD></TR></TABLE>
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     <TD align=center width="100%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SIGNATURES</FONT></B> </TD></TR>
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     <TD noWrap align=left width="100%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">authorized.</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap align=left width="55%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">eLEC COMMUNICATIONS CORP.</FONT>&nbsp; </TD></TR>
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     <TD width="102%" colSpan=9>&nbsp; </TD></TR>
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     <TD noWrap align=left width="7%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date:</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="35%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">May 23, 2007</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="4%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp; </TD>
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     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="29%">&nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Paul H. Riss</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="19%" background="">&nbsp;</TD></TR>
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     <TD noWrap align=left width="7%">&nbsp; </TD>
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     <TD noWrap align=left width="50%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Paul H. Riss</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="35%">&nbsp; </TD>
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     <TD noWrap align=left width="50%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer</FONT>&nbsp; </TD></TR>
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<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT></P></TD></TR></TABLE><BR>
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kmay232007.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
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: May 22, 2007
(Date of earliest event reported)
eLEC COMMUNICATIONS CORP.
(Exact name of Registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
0-4465
13-2511270
(Commission File No.)
(I.R.S. Employer
Identification No.)
75 South Broadway, Suite 302
White Plains, New York 10601
(Address of principal executive offices; zip code)
(914) 682-0214
(Registrant's telephone number, including area code)
N/A
(Former Name or Former Address, if changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2.
below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13-4(e) under the Exchange Act (17
CFR 240.13e-4(c))
SECTION 1 – REGISTRANT'S BUSINESS AND OPERATIONS
Item 1.01. Entry into a Material Definitive Agreement.
On May 22, 2007 the Company entered into Amendment No. 3 to the definitive
purchase agreements ("Agreements") to sell two wholly-owned subsidiaries that are operating as
Competitive Local Exchange Carriers, New Rochelle Telephone Corp. and Telecarrier Services,
Inc., to two wholly-owned subsidiaries of Cyber Digital, Inc., a publicly traded
company. The purpose of amending the Agreements was to extend the Outside Date (as defined
in each such amendment) from May 12, 2007 to May 31, 2007.
SECTION 9 – FINANCIAL STATEMENT AND EXHIBITS
Item 9.01
Financial Statements and Exhibits.
(c)
Exhibits.
Number
Documents
10.1
Amendment No. 3, dated May 22, 2007, to Stock Purchase Agreement
dated as of December 14, 2006 by and among eLEC Communications
Corp., CYBD Acquisition, Inc. and Cyber Digital, Inc., with respect to the
stock of New Rochelle Telephone Corp., as amended by Amendment No.
2 and Amendment No. 1 to Stock Purchase Agreement, dated as of April
13, 2007 and February 27, 2007, respectively.
10.2
Amendment No. 3, dated May 22, 2007, to Stock Purchase Agreement
dated as of December 14, 2006 by and among eLEC Communications
Corp., CYBD Acquisition II, Inc. and Cyber Digital, Inc., with respect to
the stock of Telecarrier Services, Inc. as amended by Amendment No. 2
and Amendment No. 1 to Stock Purchase Agreement, dated as of April 13,
2007 and February 27, 2007, respectively.
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.
eLEC COMMUNICATIONS CORP.
Date:
May 23, 2007
By:
/s/ Paul H. Riss
Paul H. Riss
Chief Executive Officer
2