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<title>Form 8K for Pro-Dex, Inc. by www.edgar2.com</title>


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<p class=CenterBold style='margin-top:0pt'>&nbsp;</p>
<p class=CenterBold style='margin-top:0pt'>&nbsp;</p>
<p class=CenterBold style='margin-top:0pt' align="center"><b><font size="2">SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549<br>
FORM 8-K</font></b></p>

<p class=Center align="center"><b><font size="2">CURRENT REPORT<br>
PURSUANT TO SECTION 13 OR 15(d) OF<br>
THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>



<p class=Body style='margin-top:0pt'><font size="2">Date of Report (Date of earliest event
reported)</font><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 30, 2006 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font> </u></p>

<p class=CenterBold style='margin-top:0pt' align="center"><b><u>Pro-Dex, Inc<br>
</u></b><font size="2">(Exact name of registrant as specified
in its charter)</font></p>
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  <p class=MsoNormal align=center style='text-align:center'><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size="2">Colorado&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
	</font></b></u><font size="2">(State or other
  jurisdiction<br>
	of incorporation)</font></p>
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  <p class=CenterBoldUnd style='margin-top:0pt;page-break-after:auto'>
	<font size="2"><b>0-14942<br>
	</b>(Commission<br>
	File Number)</font></p>
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  <td width=213 valign=top style='width:159.6pt;padding:0pt 5.4pt 0pt 5.4pt' align="center">
  <p class=MsoNormal align=center style='text-align:center'><b><u>
	<font size="2">84-1261240<br>
	</font></u></b><font size="2">(IRS Employer<br>
	Identification No.)</font></p>
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<p class=FlushLeft align=center style='text-align:center'><b><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font> </u></b><font size="2"><b><u>151
E. Columbine Avenue, Santa Ana, California 92707&nbsp;&nbsp;&nbsp;</u></b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Address of principal executive offices)&nbsp; &nbsp;&nbsp; (Zip
Code)</font></p>

<p class=FlushLeft><font size="2">Registrant's telephone number, including area code</font><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>714-241-4411&nbsp;&nbsp;&nbsp;</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

<p class=FlushLeft align=center style='text-align:center'><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font> <b><font size="2">Not
Applicable&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</font> </b></u><font size="2">(Former
name or former address, if changed since last report)</font></p>



<p class=MsoBodyTextFirstIndent><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 (see General Instruction A.2.
below):</font></p>

<p class=MsoNormal style='line-height:13.0pt'><font size="2">
<font face="Wingdings">o</font>Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)</font></p>



<p class=MsoNormal style='line-height:13.0pt'><font face="Wingdings" size="2">o</font><font size="2">Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)</font></p>



<p class=MsoNormal style='line-height:13.0pt'><font face="Wingdings" size="2">o</font><font size="2">Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>



<p class=MsoNormal style='line-height:13.0pt'><font face="Wingdings" size="2">o</font><font size="2">Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>





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<p class=FlushLeft style='margin-top:0pt'><b><font size="2">Item 2.03.&nbsp;&nbsp; Creation of a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of
a Registrant</font></b></p>

<p class=Body style="text-indent: 18pt" align="justify"><font size="2">On January 3, 2006, the Company entered into a Purchase and Sale
Agreement (the &quot;Real Property Purchase Agreement&quot;) with Glover, Inc., whereby
the Company purchased 4.4 acres of real property and a 20,000 square foot
industrial building and related improvements located in Carson City, Nevada
(collectively, the &quot;Property&quot;)..&nbsp; The Company paid $1,650,000 out of
proceeds from a $1,650,000 ten-year first mortgage financing on the property.</font></p>

<p style='text-align:justify;text-indent:18.0pt'><font size="2">On March 30, 2006, the Company closed its financing of the
Property under the terms of&nbsp; a 10 year Promissory Note (the &quot;Note&quot;) and related
Loan Agreement (the Note and Loan Agreement attached to this Report as
exhibits, bearing a reference date of March 4, 2006, and collectively referred
to as the &quot;Loan Documents&quot;) with Union Bank of California (the &quot;Bank&quot;), whereby
the Company borrowed the principal sum of $1,650,000.00 (collectively, the
&quot;Loan&quot;).&nbsp; The proceeds from the Loan were applied to the purchase price
for the Property.&nbsp; </font> </p>

<p style='text-align:justify;text-indent:18.0pt'><font size="2">The principal balance of the Loan evidenced by the Note bears
interest at a fixed rate per annum of 6.73%.&nbsp; Under the terms of the Note, the
Loan amortizes as a 25 year obligation due in 10 years with 120 equal monthly
payments of $11,379.21 beginning May 1, 2006.&nbsp;&nbsp; The maximum amount of future
payments due under the Note (undiscounted and assuming no prepayment) is
$2,653,036.12.&nbsp; The Note may be prepaid upon payment of a prepayment fee to the
Bank the amount of which declines over time and ends after the fifth year of
the term of the Note.&nbsp; The Note may be accelerated and all principal and
interest owing thereunder immediately due and payable upon the occurrence of
any of the following: </font> </p>

<ul>
	<li>
	<p style='text-align:justify;'><font size="2">the failure of the
Company to make any payment required under the Note when due; </font></p></li>
	<li>
	<p style='text-align:justify;'><font size="2">any breach,
misrepresentation or other default by the Company, any guarantor, co-maker,
endorser, or any person or entity other than the Company providing security for
the Note (individually and collectively referred to herein as the &quot;Obligor&quot;)
under any deed of trust, security agreement, guaranty or other agreement
between Bank and&nbsp; any Obligor; </font></p></li>
	<li>
	<p style='text-align:justify;'><font size="2">the insolvency of any
Obligor or the failure of any Obligor generally to pay such Obligor's debts as
such debts become due; </font></p></li>
	<li>
	<p style='text-align:justify;'><font size="2">the commencement as
to any Obligor of any voluntary or involuntary proceeding under any laws
relating to bankruptcy, insolvency, reorganization, arrangement, debt
adjustment or debtor relief; </font></p></li>
	<li>
	<p style='text-align:justify;'><font size="2">the assignment by any
Obligor for the benefit of such Obligor's creditors; </font></p></li>
	<li>
	<p style='text-align:justify;'><font size="2">the appointment, or
commencement of any proceeding for the appointment of a receiver, trustee,
custodian or similar official for all or substantially all of any Oblgor's
property; </font></p></li>
	<li>
	<p style='text-align:justify;'><font size="2">the commencement of
any proceeding for the dissolution or liquidation of any Obligor; </font></p>
	</li>
	<li>
	<p style='text-align:justify;'><font size="2">the termination of
existence or death of any Obligor; </font></p></li>
	<li>
	<p style='text-align:justify;'><font size="2">the revocation of any
guaranty or subordination agreement given in connection with the Note;</font></p>
	</li>
</ul>

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	<font size="2" color="red">&#149;</font></strike><font size="2"> </font>

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<p class=MsoNormal style='line-height:1.0pt'><strike><font size="2" color="red">&#149;</font></strike><font size="2">&nbsp;</font></p>

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</font>
<ul>
	<li>
	<p align="justify"><font size="2">the failure of any
Obligor to comply with any order, judgment, injunction, decree, writ or demand
of any court or other public authority; </font></p></li>
	<li>
	<p align="justify"><font size="2">the filing or
recording against any Obligor, or the property of any Obligor, of any notice of
levy, notice to withhold, or other legal process for taxes other than property
taxes; </font></p></li>
	<li>
	<p align="justify"><font size="2">the default by any
Obligor personally liable for amounts owed hereunder on any obligation
concerning the borrowing of money; </font></p></li>
	<li>
	<p align="justify"><font size="2">a default occurs
under any instrument encumbering or affecting all or any portion of the
property of any Obligor, of any writ of attachment, execution, or other
judicial lien; or </font></p></li>
	<li>
	<p align="justify"><font size="2">the deterioration of
the financial condition of any Obligor which results in the Bank deeming
itself, in good faith, insecure.</font></p></li>
</ul>

<p style='text-indent:18.0pt' align="justify"><font size="2">The Loan Agreement contains customary representations, warranties
and covenants (affirmative and negative) including, among other covenants,&nbsp; (i)
a prohibition, without the Bank's written consent, on entering into any consolidation, merger,
joint venture, syndication or other combination affecting, involving or
relating to the Company's business operations at the Property and (ii) a requirement that
the Company maintain a ratio
of Cash Flow to Debt Service of not less than 1.25:1.0 as of the close of each
fiscal year.&nbsp; &quot;Cash Flow&quot; means net profit after taxes to which depreciation,
amortization and other noncash expenses are added for the twelve (12) month
period immediately preceding the date of calculation.&nbsp; &quot;Debt Service&quot; means
that portion of long-term liabilities and capital leases coming due within
twelve (12) months following the date of calculation.</font></p>





<p style='margin:0pt;margin-bottom:.0001pt;text-align:justify'><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

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<p class=Body align=left style='margin-left:72.0pt;text-align:left;text-indent:
-72.0pt'><b><font size="2">&nbsp;</font></b></p>



<p class=Body align=left style='margin-left:72.0pt;text-align:left;text-indent:
-72.0pt'><b><font size="2">Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.</font></b></p>

<p class=Body align=left style='margin-left:72.0pt;text-align:left;text-indent:
-72.0pt'><b><font size="2">(d) Exhibits:</font></b></p>



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   <p class=Indent style='margin-left:0pt'><u><font size="2">Number</font></u></p>
   </td>
   <td width=561 valign=top style='width:420.7pt;padding:3.6pt 5.75pt 3.6pt 5.75pt'>
   <p class=Indent style='margin-left:0pt'><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</font> <u><font size="2">Description</font></u></p>
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  <font size="2">&nbsp;</font></td>
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  <p class=MsoNormal><font size="2">10.1</font></p>
  </td>
  <td width=561 valign=top style='width:420.7pt;padding:3.6pt 5.75pt 3.6pt 5.75pt'>
  <p><font size="2">Promissory Note, dated March
  4, 2006, effective March 30, 2006, by Pro-Dex, Inc. in favor of Union Bank of
  California, N.A.</font></p>
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  <p class=MsoNormal><font size="2">10.2</font></p>
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  <td width=561 valign=top style='width:420.7pt;padding:3.6pt 5.75pt 3.6pt 5.75pt'>
  <p><font size="2">Loan Agreement, dated March 4,
  2006, effective March 30, 2006, between Pro-Dex, Inc. and Union Bank of
  California, N.A.</font></p>
  </td>
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<p class=CenterBold>&nbsp;</p>
<p class=CenterBold>&nbsp;</p>
<p class=CenterBold align="center"><b><font size="2">SIGNATURE</font></b></p>

<p class=BodyDouble align=left style='text-align:left;line-height:normal'>
<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>

<div align="left">
	<table border="0" width="740" id="table1">
		<tr>
			<td valign="top"><font size="2">Date:&nbsp; April 3, 2006</font></td>
			<td width="592" valign="top">

<p class=FlushLeft align=left style='text-align:left;
'><font size="2">Pro-Dex,
Inc.<br>
<br>
&nbsp;
By: <u>/s/ Jeffrey J. Ritchey <br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeffrey J. Ritchey, Chief Financial Officer,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secretary and Vice President</font></p>
			</td>
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<p class=FlushLeft align=left style='margin-left:216.0pt;text-align:left;
text-indent:-180.0pt'>&nbsp;</p>
<p class=FlushLeft align=left style='margin-left:216.0pt;text-align:left;
text-indent:-180.0pt'>&nbsp;</p>



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{"company-data": {"conformed-name": "PRO DEX INC", "cik": "0000788920", "assigned-sic": "3841", "irs-number": "841261240", "state-of-incorporation": "CO", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-14942", "film-number": "06733830"}, "business-address": {"street1": "MICRO MOTORS, INC.", "street2": "151 EAST COLUMBINE", "city": "SANTA ANA", "state": "CA", "zip": "92707", "phone": "714-241-4411"}, "mail-address": {"street1": "MICRO MOTORS INC.", "street2": "151 EAST COLUMBINE", "city": "SANTA ANA", "state": "CA", "zip": "92707"}}
Form 8K for Pro-Dex, Inc. by www.edgar2.com
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 30, 2006
Pro-Dex, Inc
(Exact name of registrant as specified
in its charter)
Colorado
(State or other
  jurisdiction
of incorporation)
0-14942
(Commission
File Number)
84-1261240
(IRS Employer
Identification No.)
151
E. Columbine Avenue, Santa Ana, California 92707
(Address of principal executive offices)     (Zip
Code)
Registrant's telephone number, including area code
714-241-4411
Not
Applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2.
below):
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 January 3, 2006, the Company entered into a Purchase and Sale
Agreement (the "Real Property Purchase Agreement") with Glover, Inc., whereby
the Company purchased 4.4 acres of real property and a 20,000 square foot
industrial building and related improvements located in Carson City, Nevada
(collectively, the "Property")..  The Company paid $1,650,000 out of
proceeds from a $1,650,000 ten-year first mortgage financing on the property.
On March 30, 2006, the Company closed its financing of the
Property under the terms of  a 10 year Promissory Note (the "Note") and related
Loan Agreement (the Note and Loan Agreement attached to this Report as
exhibits, bearing a reference date of March 4, 2006, and collectively referred
to as the "Loan Documents") with Union Bank of California (the "Bank"), whereby
the Company borrowed the principal sum of $1,650,000.00 (collectively, the
"Loan").  The proceeds from the Loan were applied to the purchase price
for the Property.
The principal balance of the Loan evidenced by the Note bears
interest at a fixed rate per annum of 6.73%.  Under the terms of the Note, the
Loan amortizes as a 25 year obligation due in 10 years with 120 equal monthly
payments of $11,379.21 beginning May 1, 2006.   The maximum amount of future
payments due under the Note (undiscounted and assuming no prepayment) is
$2,653,036.12.  The Note may be prepaid upon payment of a prepayment fee to the
Bank the amount of which declines over time and ends after the fifth year of
the term of the Note.  The Note may be accelerated and all principal and
interest owing thereunder immediately due and payable upon the occurrence of
any of the following:
the failure of the
Company to make any payment required under the Note when due;
any breach,
misrepresentation or other default by the Company, any guarantor, co-maker,
endorser, or any person or entity other than the Company providing security for
the Note (individually and collectively referred to herein as the "Obligor")
under any deed of trust, security agreement, guaranty or other agreement
between Bank and  any Obligor;
the insolvency of any
Obligor or the failure of any Obligor generally to pay such Obligor's debts as
such debts become due;
the commencement as
to any Obligor of any voluntary or involuntary proceeding under any laws
relating to bankruptcy, insolvency, reorganization, arrangement, debt
adjustment or debtor relief;
the assignment by any
Obligor for the benefit of such Obligor's creditors;
the appointment, or
commencement of any proceeding for the appointment of a receiver, trustee,
custodian or similar official for all or substantially all of any Oblgor's
property;
the commencement of
any proceeding for the dissolution or liquidation of any Obligor;
the termination of
existence or death of any Obligor;
the revocation of any
guaranty or subordination agreement given in connection with the Note;
•
•
the failure of any
Obligor to comply with any order, judgment, injunction, decree, writ or demand
of any court or other public authority;
the filing or
recording against any Obligor, or the property of any Obligor, of any notice of
levy, notice to withhold, or other legal process for taxes other than property
taxes;
the default by any
Obligor personally liable for amounts owed hereunder on any obligation
concerning the borrowing of money;
a default occurs
under any instrument encumbering or affecting all or any portion of the
property of any Obligor, of any writ of attachment, execution, or other
judicial lien; or
the deterioration of
the financial condition of any Obligor which results in the Bank deeming
itself, in good faith, insecure.
The Loan Agreement contains customary representations, warranties
and covenants (affirmative and negative) including, among other covenants,  (i)
a prohibition, without the Bank's written consent, on entering into any consolidation, merger,
joint venture, syndication or other combination affecting, involving or
relating to the Company's business operations at the Property and (ii) a requirement that
the Company maintain a ratio
of Cash Flow to Debt Service of not less than 1.25:1.0 as of the close of each
fiscal year.  "Cash Flow" means net profit after taxes to which depreciation,
amortization and other noncash expenses are added for the twelve (12) month
period immediately preceding the date of calculation.  "Debt Service" means
that portion of long-term liabilities and capital leases coming due within
twelve (12) months following the date of calculation.
Item 9.01.       Financial Statements and Exhibits.
(d) Exhibits:
Number
Description
10.1
Promissory Note, dated March
  4, 2006, effective March 30, 2006, by Pro-Dex, Inc. in favor of Union Bank of
  California, N.A.
10.2
Loan Agreement, dated March 4,
  2006, effective March 30, 2006, between Pro-Dex, Inc. and Union Bank of
  California, N.A.
SIGNATURE
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.
Date:  April 3, 2006
Pro-Dex,
Inc.
By:
/s/ Jeffrey J. Ritchey
Jeffrey J. Ritchey, Chief Financial Officer,
Secretary and Vice President