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<title>Form 8K for Pro-Dex Inc. by EDGAR2.com</title>



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<p align="center"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington</b><b>,
 D.C.</b><b>&nbsp; 20549</b></p>
<p align="center">&nbsp;</p>





<p align=center style='text-align:center'><b>FORM 8-K</b></p>

<p align="center"><b>CURRENT REPORT</b><br>
<b>Pursuant to Section 13 OR 15(d) of the<br>
Securities Exchange Act of 1934</b></p>



<p align=center style='text-align:center'>Date of Report <br>
(Date of earliest event reported)<b> <br>
October 31, 2004</b></p>





<p align=center style='text-align:center'><b>PRO-DEX, INC.<br>
</b>(Commission File Number: 0-14942)</p>



<p align=center style='text-align:center'>(Exact name of registrant as specified in its charter)</p>
<p align=center style='text-align:center'><b>COLORADO<br>
</b>(State or other jurisdiction of incorporation)</p>



<p align=center style='text-align:center'><b>84-</b><b>1261240<br>
</b>(IRS Employer Identification Number)<br>
&nbsp;</p>

<p align=center style='text-align:center'><b>151 East Columbine Avenue<br>
Santa Ana</b><b>, California </b><b>92707<br>
</b>(Address of Principal Executive Offices)<br>
<b>(714) 241-4411<br>
</b>(Registrant's Telephone Number, Including Area Code)</p>



<p style='text-autospace:none; margin-top:0; margin-bottom:0.0001pt'>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 ( <i>see </i>General
Instruction A.2. below): </p>

<p style='text-autospace:none; margin-top:0; margin-bottom:0.0001pt'>&nbsp;&nbsp;&nbsp;&nbsp; [ ]
&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425) </p>

<p style='text-autospace:none; margin-top:0; margin-bottom:0.0001pt'>&nbsp;&nbsp;&nbsp;&nbsp; [ ]
&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12) </p>

<p style='text-autospace:none; margin-top:0; margin-bottom:0.0001pt'>&nbsp;&nbsp;&nbsp;&nbsp; [ ]
&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b)) </p>

<p style='text-autospace:none; margin-top:0; margin-bottom:0.0001pt'>&nbsp;&nbsp;&nbsp;&nbsp; [ ]
&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c)) </p>
<p style='text-autospace:none; margin-top:0; margin-bottom:0.0001pt'>&nbsp;</p>
<p style='text-autospace:none; margin-top:0; margin-bottom:0.0001pt'>&nbsp;</p>
<p style='text-autospace:none; margin-top:0; margin-bottom:0.0001pt'>&nbsp;</p>
<hr color="#000080">
<p style='text-autospace:none; margin-top:0; margin-bottom:0.0001pt'>&nbsp;</p>





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<p><b><u>Item 1.01</u></b><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Entry into a Material
Definitive Agreement. </u></b></p>

<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On October 31, 2004, Pro-Dex, Inc. and Wells Fargo Bank (the &quot;Bank&quot;) entered into a Loan Agreement (the &quot;Agreement&quot;) and a Revolving Line of Credit Note (the &quot;Note&quot;).&nbsp; As a result of the Agreement, (i) Pro-Dex, Inc. upon meeting certain terms and conditions, may borrow up to $2,000,000 for working capital purposes, (ii) the interest rate shall be at the Bank's prime rate (currently 4.75%) or at the one to three month LIBOR plus 2.50% (currently 2.04% to 2.19%), (iii) the Note is secured by first priority lien on&nbsp; all accounts receivable, other rights to payment and general intangibles; all inventory; and all equipment of Pro-Dex, Inc. A copy of the Agreement is attached to this Form&nbsp;8-K as Exhibit&nbsp;10.1.</p>





<p><b><u>Item 9.01</u></b><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Financial Statements and
Exhibits</u></b></p>

<p>&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.</p>



<p style='margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit
10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan Agreement and Documents dated October 31, 2004.&nbsp; </p>
<p style='margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>
<p style='margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>
<p style='margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>
<p style='margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>
<p style='margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>
<p style='margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>
<p style='margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;' align="center">2</p>
<hr color="#000080">
<p style='margin-top:12.0pt;margin-right:0in;
margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p>

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<p align=center style='text-align:center'><b>SIGNATURES</b></p>





<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.</p>





<p>Date:&nbsp; November 4, 2004&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; <b>PRO-DEX, Inc.</b></p>





<p style='margin-left:3.25in'>By:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/&nbsp; Jeffrey J. Ritchey&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>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeffrey J. Ritchey
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer</p>

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<p align="center">3</p><hr color="#000080">
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<p align=center style='text-align:center'><b>INDEX TO EXHIBITS</b></p>

<p><b>&nbsp;</b></p>

<p><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;&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;&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; </b></p>

<p><b>&nbsp;&nbsp;  Exhibit</b><br>
<b><u>&nbsp; Number&nbsp; </u></b><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Description&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;&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; </u></b>
</p>



<p style='margin-left:1.0in;text-indent:-.75in'>10.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan
Agreement and Documents dated October 31, 2004</p>
<p style='margin-left:1.0in;text-indent:-.75in'>&nbsp;</p>
<p style='margin-left:1.0in;text-indent:-.75in'>&nbsp;</p>
<p style='margin-left:1.0in;text-indent:-.75in'>&nbsp;</p>
<p style='margin-left:1.0in;text-indent:-.75in'>&nbsp;</p>
<p style='margin-left:1.0in;text-indent:-.75in'>&nbsp;</p>
<p style='margin-left:1.0in;text-indent:-.75in'>&nbsp;</p>
<p style='margin-left:1.0in;text-indent:-.75in'>&nbsp;</p>
<p align="center">4</p>



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Form 8K for Pro-Dex Inc. by EDGAR2.com
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington
,
 D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
October 31, 2004
PRO-DEX, INC.
(Commission File Number: 0-14942)
(Exact name of registrant as specified in its charter)
COLORADO
(State or other jurisdiction of incorporation)
84-
1261240
(IRS Employer Identification Number)
151 East Columbine Avenue
Santa Ana
, California
92707
(Address of Principal Executive Offices)
(714) 241-4411
(Registrant's Telephone Number, Including Area Code)
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 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ]
 Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material
Definitive Agreement.
On October 31, 2004, Pro-Dex, Inc. and Wells Fargo Bank (the "Bank") entered into a Loan Agreement (the "Agreement") and a Revolving Line of Credit Note (the "Note").  As a result of the Agreement, (i) Pro-Dex, Inc. upon meeting certain terms and conditions, may borrow up to $2,000,000 for working capital purposes, (ii) the interest rate shall be at the Bank's prime rate (currently 4.75%) or at the one to three month LIBOR plus 2.50% (currently 2.04% to 2.19%), (iii) the Note is secured by first priority lien on  all accounts receivable, other rights to payment and general intangibles; all inventory; and all equipment of Pro-Dex, Inc. A copy of the Agreement is attached to this Form 8-K as Exhibit 10.1.
Item 9.01
Financial Statements and
Exhibits
(c)       Exhibits.
Exhibit
10.1      Loan Agreement and Documents dated October 31, 2004.
2
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.
Date:  November 4, 2004
PRO-DEX, Inc.
By:
/s/  Jeffrey J. Ritchey
Jeffrey J. Ritchey
Chief Financial Officer
3
INDEX TO EXHIBITS
Exhibit
Number
Description
10.1           Loan
Agreement and Documents dated October 31, 2004
4