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  8-K -- calypso8k062609.htm - CALYPSO WIRELESS, INC. FORM 8-K DATE OF REPORT JUNE 26, 2009
  
      <div><hr style="margin-top: 1px; color: rgb(0, 0, 0);" size="4" noshade="noshade"> </div><br>
  
      <div align="center"><b> UNITED STATES</b></font></div>
  
      <div align="center"><b> SECURITIES AND EXCHANGE COMMISSION</b></font></div>
  
      <div align="center">        WASHINGTON, D.C. 20549</font></div><br>
  
  
      <div align="center"><b> FORM 8-K</b></font></div><br>
  
  
      <div align="center">        CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF</font></div>
  
      <div align="center">        THE SECURITIES EXCHANGE ACT OF 1934</b></font></div><br>
  
  
      <div align="center">        DATE OF REPORT: June 26, 2009</font></div><br>
  
  
      <div align="center">        COMMISSION FILE NO.: 1-08497</font></div><br>
  
  
      <div align="center"><b><u>CALYPSO WIRELESS, INC.</u></b></font></div>
      <div align="center">(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)</b></font></div><br>
  
  
      <div align="center"><table width="70%" cellpadding="0" cellspacing="0">
  
           <td valign="top" width="18%">
                <div style="font-size: 11pt" align="center"><b><u>DELAWARE</b></u></div>
                <div align="center">(STATE OR OTHER         </div>
                <div align="center">JURISDICTION                </div>
                <div align="center">IDENTIFICATION NO.)    </div>
  
            <td valign="top" width="1%"></td>
            <td valign="top" width="18%">
                <div align="center"><b><u>13-5671924</b></u></div>
                <div align="center">(IRS EMPLOYER OF INCORPORATION)</div>
       </table>
  <br>
      <div style="display: block; text-indent: 0pt;"><br></div>
      <div align="center"><b><u>21 WATERWAY AVE., SUITE 300, THE WOODLANDS, TEXAS, 77380</b></u></div>
      <div align="center">(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)</font></div>
  <br>
      <div align="center"><b><u>(281) 362-2887</b></u></div>
      <div align="center">(ISSUERTELEPHONE NUMBER)</div>
  <br>
      <div 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 (see General Instruction A.2. below):</div>
  <br>
      <div><table width="100%" cellpadding="0" cellspacing="0">
            <tr>
              <td valign="top" align="left">[     &nbsp;]</td>
              <td valign="top" width="70%" align="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td>
           </tr>
            <tr>
              <td valign="top" align="left">
                <td valign="top" width="70%" align="left"><font style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;</font></td>
            </tr>
            <tr>
              <td valign="top" align="left">[     &nbsp;]</td>
              <td valign="top" width="70%" align="left">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</td>
            </tr>
            <tr>
              <td valign="top" width="2%" align="left"><td>
              <td valign="top" width="70%" align="left"><font style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;</font></td>
            </tr>
            <tr>
              <td valign="top" align="left">[     &nbsp;]</td>
              <td valign="top" width="70%" align="left">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</td>
            </tr>
            <tr>
               <td valign="top" width="2%" align="left"><td>
              <td valign="top" width="70%" align="left"><font style="display: inline; font-size: 10pt; font-family: times new roman;">&nbsp;</font></td>
            </tr>
            <tr>
              <td valign="top" align="left">[     &nbsp;]</td>
              <td valign="top" width="70%" align="left">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))  </td>
            </tr>
        </table>
      </div>
  <br>
            <hr style="color: black;" size="2" noshade="noshade"><br>
  
   <div align="left"><b>ITEM 1.01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.</b></div><br>
  
      <div align="left"><b>Part 1 - </B>The Audit committee of the Company has learned of an alleged Amended Settlement Agreement with Mr. Daic dated April 3, 2009.  The Committee has not been furnished with executed Minutes of Board action or Board Resolution(s) relating to this issue at this time.  The Committee is investigating the validity of this agreement with counsel.  A copy of this exhibit is attached herewith as Exhibit I.  <br><br>
  
      <div align="left"><b>Part 2 - </B>On August 15, 2008, The Company entered into an agreement with Mr. Drago Daic for a loan in the amount of $61,250 @ 8% interest due in 60 days and secured by Intellectual Property of the Company. This loan was for foreign patent issuance fees.  A copy of this note is attached herewith as Exhibit II<br><br>
  
  <hr style="color: black;" size="2" noshade="noshade">
            <br>
   <div align="left"><b>ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.</b></font></div><br>
  
   <div align="left"> On or about August 15, 2008, the company entered into a note in favor of Mr. Drago Daic as further delineated in ITEM 1.01, Part 2, above</B>  </div><br>
  
  <hr style="color: black;" size="2" noshade="noshade"><br>
  
   <div align="left"><b>Item 2.04  TRIGGERING EVENTS THAT ACCELERATE OR INCREASE A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT.</b></div><br>
  
   <div align="left"><b>Part 1 - </b>On June 24, 2009, the company received a demand letter from Mr. Drago Daic alleging a default of the alleged Agreement further delineated in Item 1.01, Part 1, above. A copy of this demand letter is attached herewith in Exhibit III.  <br><br>
  
  <div align="left"><b>Part 2 - </b>On August 21, 2008, Baxtech, USA (Voice to Phone, Inc) provided notice to the Company that it was rescinding the 4 "Baxter" Patents and demanding the "default" payment of $3,000,000 within 60 days.  This relates to the "VTP" agreement disclosed (but not referenced) as EX 10-7 "Patents purchase Agreement" in the Company's June 13, 2008 8K filing.  The Company's Audit committee is investigating the validity of this claim as well as assessing the damages the Company may have incurred as a result of this transaction should it be deemed improper or illegal.  The VTP rescission and demand letter is attached herewith as EXHIBIT VII and the USPTO Assignment database update is attached in EXHIBIT VIII.<br><br>
  
  <hr style="color: black;" size="2" noshade="noshade">
            <br>
   <div align="left"><b>ITEM  5.02. -  DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.</b></font></div>
       <br>
  <div align="left"><b>Part 1 -  </b>  The Compensation Committee of the company has been presented with a copy of an Employment Agreement for Mr. Richard Pattin.  This agreement is a FIVE year agreement effective on April 20, 2008.  A copy of this agreement (unsigned) is attached herewith as Exhibit IV.<br><br>
  
  <div align="left"><b>Part 2 -  </b>The Compensation Committee of the company has been presented with a copy of an Employment Agreement for Mr. Cristian Turrini.  This agreement is a FIVE year agreement effective on May 15, 2008.  A copy of this agreement (unsigned) is attached herewith as Exhibit V.<br><br>
  
  The Audit and Compensation Committee is investigating the applicability of these two Employment Agreements.<br><br>
  
  <hr style="color: black;" size="2" noshade="noshade"><br>
  
   <div align="left"><b>ITEM  8.01 -  OTHER ITEMS</b></font></div><br>
  
   <div align="left">The Company's Governance Committee is reviewing the circumstances that led to the negotiation of the original Settlement Agreement with Drago Daic as disclosed in the Company's 8K filed April 24, 2008.  That "agreement", as well as the releases of the Company's lawsuits against Drago Daic with prejudice, was signed by Company Management on the day of their previously scheduled resignation and removal from company affairs.  At this time it is unknown to the Committee exactly who negotiated that agreement on behalf of the shareholders as well as whether that agreement constituted a sale of all or substantially all of the assets of the Company.  If it is determined that this did constitute all or substantially all of the assets of the Corporation or the shareholders were not adequately represented in the negotiation and/or signing of the Agreement, the Committee will recommend that the company place the this "Settlement Agreement" on the agenda of the next shareholders meeting, or will call for a special meeting of shareholders depending on future circumstances, for ratification by the shareholders. <br><br>
  
  The Audit committee is also discussing recovery of the Baxter patents from Baxtech USA, (Voice To Phone, Inc) with counsel.  <br>
  
  </div><br>
            <hr style="color: black;" size="2" noshade="noshade">
  <br>
            <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-weight: bold; font-size: 12pt; font-family: times new roman;">Attached Exhibits:</font></div>
  <br>
  
      <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-weight: font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit I:  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDED AND RESTATED "SETTLEMENT AGREEMENT"</font></div>
  <br>
  
     <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-weight: font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit II: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAIC EUROPEAN PATENTS NOTE <br>
  <br>
  
    <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-weight: font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit III:&nbsp;&nbsp;&nbsp;&nbsp; DAIC  "DEFAULT" LETTER DATED 6/24/09 </font></div>
  <br>
  
    <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-weight: font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit IV:&nbsp;&nbsp;&nbsp;&nbsp; EMPLOYMENT AGREEMENT - RICHARD S. PATTIN</font></div>
  <br>
  
  <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-weight: font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit V: &nbsp;&nbsp;&nbsp;&nbsp; EMPLOYMENT AGREEMENT - CRISTIAN TURRINI </font></div>
    <br>
  
    <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-weight: font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit VII: &nbsp;&nbsp; VTP RESCISSION AND DEMAND LETTER</font></div>
    <br>
  
    <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-weight: font-size: 10pt; font-family: times new roman;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit VIII: &nbsp; USPTO ASSIGNMENTS UPDATE</font></div>
    <br><br>
  
  <hr style="color: black;" size="2" noshade="noshade">
  <br><br>
      <div align="center"><b>SIGNATURES</b></div>
  <br><br><br>
      <div align="left">Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></div>
   <br><br>
         <table width="100%">
            <tr><td> &nbsp;</td><td align="Left"><b><u>Calypso Wireless, Inc.</u></b></td></tr>
            <tr><td> &nbsp;</td></tr>
            <tr><td> &nbsp;</td></tr>
            <tr><td> &nbsp;</td><td><u>/s/ David H. Williams</u></td></tr>
            <tr><td> &nbsp;</td><td>David H. Williams</td></tr>
            <tr><td> &nbsp;</td><td>Director &amp Member of the Audit and Compensation Committees </td></tr>
            <tr><td> &nbsp;</td></tr>
            <tr><td> &nbsp;</td><td>June 26, 2009</td></tr>
            <tr>
        </table>
      </div>
   <br><br><br><br><br>
          <div style="width: 100%; text-align: center;">
            <hr style="color: black;" size="2" noshade="noshade"></div>
  
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metadata_filer: {"company-data": {"conformed-name": "CALYPSO WIRELESS INC", "cik": "0000719729", "assigned-sic": "4813", "irs-number": "135671924", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-08497", "film-number": "09915031"}, "business-address": {"street1": "21 WATERWAY", "street2": "SUITE 300", "city": "WOODLANDS", "state": "TX", "zip": "77380", "phone": "281-362-2887"}, "mail-address": {"street1": "21 WATERWAY", "street2": "SUITE 300", "city": "WOODLANDS", "state": "TX", "zip": "77380"}, "former-company": {"former-conformed-name": "KLEER VU INDUSTRIES INC/DE/", "date-changed": "19920703"}}
text: calypso8k062609.htm
  8-K -- calypso8k062609.htm - CALYPSO WIRELESS, INC. FORM 8-K DATE OF REPORT JUNE 26, 2009
  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: June 26, 2009
  COMMISSION FILE NO.: 1-08497
  CALYPSO WIRELESS, INC.
  (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
  DELAWARE
  (STATE OR OTHER
  JURISDICTION
  IDENTIFICATION NO.)
  13-5671924
  (IRS EMPLOYER OF INCORPORATION)
  21 WATERWAY AVE., SUITE 300, THE WOODLANDS, TEXAS, 77380
  (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
  (281) 362-2887
  (ISSUERTELEPHONE NUMBER)
  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.
  Part 1 -
  The Audit committee of the Company has learned of an alleged Amended Settlement Agreement with Mr. Daic dated April 3, 2009.  The Committee has not been furnished with executed Minutes of Board action or Board Resolution(s) relating to this issue at this time.  The Committee is investigating the validity of this agreement with counsel.  A copy of this exhibit is attached herewith as Exhibit I.
  Part 2 -
  On August 15, 2008, The Company entered into an agreement with Mr. Drago Daic for a loan in the amount of $61,250 @ 8% interest due in 60 days and secured by Intellectual Property of the Company. This loan was for foreign patent issuance fees.  A copy of this note is attached herewith as Exhibit II
  ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
  On or about August 15, 2008, the company entered into a note in favor of Mr. Drago Daic as further delineated in ITEM 1.01, Part 2, above
  Item 2.04  TRIGGERING EVENTS THAT ACCELERATE OR INCREASE A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT.
  Part 1 -
  On June 24, 2009, the company received a demand letter from Mr. Drago Daic alleging a default of the alleged Agreement further delineated in Item 1.01, Part 1, above. A copy of this demand letter is attached herewith in Exhibit III.
  Part 2 -
  On August 21, 2008, Baxtech, USA (Voice to Phone, Inc) provided notice to the Company that it was rescinding the 4 "Baxter" Patents and demanding the "default" payment of $3,000,000 within 60 days.  This relates to the "VTP" agreement disclosed (but not referenced) as EX 10-7 "Patents purchase Agreement" in the Company's June 13, 2008 8K filing.  The Company's Audit committee is investigating the validity of this claim as well as assessing the damages the Company may have incurred as a result of this transaction should it be deemed improper or illegal.  The VTP rescission and demand letter is attached herewith as EXHIBIT VII and the USPTO Assignment database update is attached in EXHIBIT VIII.
  ITEM  5.02. -  DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
  Part 1 -
  The Compensation Committee of the company has been presented with a copy of an Employment Agreement for Mr. Richard Pattin.  This agreement is a FIVE year agreement effective on April 20, 2008.  A copy of this agreement (unsigned) is attached herewith as Exhibit IV.
  Part 2 -
  The Compensation Committee of the company has been presented with a copy of an Employment Agreement for Mr. Cristian Turrini.  This agreement is a FIVE year agreement effective on May 15, 2008.  A copy of this agreement (unsigned) is attached herewith as Exhibit V.
  The Audit and Compensation Committee is investigating the applicability of these two Employment Agreements.
  ITEM  8.01 -  OTHER ITEMS
  The Company's Governance Committee is reviewing the circumstances that led to the negotiation of the original Settlement Agreement with Drago Daic as disclosed in the Company's 8K filed April 24, 2008.  That "agreement", as well as the releases of the Company's lawsuits against Drago Daic with prejudice, was signed by Company Management on the day of their previously scheduled resignation and removal from company affairs.  At this time it is unknown to the Committee exactly who negotiated that agreement on behalf of the shareholders as well as whether that agreement constituted a sale of all or substantially all of the assets of the Company.  If it is determined that this did constitute all or substantially all of the assets of the Corporation or the shareholders were not adequately represented in the negotiation and/or signing of the Agreement, the Committee will recommend that the company place the this "Settlement Agreement" on the agenda of the next shareholders meeting, or will call for a special meeting of shareholders depending on future circumstances, for ratification by the shareholders.
  The Audit committee is also discussing recovery of the Baxter patents from Baxtech USA, (Voice To Phone, Inc) with counsel.
  Attached Exhibits:
  Exhibit I:        AMENDED AND RESTATED "SETTLEMENT AGREEMENT"
  Exhibit II:      DAIC EUROPEAN PATENTS NOTE
  Exhibit III:     DAIC  "DEFAULT" LETTER DATED 6/24/09
  Exhibit IV:     EMPLOYMENT AGREEMENT - RICHARD S. PATTIN
  Exhibit V:      EMPLOYMENT AGREEMENT - CRISTIAN TURRINI
  Exhibit VII:    VTP RESCISSION AND DEMAND LETTER
  Exhibit VIII:   USPTO ASSIGNMENTS UPDATE
  SIGNATURES
  Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
  Calypso Wireless, Inc.
  /s/ David H. Williams
  David H. Williams
  Director & Member of the Audit and Compensation Committees
  June 26, 2009