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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
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        DC 20549</strong></font></div>
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        8-K</strong></font></div>
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        REPORT PURSUANT TO SECTION 13 OR 15(D) OF</font></div>
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        SECURITIES EXCHANGE ACT OF 1934</font></div>
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                  of report (Date of earliest event reported)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">June
                  27, 2005</font></div>
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                  CORPORATION</strong></font></div>
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                  File Number)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
                  Employer Identification No.)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1304
                  Langham Creek Drive, Suite 300, Houston, Texas 77084</font></div>
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                  of Principal Executive Offices)</font></div>
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                  Code)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(281)
                  492-7100</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant's
                  Telephone Number, Including Area Code)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
                  Name or Former Address, if Changed Since Last Report)</font></div>
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            <tr>
              <td valign="top" width="80%">&#160;</td>
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        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></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>
        Written communications
        pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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        Soliciting material pursuant to Rule
        14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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        Pre-commencement communications pursuant
        to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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        Pre-commencement communications pursuant
        to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c))</font><br></div><br>
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          <div style="WIDTH: 100%" align="left">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
        1.01&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 57pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Entry
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        June
        27, 2005, Positron Corporation ("Positron") entered into a series of agreements
        with Solaris Opportunity Fund, L.P. ("Solaris") pursuant to which Solaris
        purchased from Positron 10% convertible secured notes in the aggregate principal
        amount of $400,000. Previously, Solaris purchased notes in the principal
        amounts
        of $200,000 and $800,000 on March 4, 2005 and March 17, 2005, respectively.
        Solaris subsequently sold $1,000,000 principal amount of these notes to IMAGIN
        Diagnostic Centres, Inc. If the notes held by Solaris are converted in full
        into
        common stock, Solaris will control approximately 16.5% of Positron's outstanding
        common stock, based on the 53,355,202 shares outstanding as of June 9, 2005.
        </font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Simple
        interest accrues on the notes at the rate of 10% per annum and is payable
        annually. However, in the event that interest on all outstanding notes of
        Positron exceeds 50% of Positron's operating cash flow, interest is payable,
        at
        the option of Positron, in cash and new notes. Subject to acceleration, the
        notes are due on March 6, 2007. In the event Positron defaults in the payment
        of
        principal or interest on the notes, does not obtain shareholder approval
        prior
        to January 1, 2006 to amend its Articles of Incorporation to increase its
        authorized shares of common stock to allow for full conversion of the notes,
        becomes subject to certain bankruptcy proceedings, or otherwise breaches
        the
        terms of the notes, all amounts owing on the notes become immediately due
        and
        payable. To secure payment of principal and interest owing under the notes,
        Positron has granted to Solaris a subordinated security interest in all of
        its
        assets. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        notes
        are initially convertible into a new Series E Preferred Stock that in turn
        is
        convertible into an aggregate of 22,000,000 shares of Positron's common stock.
        The notes and the underlying securities have not been registered under the
        Securities Act of 1933 and may not be offered or sold in the United States
        absent registration or an applicable exemption from registration
        requirements.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Full
        convertibility of the Series E Preferred shares into Positron's common stock
        will require an amendment to Positron's Articles of Incorporation which must
        be
        approved by Positron's shareholders. Positron has agreed to promptly seek
        such
        approval. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Patrick
        G. Rooney, Chairman of the Board of Positron is the manager of the general
        partner of Solaris. </font></div>
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        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
          2.03&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Creation
          of a Direct Financial Obligation or an Obligation under an Off-Balance
          Sheet
          Arrangement of a Registrant.</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></font></div>
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      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        information set forth under Item 1.01 "Entry into a Material Definitive
        Agreement" is incorporated herein by reference. </font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Safe
        Harbor Statement </u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Statements
        contained in the exhibits to this report that state Positron's or its
        management's expectations or predictions of the future are forward-looking
        statements intended to be covered by the safe harbor provisions of the
        Securities Act of 1933 and the Exchange Act. The Company's actual results
        could
        differ materially from those projected in such forward-looking statements.
        Factors that could affect those results include those mentioned in the documents
        that the Company has filed with the Securities and Exchange Commission.
</font></div>
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        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
        9.01.&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Financial
        Statements and Exhibits</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibits</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="justify" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                  4.1</font></div>
              </td>
              <td align="justify" valign="top" width="54%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Statement
                  of Designation Establishing Series F Preferred Stock of Positron
                  Corporation</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                  10.1</font></div>
              </td>
              <td align="justify" valign="top" width="54%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note
                  Purchase Agreement dated June 27, 2005 between Positron and Solaris
                  Opportunity Fund, L.P. </font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                  10.2</font></div>
              </td>
              <td align="justify" valign="top" width="54%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  Secured Convertible Promissory Note</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                  10.3</font></div>
              </td>
              <td align="justify" valign="top" width="54%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Security
                  Agreement dated June 27, 2005 between Positron and Solaris Opportunity
                  Fund, L.P. </font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                  10.4</font></div>
              </td>
              <td align="justify" valign="top" width="54%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
                  Rights Agreement dated June 27, 2005 between Positron and Solaris
                  Opportunity Fund, L.P. </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 THEREUNTO
        DULY AUTHORIZED.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr valign="top" bgcolor="#ffffff">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">POSITRON
                CORPORATION</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&#160;June
                27, 2005</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/ Gary H. Brooks</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="FONT-FAMILY: Times New Roman" size="1">&nbsp;</font></td>
              <td align="left">
                <hr style="COLOR: #000000" align="left" noshade size="2" width="80%"><font size="2">Gary
                H. Brooks</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
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              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CEO
                and CFO</font></td>
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{"company-data": {"conformed-name": "POSITRON CORP", "cik": "0000844985", "assigned-sic": "3845", "irs-number": "760083622", "state-of-incorporation": "TX", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-24092", "film-number": "05929027"}, "business-address": {"street1": "1304 LANGHAM CREEK DRIVE, SUITE 310", "city": "HOUSTON", "state": "TX", "zip": "77048", "phone": "2814927100"}, "mail-address": {"street1": "1304 LANGHAM CREEK DRIVE, SUITE 310", "city": "HOUSTON", "state": "TX", "zip": "77048"}}
SECURITIES
        AND EXCHANGE COMMISSION
WASHINGTON,
        DC 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)
June
                  27, 2005
POSITRON
                  CORPORATION
(Exact
                  Name of Registrant as Specified in Its
                  Charter)
Texas
000-24092
76-0083622
(State
                  or Other Jurisdiction of Incorporation)
(Commission
                  File Number)
(I.R.S.
                  Employer Identification No.)
1304
                  Langham Creek Drive, Suite 300, Houston, Texas 77084
95472
(Address
                  of Principal Executive Offices)
(Zip
                  Code)
(281)
                  492-7100
(Registrant's
                  Telephone Number, Including Area Code)
(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
        1.01
Entry
        into a Material Definitive Agreement.
On
        June
        27, 2005, Positron Corporation ("Positron") entered into a series of agreements
        with Solaris Opportunity Fund, L.P. ("Solaris") pursuant to which Solaris
        purchased from Positron 10% convertible secured notes in the aggregate principal
        amount of $400,000. Previously, Solaris purchased notes in the principal
        amounts
        of $200,000 and $800,000 on March 4, 2005 and March 17, 2005, respectively.
        Solaris subsequently sold $1,000,000 principal amount of these notes to IMAGIN
        Diagnostic Centres, Inc. If the notes held by Solaris are converted in full
        into
        common stock, Solaris will control approximately 16.5% of Positron's outstanding
        common stock, based on the 53,355,202 shares outstanding as of June 9, 2005.
Simple
        interest accrues on the notes at the rate of 10% per annum and is payable
        annually. However, in the event that interest on all outstanding notes of
        Positron exceeds 50% of Positron's operating cash flow, interest is payable,
        at
        the option of Positron, in cash and new notes. Subject to acceleration, the
        notes are due on March 6, 2007. In the event Positron defaults in the payment
        of
        principal or interest on the notes, does not obtain shareholder approval
        prior
        to January 1, 2006 to amend its Articles of Incorporation to increase its
        authorized shares of common stock to allow for full conversion of the notes,
        becomes subject to certain bankruptcy proceedings, or otherwise breaches
        the
        terms of the notes, all amounts owing on the notes become immediately due
        and
        payable. To secure payment of principal and interest owing under the notes,
        Positron has granted to Solaris a subordinated security interest in all of
        its
        assets.
The
        notes
        are initially convertible into a new Series E Preferred Stock that in turn
        is
        convertible into an aggregate of 22,000,000 shares of Positron's common stock.
        The notes and the underlying securities have not been registered under the
        Securities Act of 1933 and may not be offered or sold in the United States
        absent registration or an applicable exemption from registration
        requirements.
Full
        convertibility of the Series E Preferred shares into Positron's common stock
        will require an amendment to Positron's Articles of Incorporation which must
        be
        approved by Positron's shareholders. Positron has agreed to promptly seek
        such
        approval.
Patrick
        G. Rooney, Chairman of the Board of Positron is the manager of the general
        partner of Solaris.
ITEM
          2.03
Creation
          of a Direct Financial Obligation or an Obligation under an Off-Balance
          Sheet
          Arrangement of a Registrant.
The
        information set forth under Item 1.01 "Entry into a Material Definitive
        Agreement" is incorporated herein by reference.
Safe
        Harbor Statement
Statements
        contained in the exhibits to this report that state Positron's or its
        management's expectations or predictions of the future are forward-looking
        statements intended to be covered by the safe harbor provisions of the
        Securities Act of 1933 and the Exchange Act. The Company's actual results
        could
        differ materially from those projected in such forward-looking statements.
        Factors that could affect those results include those mentioned in the documents
        that the Company has filed with the Securities and Exchange Commission.
ITEM
        9.01.
Financial
        Statements and Exhibits
(c)
Exhibits
.
Exhibit
                  4.1
Statement
                  of Designation Establishing Series F Preferred Stock of Positron
                  Corporation
Exhibit
                  10.1
Note
                  Purchase Agreement dated June 27, 2005 between Positron and Solaris
                  Opportunity Fund, L.P.
Exhibit
                  10.2
Form
                  Secured Convertible Promissory Note
Exhibit
                  10.3
Security
                  Agreement dated June 27, 2005 between Positron and Solaris Opportunity
                  Fund, L.P.
Exhibit
                  10.4
Registration
                  Rights Agreement dated June 27, 2005 between Positron and Solaris
                  Opportunity Fund, L.P.
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 THEREUNTO
        DULY AUTHORIZED.
POSITRON
                CORPORATION
Date: June
                27, 2005
By:
/s/ Gary H. Brooks
Gary
                H. Brooks
CEO
                and CFO