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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): APRIL 22, 2005
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METRETEK TECHNOLOGIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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DELAWARE 0-19793 84-11698358
(STATE OR OTHER JURISDICTION (COMMISSION FILE NUMBER) (I.R.S EMPLOYER
OF INCORPORATION) IDENTIFICATION NO.)
303 EAST 17TH AVENUE, SUITE 660, DENVER, COLORADO 80203
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (303) 785-8080
NOT APPLICABLE
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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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))
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ITEM 1.01. ENTRY INTO A MATERIAL CONTRACT.
The information applicable to this Item 1.01 is set forth in Item 2.03
below and is hereby incorporated in this Item 1.01 by reference.
ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
On April 22, 2005, PowerSecure, Inc. ("PowerSecure"), a wholly-owned
subsidiary of Metretek Technologies, Inc., a Delaware corporation (the
"Company"), entered into a Security Agreement and Promissory Note ("Financing
Note") with Caterpillar Financial Services Corporation ("Caterpillar"). The
Financing Note secures the repayment of a $335,247 loan by Caterpillar to
PowerSecure for the principal purpose of financing the purchase by PowerSecure
of certain equipment to be used in a distributed generation project. Under the
Financing Note, PowerSecure has agreed to repay the loan in 60 monthly
installments of $6,774, including interest at an annual rate of 7.85%, and has
granted to Caterpillar a first priority security interest in certain equipment
being acquired. Wells Fargo Business Credit, Inc., the lender of the principal
credit facility of the Company and PowerSecure, has subordinated its security
interest in the equipment to Caterpillar.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS
10.1 Security Agreement and Promissory Note, dated as of
April 22, 2005, by and between PowerSecure, Inc. and
Caterpillar Financial Services Corporation
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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.
METRETEK TECHNOLOGIES, INC.
By: /s/ W. Phillip Marcum
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W. Phillip Marcum
President and Chief Executive Officer
Dated: April 26, 2005
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