8-K 1 form8k.txt ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT UNITED STATES 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) February 20, 2007 ------------------------ KRONOS ADVANCED TECHNOLOGIES, INC. -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Nevada 000-30191 87-0440410 ----------------------- ------------------- ------------------------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 464 Common Street, Suite 301 Belmont, Massachusetts 02478 ---------------------------------------------------- ------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (617) 364-5089 ------------------------- 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): [] 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 Kronos Advanced Technologies, Inc. ("Kronos") entered into a Settlement Agreement and General Release (the "Agreement") with FKA Distributing Co. d/b/a HoMedics, Inc. and HoMedics-U.S.A., Inc. (collectively "HoMedics"). In exchange for Kronos making a $1 million cash payment within 120 days following the date of the Agreement, HoMedics agreed to cancel the entire $3.1 million of principal and accrued interest owed to them, to cancel 26.5 million warrants, to modify the terms of their remaining 13.5 million warrants, and to return unencumbered their license for Kronos consumer retail products. In the event Kronos fails to make the $1 million payment to HoMedics within 120 days from the execution of the Agreement, the parties have agreed that the Agreement shall automatically be voided and have no further force and effect. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (a) None (b) None (c) None (d) Exhibit No. Description Exhibit Description Location 99.1 Settlement Agreement and General Provided herewith Release, dated February 20, 2007 by and between Kronos Advanced Technologies, Inc. and FKA Distributing Co. d/b/a HoMedics, Inc. and HoMedics U.S.A., Inc. 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. KRONOS ADVANCED TECHNOLOGIES, INC. (Registrant) By: /s/ Daniel R. Dwight Daniel R. Dwight Chief Executive Officer Date: February 21, 2007