Cobalis, Corp, 8k, 05/18/06
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): May 18, 2006
Commission
File Number: 000-49620
Cobalis
Corp.
(Exact
name of registrant as specified in its charter)
|
Nevada
(State
or other jurisdiction of
incorporation
or organization)
|
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91-1868007
(I.R.S.
Employer Identification No.)
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2445
McCabe Way, Suite 150, Irvine, CA
(Address
of principal executive offices)
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92614
(Zip
Code)
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(949)
757-0001
(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:
|_|
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
5.02 Appointment of Principal Officers
On
May
18, 2005, the board of directors of Cobalis Corp., a Nevada corporation (the
"Registrant") met to approve the appointment of Dr. Gerald Yakatan as its new
Chief Executive Officer. Dr. Yakatan currently serves on the Registrant’s Board
of Directors. Mr. Chaslav Radovich, the Registrant’s former Chief Executive
Officer resigned that position concurrent with Dr. Yakatan taking that office,
though Mr. Radovich retains his positions as President and as a member of the
Registrant’s Board of Directors. Mr. Radovich’s resignation is not the result of
any disagreement with the Registrant as to its policies or
practices.
The
Registrant expects to enter into employment contracts with Dr. Yakatan and
Mr.
Radovich, which the Registrant undertakes to file as Exhibits when those
agreements are finalized. Dr. Yakatan’s agreement is anticipated to provide for
him to serve as the Registrant’s Chief Executive Officer for a term of three
years, renewable annually thereafter, for compensation of a base salary of
$300,000 per year and other employee benefits, plus a signing bonus of shares
of
the Registrant’s common stock, and stock options to purchase shares of the
Registrant’s common stock at $1.40 per share vesting over a period of three
years. The terms of Mr. Radovich’s employment contract are being
finalized.
Item 9.01
Exhibits.
The
following exhibits are filed with this report on Form 8-K.
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Exhibit
Number
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Exhibit
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17.1
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Resignation
of Chaslav Radovich
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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.
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Cobalis
Corp. |
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| Date: May
22,
2006 |
By: |
/s/ Chaslav
Radovich |
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Chaslav
Radovich
President
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