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) September 15, 2006
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ALTEX INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-9030 84-0989164
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
PO Box 1057 Breckenridge, CO 80424-1057
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 265-9312
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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:
[ ] Written communications pursuant to Rule 425 under the Securities Act
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act
[ ] Pre-commencement communications pursuant to Rule 13e-4(C) under the
Exchange Act
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
As part of its director compensation plan, on June 26, 1998, the Registrant sold
155,544 shares of the Registrant's Common Stock, an amount equal to 1% of the
then-outstanding Common Stock, to each of its outside directors, Messrs. Jeffrey
S. Chernow and Stephen F. Fante, for $0.17 per share, fair market value on June
26, 1998. Consideration for the shares consisted of the proceeds of non-recourse
loans from the Registrant, each in the amount of $26,442.48. The loans were
secured by the shares, bore interest at the Applicable Federal Rate, and were
initially due on September 30, 2002. On September 25, 2001, the Registrant
extended the terms of the loans until October 1, 2006.
On September 15, 2006, the Registrant purchased 155,544 shares of the
Registrant's Common Stock from Mr. Chernow for $0.25 per share, the closing
price on September 15, 2006, for total cash proceeds of $38,886.00, and
purchased 155,544 shares of the Registrant's Common Stock from Mr. Fante for
$0.25 per share, the closing price on September 15, 2006, for total cash
proceeds of $38,886.00. Messrs. Chernow and Fante each used $26,442.48 cash from
the transaction to retire the outstanding loans.
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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 hereunto duly authorized.
ALTEX INDUSTRIES, INC.
Date: September 15, 2006 /s/ STEVEN H. CARDIN
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By: Steven H. Cardin, Chief
Executive Officer
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