Item 8.01 Other Events.
 

     On June 21, 2007, the Company announced it had entered into an agreement (the “ Purchase Agreement ”) under which the Company agreed to sell to its former executive offices and warehouse facility, as well as two adjacent lots, located in West New York, New Jersey at a proposed purchase price of $8,000,000. The proposed purchaser had the right under the Purchase Agreement to extend the originally scheduled closing date (October 15, 2007) for two separate 4-month periods. The proposed purchaser has extended the closing date for the first extension period, until February 15, 2008. Under the Purchase Agreement, the extension of the closing date entitles the Company to receive $150,000 of the original $500,000 deposit paid by the proposed purchaser under the Purchase Agreement. With certain exceptions, the payment is non-refundable, and will be credited against the purchase price of the property if a closing occurs.