Form 8K Current Report
UNITED
STATES
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):
September
15, 2006
DYNABAZAAR,
INC.
(EXACT
NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
(STATE
OR
OTHER JURISDICTION OF INCORPORATION)
|
000-29423
(COMMISSION
FILE NUMBER)
|
04-3551937
(I.R.S.
EMPLOYER IDENTIFICATION NO.)
|
|
888
Seventh Avenue
New
York, New York 10019
(ADDRESS
OF PRINCIPAL EXECUTIVE OFFICES)
|
(212)
974-5730
(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 (see
General
Instruction A.2. below):
r
Written
communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
r
Soliciting
material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
r
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
r
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01. Other Events.
Costar
Video Systems, LLC (“Costar”), a subsidiary of Dynabazaar, Inc. ("Dynabazaar"),
entered into a strategic alliance agreement (the "Strategic Alliance Agreement")
with Sielox, LLC (“Sielox”), a subsidiary of L Q Corporation, Inc., ("L Q
Corporation") dated as of September 15, 2006, pursuant to which the companies
have agreed to explore mutually beneficial opportunities to work together,
including, without limitation, through a joint venture, joint sales or joint
marketing arrangement, or other business arrangement or strategic alliance.
Costar
designs, sources and distributes video and imaging products for the security
and
industrial markets. Sielox engages in the development, design and distribution
of open architecture access control software, programmable controllers, readers
and identity cards used to provide access control security to end users such
as
office buildings, factories, universities and hospitals.
Costar
and Sielox are also parties to a distribution agreement, dated July 31, 2006
(the "Distribution Agreement"), pursuant to which Sielox was appointed as an
authorized distributor of certain products of Costar.
Barington
Capital Group, L.P. (“Barington”) and a group of other investors which have
joined with Barington in the filing of a statement on Schedule 13D, collectively
own greater than 10% of the outstanding common stock of both Dynabazaar and
L Q
Corporation. James A. Mitarotonda, who serves as a director, President and
Chief
Executive Officer of Dynabazaar, is Chairman, President and Chief Executive
Officer of a corporation that is the general partner of Barington. Mr.
Mitarotonda also currently serves as a director of L Q Corporation. Sebastian
E.
Cassetta, who serves as the Chief Executive Officer of Costar, is a Senior
Managing Director and the Chief Operating Officer of Barington. Mr. Cassetta
is
also a director, President and Chief Executive Officer of L Q Corporation.
Barington is party to separate administrative services agreements with
Dynabazaar and L Q Corporation, pursuant to which Barington performs certain
administrative, accounting and other services on behalf of each company.
The
board
of directors of Dynabazaar, including each director independent of Barington,
approved the execution and delivery of the Strategic Alliance Agreement on
behalf of Dynabazaar.
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.
DYNABAZAAR,
INC.
Dated:
September 21, 2006 By:
/s/ James A.
Mitarotonda
James A. Mitarotonda
President
and Chief
Executive Officer