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:
December
20, 2006
MOBILEPRO
CORP.
(Exact
Name of Registrant as Specified in Charter)
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Delaware
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000-51010
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87-0419571
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(State
of Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification
No.)
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6701
Democracy Blvd., Suite 202
Bethesda,
MD 20817
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(Address
of principal executive offices) (Zip Code)
(301)
315-9040
(Registrant's
telephone number)
Check
the
appropriate box below if the Form 8-K is intended to simultaneously satisfy
the
filing obligation of the registrant under any of the following provisions
(see
General
Instruction A.2 below):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01. Other Events.
On
December 26, 2006 the Registrant (“Mobilepro”) received $1.2 million in gross
cash proceeds related to the sale/leaseback of municipal wireless network
equipment in Farmers’ Branch, Texas. The leaseback term is 36 months and the
lease includes a fair-market-value purchase option at the end of the lease
term.
However, Mobilepro was required to purchase certificates of deposit totaling
$362,000 that serve as collateral for the benefit of the lessor. The terms
of
the lease agreement are qualified in their entirety by reference to the Master
Lease Agreement with JTA Leasing, a copy of which was filed as Exhibit 10.41
to
the Registrant’s Form 10-Q for the quarter ended June 30, 2006 and which is
incorporated herein by reference.
On
December 20, 2006, Mobilepro completed the lease of certain equipment, with
a
total cost of approximately $508,000, that was acquired to support the Company’s
wireless network deployments in Longmont, Colorado, and Yuma, Arizona,
primarily. The lease term is 24 months and the lease includes a
fair-market-value purchase option at the end of the lease term. The terms of
the
lease are qualified in their entirety by reference to the Master Lease Agreement
with DataSales Co., Inc., a copy of which was filed as Exhibit 10.46 in
Mobilepro’s Form 10-Q for the quarter ended September 30, 2006 and which is
incorporated herein by reference.
On
December 21, 2006, Mobilepro issued a press release, a copy of which is attached
to this Current Report on Form 8-K as Exhibit 99.1, regarding the execution
by
Kite Networks, Inc., its wholly-owned subsidiary providing wireless broadband
services, of an engagement agreement with BB&T Capital Markets to advise on
its wireless service strategies, including a potential spin-off from
Mobilepro.
Item
9.01
Financial Statements and Exhibits
(d)
Exhibits
99.1 Press
Release dated December 22, 2006
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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By: |
/s/ Jay
O.
Wright |
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Jay
O. Wright |
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Chief
Executive Officer |
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MOBILEPRO CORP. |
Date: December
27, 2006