UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 5, 2007
AQUACELL TECHNOLOGIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-16165 33-0750453
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
10410 Trademark Street, Rancho Cucamonga, CA 91730
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(Address of principal executive offices) (Zip Code)
(909) 987-0456
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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(e))
ITEM 5.02. Appointment of Principal Officer.
(c) Kevin Spence was appointed President and Chief Financial Officer of
the Company effective January 2, 2007.
From January, 2004 to date he has been President of Citation
Publishing, Inc., a privately held company with headquarters in
Aliso Viejo, California engaged in the business of compiling and
publishing on the internet government regulations of interest to
environmental, health and safety compliance professionals. From
June, 2001 through June, 2003 he was Chief Financial Officer of
Swiftcomm, Inc., a privately held company located in Riverside,
California providing broadband services. From 1992 to 2000 he was
Executive Vice President and Chief Financial Officer of US Filter
Corporation, a global provider of wastewater treatment systems and
services. Prior to his employment at US Filter, he was an audit
partner and KPMG Peat Marwick.
Mr. Spence is employed under a five (5) year employment agreement at
a base salary of $165,000 annually. He also has incentive bonus
provisions based upon increases of net sales, net income and market
capitalization over prior year's results. Further, upon execution of
the employment contract, he will be issued 1,000,000 shares of the
Company's common stock, and additionally, 500,000 common stock
purchase options at the closing market price on the date of the
employment agreement vesting over three years.
With the appointment of Mr. Spence as the President, Karen Laustsen
resigned as President, but continues as Secretary and a Director of
the Company.
ITEM 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Press Release dated January 5, 2007.
SIGNATURE
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.
AQUACELL TECHNOLOGIES, INC.
Date: January 5, 2007 By: /s/ Karen B. Laustsen
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Karen B. Laustsen
Secretary