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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): August 1, 2006
EDUCATIONAL DEVELOPMENT CORPORATION
(Exact name of registrant as specified in its charter)
Commission file number: 0-4957
Delaware 73-0750007
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
10302 East 55th Place, Tulsa, Oklahoma 74146-6515
(Address of principal executive offices and Zip Code)
(918) 622-4522
(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):
[ ] 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(c))
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ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT
On August 1, 2006, Educational Development Corporation announces
that effective July 26, 2006, the Plan of Reorganization and Dip Financing
Agreement with Intervisual Books, Inc. located in Inglewood, California, that
the Company entered into on July 13, 2006, has been cancelled.
Intervisual Books, Inc was operating as a debtor-in-possession in a
Chapter 11 bankruptcy case. On July 26, 2006, in the United States Bankruptcy
Court in Los Angeles, California, the court conducted an auction for the assets
of Intervisual Books, Inc. The Company was not the successful bidder in this
auction. However, the Company is actively pursuing other acquisition candidates
that would provide an operational and financial fit for the Company.
A copy of the press release making this announcement is furnished as
Exhibit 99.1 and incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) EXHIBITS
99.1 Press release dated as of August 1, 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 hereunto duly authorized.
Educational Development Corporation
By: /s/ Randall W. White
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Randall W. White
President and Chief Executive Officer
Date: August 1, 2006
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
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*99.1 Press release dated as of August 1, 2006
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*Filed herewith.