Investor to auction QPC assets due to uncured default on notes

By Devika Patel

Knoxville, Tenn., May 20 - QPC Lasers Inc.'s investor Laser Operations, LLC, which holds a $6 million secured promissory note, began foreclosure proceedings on the assets underlying the note, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

As of April 30, the filing said, the company owes $5.42 million on the note, plus $638,148.87 in interest.

Laser Operations intends to conduct a public sale of the collateral on June 1.

The collateral constitutes essentially all of the company's assets. Accordingly, the company will have no assets following completion of the foreclosure process unless the assets receive a bid for more than QPC owes on the note.

Based in Sylmar, Calif., QPC develops and commercializes high-brightness, high-power semiconductor lasers used in the industrial, defense and medical sectors.

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