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
June 26, 2003
Date of Report
(Date of Earliest Event Reported)
TELKONET, INC.
(formerly known as Comstock Coal Company, Inc.)
(Exact Name of Registrant as Specified in its Charter)
902-A Commerce Road
Annapolis, Maryland 21401
(Address of principal executive offices)
410/897-5900
Registrant's telephone number
Utah 87-0627421
(State of Incorporation) (IRS Employer Identification No.)
ITEM 5. Other Events
The following press release was issued to announce the recent events of the
company.
--------------------------------------------------------------------------------
TELKONET RAISES $5,000,000
HOSPITALITY, MULTI-DWELLING AND GOVERNMENT
SALES & MARKETING INITIATIVES UNDER WAY
FOR IMMEDIATE RELEASE:
Contact:
TELKONET, INC. INVESTORS STOCK DAILY, INC.
Stephen Sadle, Chief Operating Officer Jody Janson
410-897-5900 585-454-6955
ssadle@telkonet.com jody@istockdaily.com
------------------- --------------------
Annapolis, MD-June 26, 2003 - TELKONET, INC. (OTCBB: TLKO) THE LEADER IN
COMMERCIAL POWERLINE COMMUNICATIONS announced it has successfully completed a
$5,000,000 Senior Note Offering. The net proceeds from this Offering will be
used to expand the Company's sales organization and marketing initiatives in the
hospitality, multi-dwelling and government markets, and develop strategic
partnerships to enhance channel programs and other corporate initiatives. The
Senior Notes, which are due three years from issuance, bear interest at 8% with
interest payable quarterly and includes certain equity rights.
The Company also announced that Howard Lubert has resigned as CEO in order to
pursue other entrepreneurial endeavors. Mr. Lubert contributed to the Company's
early development of channel relationships and its product branding. Telkonet is
now emerging from a development stage company into the market launch of its
PlugPlusInternet suite of products. Mr. Ronald Pickett, President and Mr. Pete
Musser, Chairman will serve as Co-CEO's in the interim while selecting a
replacement.
Howard Lubert stated, "It is not often one gets an opportunity to help a
technology company with such enormous potential transition from an R&D phase to
a sales and marketing organization. I am pleased to be part of that transition
and look for Telkonet to emerge as a formidable solutions provider in the
commercial Powerline Communications market for high-speed Internet access."
Mr. Ronald Pickett, President stated, "Telkonet is the company it is today
because of the visions and dedication of all the professionals who have each
contributed to it's development. Howard Lubert's effort helped Telkonet, and I
am grateful for the time he devoted to our initial development."
Statements included in this release may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements involve a number of risks and uncertainties such as competitive
factors, technological development, market demand and the Company's ability to
obtain new contracts and accurately estimate net revenues due to variability in
size, scope and duration of projects, and internal issues in the sponsoring
client. Further information on potential factors that could affect the Company's
financial results, can be found in the Company's Registration Statement and in
its Reports on Forms 8-K filed with the Securities and Exchange Commission
(SEC).
###