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

December 31, 2004
Date of Report (Date of earliest event reported)

000-31267
Commission File Number

IWT TESORO CORPORATION

(Exact name of registrant as specified in its charter)

Nevada
(State or other jurisdiction of incorporation or organization)

91-2048019
(I.R.S. Employer Identification Number)

191 Post Road West, Suite 10, Westport, CT 06880

(Address of Principal Executive Offices) (Zip Code)

(203) 271-2770

(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 requirements of the registration 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 1.01. ENTRY INTO MATERIAL DEFINITIVE AGREEMENTS

Effective December 31, 2004, IWT Tesoro Corporation and its wholly owned subsidiary, International Wholesale Tile, Inc., entered into an amended and restated loan agreement with its banking facility, Bank of American Business Capital, to increase its revolving credit line from $17.0 million to $25.0 million. Additionally, the agreement provides for lower inventory terms and more favorable covenants to the Company. Tesoro expects that these modified terms will help to continue implementing portions of the Company’s strategic and growth strategies.

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.

Dated: January 6, 2005	IWT TESORO CORPORATION

	/s/ Henry J. Boucher, Jr., President
	By: Henry J. Boucher, Jr., President