ECONNECT
Form: 8-K Filing Date: 11/16/99
TYPE: 8-K
SEQUENCE: 1
U.S. 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 31, 1999
eConnect
(Exact name of registrant as specified in its charter)
Nevada
(State or jurisdiction of incorporation
or organization)
33-68570
(Commission File Number
43-1239043
(I.R.S. Employer Identification Number
2500 Via Cabrillo Marina, Suite 112, San Pedro, California 90731
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (310) 514-9482
(Former name or former address, if changed since last report)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
The Registrant has acquired a significant amount of assets,
other than in the ordinary course of business, as follows:
(a) Stock Exchange Agreement.
La Empresa Ranco Plasticos Limitada, a Costa Rica corporation
("Holder"), was the owner of record of 58.33% of the issued and
outstanding stock of Isla Escondida, S.A., a Costa Rica
Corporation ("IE") ("Stock"). Nevertheless, pursuant to an
agreement between Holder, Jamie Ligator and Michael Lanes, one-
half (1/2) of the Stock is actually being held in the name of
Holder for the benefit of Lanes and the other one-half (1/2) of
the Stock is actually being held in the name of Holder for the
benefit of Ligator. Effective on August 31, 1999, the
Registrant purchased the Stock under a Stock Exchange Agreement.
Under this agreement the Registrant agreed to the pay the
following for the Stock: Seven Million 7,000,000 shares of free
trading common stock of the Registrant, to be deposited into an
escrow account with Bank One, N.A. or such other independent
third party FDIC insured institution as mutually agreed to by
the parties in writing. The Stock is to be held in the escrow
account until released as set forth under the provisions of the
Stock Exchange Agreement.
Subsequently, the Registrant acquired the remaining 41.67% of
the stock of IE directly from the shareholders of that company
in a straight stock swap. This entire acquisition was made in
connection with the transfer of ownership of the 777WINS.com
gaming website to the Registrant.
(b) Acquisition Agreement.
Effective on September 7, 1999, the Registrant acquired the
website known as "artauction.com" from PowerClick, a Nevada
corporation, through an Acquisition Agreement. Under this
agreement, Registrant paid the following: (a) 1,000,000 shares
of free trading common stock of the Registrant; (b) 1,000,000
shares of restricted common stock of the Registrant; and (c) all
of the issued and outstanding common stock of eBet.com, Inc., a
Nevada corporation, which is owned by the Registrant.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
eConnect
Dated: November 12, 1999 By: /s/ Thomas S. Hughes
Thomas S. Hughes, President
EXHIBIT INDEX
Exhibit No. Description
2.1 Stock Exchange Agreement between the Company, La
Empresa Ranco Plasticos Limitada, Michael Lanes,
and Jamie Ligator, dated August 31, 1999 (see
below).
2.2 Acquisition Agreement between the Company and
PowerClick, dated September 7, 1999 (see below).
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