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Technology Stocks : Koala International Wireless Inc. (OTCBB: KIWI)
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To: ms.smartest.person who wrote (111)10/20/2004 3:54:29 PM
From: ms.smartest.person   of 130
 
Majority of BOD resigns. Form 8-K for KIWI NETWORK SOLUTIONS INC

3-Aug-2004

Other Events, Financial Statements and Exhibits

Item 5. Other Events

Effective August 3, 2004, a majority of the members of the Registrant's Board of Directors have resigned. Diego Roca, David Dean Tews, John Rinella, and Richard L. Rumpf have each submitted their resignation following a determination that the anticipated funding for the Registrant's business plan will not be forthcoming. The operating business has been discontinued, and the newly formed subsidiary, Ibacus Networks, Inc., will be dissolved. John Rinella, the President of Ibacus, has also resigned that position and will pursue other opportunities.

Bradley R. Wilson will reassume the positions of CEO and Chairman on an interim basis. Mr. Wilson will be appointed to the board. Derek Pepler and Lorne Caitling are remaining on the board.

The Company intends to develop a new business plan focused on seaking one or more merger candidates with businesses in certain technologies. At the time a merger candidate is secured,a new board of directors will be appointed along with new officers.

Item 7. Financial Statements and Exhibits.

Schedule of Exhibits. The following exhibits are furnished in accordance with the provisions of Item 601 of Regulation S-B:

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