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
Date of Event Requiring Report: December 2, 1998
CYBERAMERICA CORPORATION
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(Exact Name of Registrant as Specified on its Charter)
I-9418 87-0509512
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(Commission File Number) (IRS Employer Identification Number)
NEVADA
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(State or Other Jurisdiction of Incorporation or Organization)
268 West 400 South, Suite 300
Salt Lake City, Utah 84101
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(Address of Principal Executive Offices)
(801) 575-8073
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(Registrant's Telephone Number, Including Area Code)
ITEM 1. CHANGES IN CONTROL OF REGISTRANTS
Not Applicable.
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
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On October 30, 1998, CyberAmerica Corporation ("CyberAmerica"),
executed an Acquisition Agreement with Innovative Property Development Corp.
("IPDC"). On December 2, 1998, CyberAmerica consummated the reorganization of
IPDC through the transfer of the following nine corporations: Canton's
Commercial Carpet Corporation, Canton Industrial Corporation of Salt Lake City,
Wasatch Capital Corporation, Oasis International, Inc., Oasis International
Hotel & Casino, Inc., West Jordan Real Estate Holdings, Inc., Canton Financial
Services Corporation, Hudson Consulting Group, Inc., and Canton's Wild Horse
Ranch II, Inc. The resulting internal reorganization consolidates the operating
real estate subsidiaries under IPDC. The underlying assets in the nine
subsidiaries will retain a carry over basis in value in accordance with GAAP.
IPDC agreed to transfer 1,382,528 shares of its common stock to CyberAmerica as
compensation for the transfer. The effect of the transaction is that IPDC is now
a 85% owned subsidiary.
ITEM 3. BANKRUPTCY RECEIVERSHIP
Not Applicable.
ITEM 4. CHANGES IN CONTROL OF REGISTRANTS CERTIFYING ACCOUNTANT
Not Applicable.
ITEM 5. OTHER EVENTS
Not Applicable.
ITEM 6. RESIGNATION OF REGISTRANT'S DIRECTORS
Not Applicable.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Not Applicable.
ITEM 8. CHANGE IN FISCAL YEAR
Not Applicable.
SIGNATURES
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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: December 22, 1998
CyberAmerica Corporation
By:/s/ Gerald Einhorn
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Gerald Einhorn, Vice-President