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): December 31, 1999
IEXALT, INC.
(Exact Name of Registrant as Specified in Charter)
NEVADA
(State or Other Jurisdiction of
Incorporation or Organization)
000-09322 75-1667097
(Commission File Number) (I.R.S. Employer Identification No.)
4301 WINDFERN, HOUSTON, TEXAS 77041
(Address of principal executive offices including zip code)
(281) 600-4000
(Registrant's telephone number, including area code)
SUNBELT EXPLORATION, INC.
(Former name or former address, if changed since last report)
ITEM 1. CHANGES IN CONTROL OF REGISTRANT
Inapplicable.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On January 14, 2000, iExalt, Inc., a Nevada corporation ("Company"),
completed the acquisition of, in an arms-length transaction, all of the issued
and outstanding stock of First Choice Marketing, Inc.("First Choice"), a Texas
corporation, in exchange for 2,727,000 shares of Company common stock. The
shareholders of First Choice are entitled to additional consideration of up to
999,999 shares of Company common stock over a three-year period provided certain
earnings goals are met by that Company and Messrs. Dahl and Haenes remain in the
employ of the Company. Messrs. Dahl and Haenes entered into a three-year
employment agreements with the Company with 240,000 stock options vesting over
three years subject to their continued employment. The transaction was accounted
for as a purchase.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
Inapplicable.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
Inapplicable.
ITEM 5. OTHER EVENTS
Inapplicable.
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTOR
Inapplicable.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
The Stock Purchase Agreement with First Choice Marketing, Inc. is attached
hereto as Exhibit 1.1.
(a) Financial Statements of Business Acquired.
The appropriate financial statements will be filed with the Securities and
Exchange Commission no later than seventy-five days after the consummation
of the acquisition.
(b) Pro Forma Financial Information.
The appropriate pro forma financial information relating to the
acquisition will be filed with the Securities and Exchange Commission no
late than seventy-five days after the consummation of the acquisition.
ITEM 8. CHANGE IN FISCAL YEAR
Inapplicable.
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.
IEXALT, INC.
By: //S// JONATHAN GILCHRIST
-----------------------------
Jonathan Gilchrist, Secretary
DATE: January 27, 2000
EXHIBITS
EXHIBIT
NO. PAGE
1.1 Stock Purchase Agreement with First Choice
Marketing, Inc.............................. A-1