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): October 1, 1999 IEXALT, INC. (Exact Name of Registrant as Specified in Charter) NEVADA (State or Other Jurisdiction of Incorporation or Organization) 2-65800 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 Effective October 1, 1999, iExalt, Inc., a Nevada corporation ("Company"), acquired, in an arms-length transaction, all of the issued and outstanding stock of Wordcross Enterprises, Inc. d/b/a Christian Happenings ("Wordcross"), an Ohio corporation in the business of publishing and events advertising. As consideration for the acquisition, the Company issued an aggregate 850,000 shares of authorized but unissued common stock to the two shareholders of Wordcross. In addition, the shareholders of Wordcross were granted stock options to purchase an aggregate 250,000 shares of Company common stock at an exercise price of $1.80 per share. The stock options vest in the amount of 50,000 shares per year on the anniversary date of the agreement and are subject to the shareholders remaining in the employ of the Company. The term of the stock options are three years from the date of vesting. Both of the shareholders have entered into five year employment agreements with the Company. The transaction was accounted for as a purchase. The acquisition of Wordcross was deemed "significant," accordingly, separate historical and pro forma financial statements will be filed no later than seventy-five days after the consummation of the acquisition. 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 (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 later than seventy-five days after the consummation of the acquisition. 2 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: October 15, 1999 3 EXHIBITS EXHIBIT NO. PAGE 1.1 Contract for Sale and Purchase of Wordcross Enterprises, Inc. .. A-1 4