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 1, 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
Effective December 1, 1999, iExalt, Inc., a Nevada corporation
("Company"), acquired, in an arms-length transaction, all of the issued and
outstanding stock of Premiere Speakers Bureau, Inc. d/b/a Christianspeakers.com
("Christian Speakers"), a Tennessee corporation in the business of scheduling
well-known speakers to speak to groups on Christian issues. The consideration
issued to Duane Ward, the sole stockholder of Christian Speakers, was: (i)
500,000 shares of Company common stock, (ii) an aggregate $40,000, of which
$10,000 was payable at closing, and $5,000 is payable monthly for a period of
six months beginning January 2000, and (iii) a stock option to purchase an
aggregate 250,000 shares of Company common stock at an exercise price of $1.80
per share. The stock option vests in the amount of 50,000 shares per year on the
anniversary date of the agreement, and is subject to Mr. Ward remaining in the
employ of the Company. The term of the stock option is three years from the date
of vesting. Mr. Ward has entered into a five-year employment agreement with the
Company. The Company has granted Mr. Ward certain registration rights for no
less than 50,000 shares of Company common stock issued in connection with the
acquisition. The transaction was accounted for as a purchase. The acquisition of
Christian Speakers 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.
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: December 16, 1999
EXHIBITS
EXHIBIT
NO. PAGE
- ------- ----
1.1(1) Stock Purchase Agreement with Christian Speakers, Inc...........A-1
(1) Filed Herewith.