UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
of the
SECURITIES EXCHANGE ACT OF 1934
Date of Report: March 13, 2003
CYBEREXCELLENCE, INC.
(Exact name of registrant as specified in its charter)
Nevada
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(State or other jurisdiction of incorporation or organization)
0-29383 88-0356200
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(Commission File Number) (IRS Employer Identification Number)
c/o F. Briton McConkie, President
10266 North Oak Creek Lane, Highland, Utah 84003
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(Address of principal executive offices)
(801) 243-4498
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(Registrant's telephone number, including area code)
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ITEM 1. Change in Control
On February 5, 2003, Cyberexcellence, Inc. ("the Company") entered into an
agreement with Monty LeBlanc, the sole shareholder of Funnel Cloud, Inc. A
Nevada corporation ("Funnel"), to purchase 100% of the shares of Funnel in
exchange for 11,571,340 shares of the common stock of the Company. When by the
Company, these shares will represent approximately 85% of the issued and
outstanding shares of the Company. Funnel will become a wholly owned subsidiary
of the Company upon the closing of the transaction.
It is expected that the Board of Directors will be reorganized by the majority
shareholder and new officers and directors will be elected to run the day-to-day
operations of the company. A copy of the Stock Purchase Agreement between Mr.
LeBlanc and the Company is attached as exhibit 1.
ITEM 2. Acquisition or Disposition of Assets
Pursuant to the terms of the Stock Acquisition dated February 5, 2003, the
Company acquired Funnel Cloud, Inc. As a wholly owned subsidiary.
The Company intends to operate Funnel as a wholly owned subsidiary of the
Company. Funnel is a start up company which is involved in software development
and research. Funnel has been involved in developing software which can deal
with IT data protection as well as intrusion detection and reaction. Funnel is
attempting to develop a workable software program which will provide viable IT
data protection and intrusion detection and reaction.
Funnel hopes to be able to address the shortcommings of existing security models
and services, and to provide expanded capabilities to existing businesses and
thereby become a leader in the IT security and critical infrastructure arena.
Funnel hopes to be involved in the next generation of security infrastructure
systems which will greatly enhance the abilities of current IT infrastructures
to detect and respond to intrusion alerts, hacking attacks and unauthorized
ingress into critical websites. eCommerce environments, business data systems,
and any other vital system that requires a multi-tiered security platform.
Funnel will utilize a subscription model of service offering, coupled with
one-time costs per customer for initial roll-out hardware, configuration and
installation. Recurring revenue is estimated to provide up to 79% of company
revenue.
Funnel has no history of operations and is in the development stage as a
business. The product(s) and services which Funnel proposes to offer to
prospective customers are in the developmental stage.
Prior to the acquisition of Funnel by the Company, there was no material
relationship between Monty LeBlanc and the Company.
ITEM 7. Financial Statements and Exhibits
Financial Statement required to be filed as a part of this report will be filed
by amendment as allowed by Paragraph (a)(4) of Item 7.
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The following exhibit is included as part of this report:
EXHIBIT DESCRIPTION
10 Stock Purchase Agreement dated February 5, 2003.
Pursuant to the requirement of the Securities Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Cyberexcellence, Inc.
Signature Date
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By: /s/ F. Briton McConkie March 13, 2003
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Name: F. Briton McConkie
Title: President
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