UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest reported) December 7, 1999
RBID.com., Inc.
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(Exact name of registrant as specified in its chapter)
Florida
- ---------------------------- ------------------------- 33-0857311
(State or other jurisdiction (Commission (IRS Employer
of incorporation File Number) Identification No.)
24461 Ridge Route Dr., Laguna 92663
Hills, CA. (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code (949) 470-4550
None
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(Former name or former address, if changed since last report)
INFORMATION TO BE INCLUDED IN THE REPORT
Item 1. Changes in Control of Registrant
NONE.
Item 2. Acquisition or Disposition of Assets.
On December 7, 1999, the Company executed an Asset Purchase Agreement
with Lead Machine, Inc., a Washington corporation, and Tina Hagedorn, the sole
shareholder of Lead Machine, Inc pursuant to which the Company agreed to
purchase the asset "Millionaires Island" which consists of certain customer
accounts, customer lists and contracts. Under the Agreement, the Company will
treat the acquisition of the assets of Lead Machine, Inc., as an Asset purchase
and intends to account for the purchase in this manner. The Company has agreed
to pay a fee for the assets equal to a percentage of the fees and revenues
generated by the Company from the present customers of Millionaires Island as
well as future revenue generated by the Company from new subscriptions to
Millionaires Island. The purchase price is equal to a fee of the greater of
$50.00 or ten percent of the fees generated by the Company per customer
subscribing to Millionaires Island after November 1, 1999. The Company assumed
no liabilities of Lead Machine, Inc. In addition, Ms. Hagedorn shall be
appointed as the President of the Millionaires Island division of the Company
and shall be eligible to participate in compensation programs to be adopted by
the Company. The Agreement also sets forth certain sales benchmarks for the
Company, and Ms. Hagedorn, at her option, could terminate the Company's right to
use the Millionaires Island asset. A copy of the Asset Purchase Agreement is
available for inspection at the Company's Corporate Offices.
Item 3. Bankruptcy or Receivership.
NONE.
Item 4. Changes in Registrant's Certifying Accountant.
NONE.
Item 5. Other Events.
NONE.
Item 6. Resignations of Registrant's Directors.
NONE.
Item 7. Financial Statements and Exhibits.
NONE.
Item 8. Change in Fiscal Year.
NONE.
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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.
(Registrant)
/s/Horst P. Danning
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Date: December 9, 1999 Horst P. Danning, Chairman/CEO
(Signature)*
*Print name and title of the signing officer under his signature.
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