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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
March 2, 2001
IBIZ TECHNOLOGY CORP.
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(Exact name of registrant as specified in its charter)
Florida 000-027619 86-0933890
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1919 West Lone Cactus Drive, Phoenix, Arizona 85021, (623) 492-9200
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(Address and telephone number of principal executive offices)
Robert L. Lane, Lane & Ehrlich, Ltd
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4001 N. Third St., Suite 400, Phoenix, Arizona 85012-2065, (602) 264-4442
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(Name, address and telephone number of agent for service)
COPY TO: Stephen R. Boatwright, Esq., Gammage & Burnham, PLC
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Two North Central Avenue, 18th Floor, Phoenix, Arizona 85004, (602) 256-0566
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On February 28, 2001, the Securities and Exchange Commission (the
"Commission") commenced an administrative proceeding against the Company.
The Company has negotiated and submitted a settlement offer, which has been
formally approved by the Commission itself. This settlement has resulted in an
administrative order being issued which orders the Company to cease and desist
from committing or causing any future violations of Section 10(b) of the
Securities and Exchange Act of 1934 and Rule 10b-5 thereunder. No other relief
against the Company is being sought.
This administrative proceeding is based on the Commission's allegations
that the Company, through its President and CEO Ken Schilling, referenced
certain reports prepared by Michael A. Furr in its press releases, and posted
hyperlinks to Furr's reports on its website. The Commission alleges that the
Furr reports contained false revenue and
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stock price projections. The Commission also alleges that the Company falsely
characterized Furr as independent of the Company. The Company neither admits nor
denies the allegations as part of the settlement offer.
On February 28, 2001, the Securities and Exchange Commission filed a
federal court action in the District of Arizona against Ken Schilling, CEO of
the Company. Mr. Schilling, however, has reached a settlement with the
Commission in which he neither admits nor denies the allegations made against
him. Pursuant to this settlement, Mr. Schilling will be permanently enjoined
from violating Section 10(b) of the Exchange Act or Rule 10b-5 thereunder.
Mr. Schilling will also be required to pay a $20,000 civil penalty. The
allegations relate to those referred to above.
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 on March 2, 2001.
iBIZ Technology Corp.,
a Florida Corporation
By: /s/ Kenneth W. Schilling
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Kenneth W. Schilling, President,
Director
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