UNITED STATES
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): March 14, 2004
Parallel Technologies, Inc.
(Exact name of registrant as specified in its charter)
Nevada
(State of incorporation)
0-19276 13-3140715
(Commission File Number) (I.R.S. Employer Identification Number)
211 West Wall Street
Midland, Texas 79701-4556
(Address of principal executive offices) (Zip Code)
(432) 682-1761
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Item 1. Changes in Control of Registrant
On February 18, 2004, the Registrant sold 20,000,000 shares of
restricted common stock at $.006 per share for gross proceeds of $120,000,
pursuant to a subscription agreement, to Glenn A. Little. As a result of the
purchase, Glenn Little is the controlling shareholder, owning 20,000,000 shares
of the 39,243,659 issued and outstanding shares of the Registrant's common
stock, or 50.9%, of the common stock of the Registrant. Immediately subsequent
to and as a result of the closing of the subscription agreement Glenn A. Little
was appointed to the Board of Directors and all other directors and officers
resigned. Mr. Little was elected as Chief Executive Officer, President Chief
Operating Officer, Chairman of the Board, Secretary and Treasurer of the
Registrant.
Exhibit No. Description
99.1 Subscription Agreement dated February 18, 2004 by and
between the Registrant and Glenn A. Little
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.
Parallel Technologies, Inc.
By: /s/ Glenn A. Little
------------------------
Glenn A.Little
Chief Executive Officer
Date: March 24, 2004