SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1933
July 27, 2006
Date of Report (Date of earliest event reported)
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iWORLD PROJECTS & SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
814-00689
(Commission File No.)
Nevada
(State or other jurisdiction of incorporation)
88-0492267
(IRS Employer Identification Number)
P.O. Box 2115, Addison, TX 75001-2115
(Address of principal executive offices) (ZIP Code)
1(214)236 - 8480
(Telephone number, including area code of agent for service)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 8.01. OTHER EVENTS
On July 5, 2006 the board of directors of the Company approved the
transfer of all assets from iWorld Systems & Services, Inc., a wholly owned
subsidiary of the Company in Florida, to iWorld Projects & Systems, Inc. (the
Company). The board of directors of the Company also approved the shutdown and
termination of iWorld Systems & Services, Inc.; PMForum.org, Inc.; and Process
Integrity, Inc. The board of directors of the Company had previously authorized
the shutdown and termination of Applied Management Concepts, Inc., a subsidiary
of iWorld Systems & Services, Inc., based in Houston. These operating units of
the business had either already stopped doing business, or were operating with
negative cash flow and accumulating additional debt. The decisions by the board
of directors were made to reduce operating expenses and liabilities.
As a result of these actions, the Company's primary assets now include
intellectual property, notes receivable, and subscriptions receivable. The
popular project management website, www.pmforum.org, which is owned and
considered a valuable asset by the Company, will be maintained and operated
directly by the Company on an interim basis. David Pells, the Company's
president and acting CEO, has assumed the additional duties of managing editor
of www.pmforum.org and the monthly online publication PM World Today. The
website is expected to be used as the basis for growing a more robust online
project management business in the future.
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.
Date: July 27, 2006
iWORLD PROJECTS & SYSTEMS, INC.
By /s/ David Pells
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David L. Pells, President, acting CEO