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
January 21, 2003
Date of Report (Date of Earliest Event Reported)
PACIFIC WEBWORKS, INC.
(Exact name of registrant as specified in its charter)
Nevada 000-26731 87-0627910
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
180 South 300 West, Suite 400
Salt Lake City, Utah 84101
(Address of principal executive offices)
(801) 578-9020
Registrant's telephone number
FORWARD LOOKING STATEMENTS
This report contains forward-looking statements and you should not place
undue reliance on these forward-looking statements. We intend to identify
forward-looking statements in this report by using words such as "believes,"
"intends," "expects," "may," will," "should," "plan," "projected,"
"contemplates," "anticipates," or similar statements. These statements are
based on our beliefs, as well as assumptions we have made using information
currently available to us. Because these statements reflect our current views
concerning future events, these statements involve risks, uncertainties and
assumptions. Actual future events may differ significantly from the results
discussed in the forward-looking statements due to such contingent factors as:
successful due diligence, shareholder approval, and registration of the shares
for the transaction.
ITEM 5: OTHER EVENTS
On January 21, 2003, Pacific WebWorks signed a letter of intent to be
acquired as the wholly-owned subsidiary of IDI Global, Inc., a Nevada
corporation. IDI Global is a publicly traded reporting company which is a
holding company with one wholly-owned subsidiary, Internet Development, Inc.
The parties to the letter of intent will begin formal due diligence prior to
entering into a final agreement and have established a closing date not later
than March 31, 2003.
The letter of intent contemplates a stock-for-stock exchange of all of
Pacific WebWorks' outstanding shares, approximating 23,359,473, for a certain
amount of IDI Global common shares. The exchange rate has not been determined
at the time of this filing, but the parties anticipate no greater than a
3-to-1 exchange. If this ratio is finalized, then three Pacific WebWorks
shares would be exchanged for one IDI Global share. The stock-for-stock
exchange will be contingent upon approval of any final agreement by a majority
of the shareholders of Pacific WebWorks and the registration of the shares to
be issued by IDI Global prior to the stock-for-stock exchange.
IDI Global expects to capitalize on the experience of our management team
by combining the management of both companies. The letter of intent provides
that IDI Global's board of directors appoint two directors from our management
team to IDI Global's board of directors. Accordingly, our President,
Christian R. Larsen, and our CEO, Kenneth W. Bell, will be appointed as
directors.
About IDI Global
IDI Global operates through its wholly-owned subsidiary, Internet
Development. Inc. which designs, develops and markets user-friendly,
Internet-based software applications and development tools on an integrated
service platform for small business customers and customers that have large
affiliate networks. It also provides Internet-based applications to small
business and home office businesses that require web and e-commerce tools to
create a virtual presence on the Internet.
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.
PACIFIC WEBWORKS, INC.
01/22/03 /s/ Christian R. Larsen
Date: ________________ By: _____________________________________
Christian R. Larsen
President and Director