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 Event Requiring Report: April 19, 2002
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WORLDBID CORPORATION
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(Exact name of registrant as specified in its charter)
NEVADA 000-26729 88-0427619
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(State of (Commission (IRS Employer
Incorporation) File Number) Identification #)
810 PEACE PORTAL DRIVE, SUITE 201
BLAINE, WA
98230
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(Address of Principal Executive Offices)
(360) 332-1752
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(Registrant's telephone number, including area code)
Not Applicable
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(Registrant's Former Name and Address)
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT
Effective April 19, 2002, Global Internet Holdings Ltd. ("Global"), a company
controlled by Scott Wurtele, a former director, former president and former
chief executive officer of Worldbid Corporation (the "Corporation") agreed to
sell its entire holdings of 5,660,540 shares of common stock of the Corporation
(being approximately 23.4% of the common stock outstanding) to a group of eight
independent investors (the "Investors"). As a result of the sale of the shares,
Global is no longer the largest shareholder of the Corporation and Global and
Mr. Wurtele can no longer be considered to control the Corporation.
The Investors acquired numbers of shares varying from 160,540 to 1,100,000
shares. None of the Investors acquired sufficient shares to become significant
shareholders of the Corporation or require the filing of any notices of
acquisition under Section 13(d) of the Securities Exchange Act of 1934. The
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Investors have advised the Corporation that they have acquired the shares for
investment purposes and do not have any agreements, arrangements or
understandings with respect to the election of directors or other matters and no
intention to exercise any control over the Corporation.
The selling price of the shares was $0.00625 per share for an aggregate
consideration paid to Global of 35,378.38.
The following table sets forth information known to the Corporation concerning
the number of shares beneficially owned by each person owning more than five
percent (5%) of our voting securities as of April 19, 2002.
Number of
Title of Name and Address Shares of Percentage of
Class of Beneficial Owner Common Stock Common Stock
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Common Stock Harold C. Moll(1) 6,850,000 26.14%
Unit 45, Lacovia
Condominium
Grand Cayman, BWI
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Common Stock Logan Anderson(2) 1,950,000 7.89%
15 Hill Cresent
Pembroke, Bermuda
HM02
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(1) Includes 4,800,000 shares held by Harold Moll and 1,900,000 shares that
are acquirable upon the exercise of warrants by Harold Moll within 60 days of
April 19, 2001.
(2) Includes 1,400,000 shares held by Logan Anderson and 550,000 shares that
are acquirable upon the exercise of warrants and options by Logan Anderson
within 60 days of April 19, 2001.
A portion of the shares held by Global were subject to an escrow agreement among
the Corporation, Global and Cane & Company, LLC. In view of the fact that the
purchasers
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will be required, under applicable securities laws, to hold the shares for a
period of time exceeding the balance of the time that the shares were to be held
in escrow under the escrow agreement the Corporation entered into an escrow
termination agreement dated April 19, 2002 terminating the escrow agreement.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
None.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
None.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
None.
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
None.
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS
None.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Business Acquired.
None.
(b) Pro forma Financial Information.
None.
(c) Exhibits.
Exhibit Description
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10.1 Escrow Termination Agreement dated April 19, 2002
ITEM 8. CHANGE IN FISCAL YEAR
None.
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ITEM 9. REGULATION FD DISCLOSURE
None.
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: April 29, 2002 WORLDBID CORPORATION
By: /s/ Logan Anderson
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Logan B. Anderson
Chief Executive Officer
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