U.S. 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 OMNINET MEDIA.COM, INC. (Name of Small Business Issuer) Date of Report (Date of earliest event reported) May 29, 2001 Nevada 000-28935 880398783 (State or Other Commission (I.R.S. Employer Jurisdiction of File No. Identification Incorporation or Number) Organization) 3140 Venture Drive, Las Vegas, NV 89101 (Address of Principal Executive Offices) (Zip Code) (702) 641-5030 (Registrant's Telephone Number) Item 1. Changes in Control of Registrant. Not Applicable Item 2. Acquisition or Disposition of Assets On May 25, 2001 an agreement was entered into by and between OmniNet Media.com, Inc. and the prior majority shareholders of U.S./Ace Security Laminates, Inc., a Delaware corporation, and Ace Security Laminates International, Inc. by which a Business Combination Agreement dated June 5, 2000 and all other agreements between the parties thereto were rescinded in their entirety. The effect of this agreement is to divest OmniNet of 1,928,978 shares of U.S./Ace Securities Laminates, Inc. which were previously acquired by OmniNet from controlling stockholders of U.S./Ace, and recover for cancellation 964,489 common shares of OmniNet issued to the stockholders in the exchange. OmniNet retains title to approximately 811,982 U.S./Ace shares which it purchased from other stockholders by exchange after the June 5, 2000 agreement had been consummated with the controlling stockholders of U.S./Ace. Item 3. Bankruptcy or Receivership Not Applicable Item 4. Changes in Registrant's Certifying Accountant Not Applicable. 1 Item 5. Other Events Not Applicable Item 6. Resignations of Registrant's Directors Not Applicable Item 7. Financial Statements and Exhibits Not Applicable Item 8. Changes in Fiscal Year. Not Applicable. 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. OMNINET MEDIA.COM, INC. /s/ Don Steffens By: Don Steffans President 2