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): June 29, 2005
IBHAS TECHNOLOGIES INC
(Exact name of registrant as specified in its charter)
Nevada 000-50329 98-0370398
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
3061 WEST 15TH AVENUE
VANCOUVER A1 V6K 3A5
(Address of principal executive offices and Zip Code)
(604) 691-1754
Registrant's telephone number, including area code
Copies to:
Gregory Sichenzia, Esq.
Sanny J. Barkats
Sichenzia Ross Friedman Ference LLP
1065 Avenue of the Americas
New York, New York 10018
Phone: (212) 930-9700
Fax: (212) 930-9725
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))
Item 5.01 Changes in Control of Registrant
Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
On June 29, 2005, an investment group (the "Group") completed the
acquisition of an aggregate of 2,100,000 shares of the outstanding common stock
(the "Shares") of IBHAS TECHNOLOGIES INC., a Nevada corporation ("IBHAS") from
Benjamin West, Mohanad Shurrab and Abdellatif Anabtawi (the "Sellers"). Such
Shares represent approximately 76.6% of the issued and outstanding shares of the
common stock of IBHAS. The acquisition was completed pursuant to the terms of a
Stock Purchase Agreement dated June 29, 2005, by and between the Group and the
Sellers. The aggregate purchase price paid by the Group to the Sellers for the
Shares was $150,000.
In connection with the sale of IBHAS' common stock, Mohanad Shurrab
resigned as a member of the board of directors on June 29, 2005 and Benjamin
West resigned from his positions as Chief Executive Officer, President,
Secretary and Treasurer of IBHAS and intends to resign as a member of the board
of directors. Subsequent to the foregoing resignations, Jacob Eluz was appointed
as a member of the board of directors of IBHAS and as the Chief Executive
Officer, President, Secretary and Treasurer.
From 2003 to 2005 Mr. Eluz worked as an independent sub-contractor for
several companies including among others Broadlight Inc., CivCom Inc., PolyCom
Inc, GoNetwork Inc., and Logtel Ltd. During this period he specialized in the
design of the 10Gbps high-speed optical communications. From 2000-2003 Mr. Eluz
worked as a manager for Xlight Photonics Inc., overseeing the optical core of a
Tera-bit optical network router. Prior to Joining Xlight Photonics Inc., Mr.
Eluz worked for the Jerusalem Design Center Intel Corp, previously owned by
Digital Equipment Corp., specializing in high-speed system design for Giga-bits
Ethernet home networking cable modem projects. Jacob Eluz received his Bachelor
of Science in 1985 in Electrical Engineering at Ben-Gurion University. Mr. Eluz
obtained a Master in Business Administration in Finance in 2005 at the Hebrew
University in Jerusalem.
Item 9.01 Financial Statements and Exhibits
Exhibit No. Description
10.1 Stock Purchase Agreement dated June 29, 2005 by and among the
investment group and, Benjamin West, Mohanad Shurrab and
Abdellatif Anabtawi.
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.
IBHAS TECHNOLOGIES INC
Date: July 6, 2005 By: /s/Jacob Eluz
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Jacob Eluz
Chief Executive Officer,
President, Secretary and Treasurer