SECURITIES AND EXCHANGE COMMISSION
WASHINGTON DC 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) March 9, 2004
----------------
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Pacific Technology, Inc.
------------------------
(Exact name of registrant as specified in its charter)
Delaware 000-33487 33-0954381
- -------- --------- ----------
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation or
organization)
26586 Guadiana, Mission Viejo, California 92691
- ------------------------------------------ -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (866)571-6198
-------------
------------------------
(Former name, if changed since last report)
----------------------------------
(Former name or former address, if changed since last report)
--------------
(Registrant's Former Telephone Number, Including Area Code)
1
ITEM 5. OTHER EVENTS.
On March 9, 2004, the Registrant signed a binding term sheet (the "Term
Sheet") outlining the acquisition of Iempower, Inc. and all of its subsidiaries
including, but not limited to, MyRichUncle, Inc. ("IEM") a privately-held
originator of student loans.
The consummation of the transaction is contingent on a number of
factors, including but not limited to, the completion of due diligence and the
execution of a definitive agreement. There can be no assurance that the merger
will be consummated or, if consummated, that it will be consummated on the terms
set forth in the Term Sheet.
The Registrant hopes that this transaction will increase the value of
its common stock to its shareholders. However, there is no guarantee that the
Registrant will be able to consummate the transaction with IEM or that, if
consummated, such transaction will increase the value of its common stock. The
Registrant intends to continue its business of distributing and selling optical
storage items such as CD-R and DVD-R products and accessories until such time as
the transaction with IEM is consummated.
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, thereunto duly authorized.
Pacific Technology, Inc.
March 11, 2004 By: /s/ Roderick Cabahug
-------------------------------------
Roderick Cabahug, President
2