iBIZ Technology Corp. Files SEC form 8-K, Acquisition or Disposition of Assets and Financial Statements & Exhibits

4-Feb-2004

Acquisition or Disposition of Assets and Financial Statements & Exhibits

ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.

On January 20, 2004, the Registrant entered into an acquisition agreement with the interestholders of Synosphere, LLC, A Texas limited liability company ("Synosphere") (see Exhibit 2 to this Form 8-K). The shareholders are the owners of all the issued and outstanding membership interests ("Interests") of equity of Synosphere. Under the terms of this agreement, on the closing date, Synosphere sold to the Registrant all 5,000,000 Interests. The Registrant in turn sold to the shareholders 6 shares of its common stock for each Interest (an aggregate of 30,000,000 shares of common stock). Synosphere specializes in the development of handheld computer technologies.

This acquisition was announced in a press release date January 21, 2004 (see Exhibit 99 to this Form 8-K).

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

Financial Statements.

The Registrant has determined that this acquisition must comply with Rule 3-05 of Regulation S-X, and therefore financial statements will be furnished for the two most recent fiscal years and any interim periods. Pro forma financial information will also be furnished in connection with this acquisition pursuant to Article 11 of Regulation S-X. It is impracticable to provide the required financial statements for this acquired business at the time this Form 8-K is filed; these will be filed as an amendment to this filing not later than 60 days after the filing of this report.

Exhibits.

Exhibits included are set forth in the Exhibit Index pursuant to Item 601 of Regulation S-B.