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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
Date of Report July 20, 2000
SBI Communications, Inc
(Exact name of registrant as specified in its charter)
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Delaware 0-28416 58-1700840
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification)
1239 South Glendale Avenue - Glendale California 91205
(Address of principal executive offices) (Zip Code)
(818) 550-6181
Registrant's telephone number, including area code
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LETTER OF INTENT
The purpose of this Letter of Intent is between the parties is to
outline the basic understanding between us and is to be used as an
interim operating understanding until such time that a more formal
agreement is finalized.
It is understood that the parties SBI Communications, Inc. ("SBI")
and Valencia Entertainment International Ltd., Inc. ("VEI") have entered into
negotiations for the acquisition by SBI of all of the outstanding stock
of VEI. VEI is a vertically integrated entertainment company with a
200,000 sqaure foot studio facility, 8 sound stages and 15 acres of land.
VEI does motion picture and television production.
The newly merged companyshall be renamed Valencia Entertainment
International, Inc. Vince Vellardita shall be nominated for the
presidency of the new company.
Both parties shall have 30 days in which to perform due diligence,
which shall be completed by August 15, 2000. Upon completion of due
diligence and acceptance of the acquisition, a more formal,
irrevocable, agreement shall be executed. If the parties agree to the
acquisition, said transaction shall be completed by September 15, 2000.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, SBI
has duly caused this statement to be signed on its behalf by the
undersigned,
thereto duly authorized.
Date: July 20, 2000 SBI Communications, Inc.
By: /s/ Ron Foster
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Ron Foster, Chairman
