FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report Under Section 13 or 15(d)
Of the Securities Exchange Act of 1934
Current Report As Of March 8, 2000
Commission File Number 0-26999
GLOBAL WEB, INC.
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(Exact name of registrant as specified in its charter)
UTAH 87-0427550
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
11781 South Lone Peak Parkway, No. 110
Draper, Utah 84020
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(Address of principal executive offices)
(801)523-1003
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Registrant's telephone number including area code
Not Applicable
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Former Address, if changed since last report
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Item 1. - Change in Control of Registrant.
Not applicable.
Item 2. - Acquisition or Disposition of Assets.
Not applicable.
Item 3. - Bankruptcy or Receivership.
Not Applicable.
Item 4. - Change in Registrant's Certifying Accountant.
On or about March 6, 2000, with the approval the Board of Directors
Registrant engaged a different certifying public accountant, Mantyla McReynolds
and Associates, certified public accountants, located at 5872 South 900 East,
No. 250, Murray, Utah. There were not any disagreements with the former
accountant on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope, or accounting principles.
Item 5. - Other Events.
Recently Registrant entered into a settlement agreement to resolve the
litigation captioned Gary E. Jubber v. Brae Burbidge et al. having Bankruptcy
No. 97A-26878 and Adversary Proceeding ----- No. 98PA-2239. Registrant must pay
a total of $22,000 over a period of five months and then the matter will be
dismissed with prejudice.
In addition, the Company entered into an agreement with an investor
relations firm name deJong & Associates located in Encinatas, California. The
agreement, which may be terminated on sixty days' notice, provides for deJong to
provide consulting services to the Registrant which would include to disseminate
information about the Company to the brokerage community and to others and to
provide advice to the Company regarding financial, investment banking, and
business matters. As compensation deJong will receive 25,000 shares of the
Company's restricted common stock, an option to purchase 75,000 shares of
restricted common stock at an exercise price of $1.125 for a term of three
years. Under the option vesting occurs as follows: 25,000 upon upon the signing
of the agreement, 25,000 when the trading price reaches $2.00 per share, and
25,000 when the trading price reaches $2.50 per share. As a monthly fee deJong
will receive $5,000 per month plus expenses such as duplication costs and
postage.
The Board of Directors by resolution authorized the issuance of restricted
common stock to certain employees for exemplary service to the Company and to
Douglas Owen, a director, for fees as a director. The shares were issued as
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follows: Douglas Owen, 50,000; Ryan Spencer, 15,000; Jeff Peery, 15,000; Rob
Mulford, 15,000; Sean Burbidge, 10,000; and Dan Owen, 10,000. Ryan Spencer is
the son-in-law of Lee Burbidge and the brother-in-law of Brae Burbidge. Both Lee
Burbidge and Brae Burbidge are directors of the Company. Sean Burbidge is the
nephew and cousin respectively to Lee Burbidge and Brae Burbidge. Dan Owen is
the son of Douglas Owen.
Item 6. Resignation of Registrant's Directors.
Not applicable.
Item 7. Financial Statements and Exhibits.
Letter from Orton and Company, former certifying public accountants.
Item 8. Change in Registrant's Fiscal Year.
Not Applicable.
Item 9. Sale of Equity Securities Pursuant to Regulation S.
None.
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.
Date March 8, 2000.
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Global Web, Inc.
By:/s/Brae Burbidge
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Brae Burbidge
President and Chief Executive Officer
3
ORTON & COMPANY
Certified Public Accountants
A Professional Corporation
50 West Broadway, Suite 1130
Salt Lake city, Utah 84101
(801) 537-7044
Fax (801) 363-0615
March 8, 2000
Securities & Exchange Commission
Washington, D.C.
Gentlemen:
I have been furnished with a copy of the response to Item 4 of the Form 8-K for
the event that occurred on March 8, 2000 filed by our former client, Global Web,
Inc. I agree with the statements made in response to that item insofar as they
relate to my firm.
Sincerely,
/s/Orton & Company
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Orton & Company
