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
SwiftyNet.Com, Inc.
(Exact name of registrant as specified in its charter)
Florida 0-25097 65-078-3722
(State or other jurisdiction (Commission (IRS Employer
incorporation) File Number) Identification No.)
17521 Crawley Road, Odessa, FL 33556
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(813) 926-1603
(Former name or former address, if changed since last report.)
NA
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Item 2. Acquisition or Disposition of Assets.
On December 17, 1999, SwiftyNet,.Com, Inc. purchased all of the
outstanding shares of Rankstreet.Com, Inc. ("Rankstreet"), in exchange for
4,000,000 shares of Common Stock. Rankstreet is developing a world wide web site
to provide comparative statistical analysis of Internet advertising. Rankstreet
is a Florida corporation that was formed on October 28, 1999. Its assets consist
primarily of the service contributions of its three shareholders and a $10,000
contract for software development. SwiftyNet.Com issued 2,000,000 shares of
common stock to the three principal shareholders of Rankstreet (the
"Principals") at closing. Once the Rankstreet.com web site is fully functional
and available for customer usage, the Principals shall receive an additional
1,000,000 shares. One year from the date that the Rankstreet web site is
advertised for use by the general public, the Principals shall receive 1,000,000
more common shares. In determining the amount of shares issued as consideration
in this transaction, the Company considered valuations of other start-up
Internet companies, but had no independent valuation. Pursuant to the purchase
agreement, the Principals have an option to purchase 51% of Rankstreets'
outstanding shares 30 days following a successful initial public offering of
Rankstreets' securities for seventy-five thousand dollars ($75,000).
Item 5. Other Events.
Effective November 30, 1999, Shareholder, Donald Hughes, is the
owner of Donald C. Hughes, Inc. the services of which the Company anticipated
using in the construction of additional car wash centers. Toward this end, the
Company had deposited $210,000 in an account for future use by Mr. Hughes.
Since the Company has decided to devote substantial resources to its Internet
business, the Company is accepting the return of 52,500 shares of common stock
from Mr. Hughes valued at $4.00 per share and will release all funds on account
for Mr. Hughes.
Item 7. Financial Statements and Exhibits.
Audited financial statements will be supplementally provided within
60 days of this report.
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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.
Date: December 17, 1999 SwiftyNet.Com, Inc.
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Rachel Steele, President
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