UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES ACT OF 1934
Date of Report (Date of earliest event reported): December 15, 1999
TRIPACIFIC DEVELOPMENT CORP.
(Exact name of registrant as specified in its charter)
Nevada
(State of Incorporation)
000-26683
(Commission File Number)
98-0204701
(I.R.S. Employer Identification Number)
Suite 1500
885 West Georgia Street
Vancouver, British Columbia
V6C 3E8
(Address of principal executive offices, including zip code)
(604)687-0717
(Registrant's telephone Number, including area code)
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
On October 15, 1999, seven corporate shareholders and four individual
shareholders reported on Schedule 13D under the Securities and Exchange Act of
1934 that they had acquired 500,000 common shares of the Issuer or 100% of the
Issuer's issued common shares. Subsequent to the filing of the Schedule 13D, the
share purchase agreement was rescinded resulting in the Issuer's original
shareholders maintaining their interest in the Issuer's common shares. Various
of the Issuer's original shareholders have sold small amounts of the Issuer's
common shares in private transactions which total less than 10% of the Issuer's
issued share capital.
The Issuer's original shareholders were all party to lock up agreements which
are described in detail in the Issuer's Form 10SB which was filed with the
Securities and Exchange Commission on July 12, 1999. The share purchase
agreement was entered into in contemplation of a business acquisition by the
Issuer which would have permitted termination of the original shareholders' lock
up agreements.
<PAGE>
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
The Issuer has acquired the URL www.fatbid.com. The URL was assigned to the
Issuer by a shareholder at no cost to the Issuer. The Issuer proposes to have
current management develop a business plan based upon this URL and described as
follows:
The Issuer is seeking to become positioned as one of the fastest growing
interactive auction companies doing business through the Internet. The Issuer's
goal is to be a real-time auction web site that provides businesses and
consumers with the opportunity to purchase products and services securely in an
engaging and entertaining shopping format.
The Issuer's mission is to become a leading business-to-business and
business-to-consumer Internet auction site by making customer service and
customer relationships the primary focus of its business model. The Issuer is
dedicated to building its brand as the auction site that puts reputable and
legitimate sellers in a position to sell fully and accurately described products
and services which will meet the needs and expectations of an informed customer
base. The Issuer is creating a community that carefully screens and selects
vendors, and protects buyers with full product specification disclosure and
consumer education resources. The Issuer will provide its customers with
information and support services that are designed to help them make smart,
informed buying decisions in the Industry's most consumer friendly auction
environment.
The Issuer will specialize in providing leading business-to-business and
business-to-consumer auction services for brand name consumer electronics and
computer products, and then expand its offerings to include sports memorabilia
and other products. The Issuer's goal is to offer up to 1,000 products for sale
each week, during two auction periods within the first year of operation. The
Issuer will grow its business through cost-effective grass roots marketing
efforts. The Issuer has acquired the unique URL www.fatbid.com to achieve these
goals.
The Issuer's initial business purpose was to investigate business opportunities
presented to it by persons or firms who or which desire the advantages of
reporting status under the Securities Exchange Act of 1934. The Issuer did not
restrict its search to any specific business, industry, or geographical
location. After conducting due diligence on a number of potential business
opportunities and corporate targets management of the Issuer has made the
decision to build an internet auction business from the ground up using
management's resources and access to capital. The Issuer may also, in the
future, acquire assets and or establish wholly owned subsidiaries which
compliment the Issuer's evolving business plan.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned.
TRIPACIFIC DEVELOPMENT CORP.
Per: /s/ Jason John, President and Director
----------------------------------------
Jason John, President and Director
