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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 Exchange Act of 1934
Date of Report (Date of earliest event reported): November 10, 2000
PHOENIX RESOURCES TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Nevada 000-19708 84-1034982
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2 Penn Plaza, Suite 1500, New York City, NY 10121
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (888) 709-3975
Not applicable
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(Former name or former address, if changed since last report.)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
Pursuant to the Asset Purchase Agreement between IBuyLine, Inc. and Phoenix
Resources Technologies, Inc. ("PRTI") dated as of October 31, 2000 attached
hereto as Exhibit 10.1, PRTI will transfer to IBuyLine, Inc. 625,000 shares of
PRTI's restricted common stock as consideration for the purchase of various
assets from IBuyLine, Inc. The transaction was valued at $5,000,000 and is an
all stock purchase of the certain assets of IBuyLine, Inc., and includes the
granting of a right to use license for the eCommerce technology back to
IBuyLine, Inc. The closing of the acquisition is subject to IBuyLine shareholder
approval and customary closing conditions. PRTI estimates that the transaction
will affect its fourth quarter 2000 fiscal earnings.
On November 10, 2000, PRTI issued a press release attached hereto as Exhibit
99.1, announcing the purchase of the eCommerce system and the related
intellectual property including patents and trademarks from IBuyLine, Inc. The
acquisition of certain intellectual property of IBuyLine, Inc. is another step
in management's ongoing process to execute its core strategy to provide an
industry leading portfolio of XML based, cross-application integration software.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits:
Exhibit No. Exhibit Description
10.1 Asset Purchase Agreement between IBuyLine, Inc and PRTI
dated as of October 31, 2000.
99.1 Press Release of Phoenix Resources Technologies, Inc.,
dated November 10, 2000.
SIGNATURE
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.
PHOENIX RESOURCES TECHNOLOGIES, INC.
By: /s/ Ron Wilkins
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Its: President and Chief Executive Officer
Date: November 21, 2000
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EXHIBIT INDEX
Exhibit No. Exhibit Description
10.1 Asset Purchase Agreement between IBuyLine, Inc and PRTI dated as
of October 31, 2000.
99.1 Press Release of Phoenix Resources Technologies, Inc., dated
November 10, 2000.
