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): May 9, 1997
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YOU BET INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
Delaware 33-13789 87-042246
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State of Commission File I.R.S. Employer
Incorporation No. Identification No.
1950 Sawtelle Boulevard, Suite 180
Los Angeles, California 90025
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Address of principal executive offices
Registrant's Telephone Number: (310) 444-3300
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Continental Embassy Acquisitions, Inc.
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(Former Name)
311 South State Street, Suite 460, Salt Lake City, Utah 84111
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(Former Address)
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ITEM 5. Other Events
Effective as of May 9th, 1997, the registrant's principal operating
subsidiary, You Bet!, Inc., has appointed Steve Molnar as Chief Executive
Officer and Ron Luniewski as President and Chief Operating Officer. Messrs.
Molnar and Luniewski will be charged with the implementation and deployment of
the Registrant's first product, the You Bet Racing Network. This product is
currently in alpha testing.
Steve Molnar
Molnar held the positions of Director of Marketing, and then
President and Chief Operations Officer of McKinnie Systems. Under his
leadership, McKinnie Systems implemented a nationwide licensing system
based on Smart Card technology. The Company also became the number one
computer software supplier to racetracks throughout North America.
Ron Luniewski
Luniewski comes to You Bet! from EDS where he has more than 11 years of
experience directing large software development efforts. Most recently,
Luniewski was VP of GM Marketing & Advertising, and was responsible for
providing information technology and consulting services to his GM
clients. This included the development and implementation of the
largest integrated Internet project in the world.
The officers and directors of the Registrant remain unchanged. It is
anticipated that David Marshall, the Registrant's chairman, will devote most of
his efforts for the Registrant on establishing joint ventures and other
strategic alliances for the Registrant, as well as dealing with government
regulatory issues. Russell Fine, the Registrant's executive vice president, will
continue to be the chief technology officer.
The Registrant has also begun the process of seeking shareholder
approval to change its name to "Interactive Broadcasting Corporation". You Bet!,
Inc. will also change its name to "Interactive Broadcasting Network, Inc."
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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 thereunto duly authorized.
YOU BET INTERNATIONAL, INC.
Date: May 9, 1997 By:
Its: Chairman
