U.S. 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 8, 2000
WORLD SHOPPING NETWORK, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or jurisdiction of incorporation or organization)
000-20277
(Commission File Number)
11-2872782
(I.R.S. Employer Identification Number)
1530 Brookhollow Drive, Suite C, Santa Ana, California 92705
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (714) 427-0760
(Former name or former address, if changed since last report)
ITEM 2. ACQUISTION OR DISPOSTION OF ASSETS.
On November 8, 2000, the Registrant entered into an agreement
with Delphi Communications, Inc. ("Seller") to purchase from this
firm the license for radio station KMET and related assets. In
exchange for these assets, the Registrant agreed to pay, under
the terms of this agreement, the following:
7,415,254 restricted shares of the Registrant, valued at
$1,750,000.00 based on the averaged closing price of the
Registrant's shares in the fifteen trading days prior to the date
of this agreement, which is computed as $0.236. Immediately upon
the Seller's receipt of shares of the Registrant, the Seller
shall distribute all shares so received to its own shareholders
in the ratio of 7.213 shares of the Registrant for each share of
the Seller held on the closing date. In addition, the Registant
shall assume all liabilities of the Seller existing on the
closing date.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Financial Statements.
Since the value of the consideration given in connection with
this acquisition exceeds the total assets of the Registrant as
reflected in its unaudited balance sheet as of September 30,
2000, then pursuant to Rule 3.05(b)(1)(iii) of Regulation S-X,
financial statements will be furnished for at least the two most
recent fiscal years and any interim periods. It is impracticable
to provide the required financial statements for this acquired
business at the time this Form 8-K is filed; these will be filed
as an amendment to this filing not later than 60 days after the
filing of this report. Pro forma financial information shall
also be furnished in connection with this acquisition pursuant to
Article 11 of Regulation S-X.
Exhibits.
Exhibits included are set forth in the Exhibit Index pursuant to
Item 601 of Regulation S-B.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) 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.
World Shopping Network, Inc.
Dated: January 3, 2001 By: /s/ John J. Anton
John J. Anton, President
EXHIBIT INDEX
Number Exhibit Description
2 Agreement between the Registrant and Delphi Communications,
Inc., dated November 8, 2000 (see below).
