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) Dec 3, 1997 (Sept 17, 1997)
INTERBET, INC.
(Exact name of registrant as specified in its charter)
Nevada 33-55254-43 87-0485308
(State or other jurisdiction (Commission (IRS Employer
of incorporation) file number) Identification No.)
1777 Botelho Drive, Suite 110
Walnut Creek, California 94596
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (510) 296 2400
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Item 1. Changes in Control of Registrant
See item 5. below.
Item 5. Other Events
As an entity related to the Silicon Valley IPO Network, Interbet is included in
a Securities and Exchange Commission investigation to determine whether there
have been violations of certain provisions of the securities laws. This inquiry
should not be construed as an indication by the Commission or its staff that any
violations of law have occurred, nor should it be considered a reflection upon
any person, entity, or security.
In med-September, Interbet's then board of directors, including Interbet's then
President, Mark Popp, announced their intention to issue 15,000,000 share of
stock to themselves and a means of taking over the company. To prevent this
effort the existing shareholders voted to remove and replace the board of
directors and executive officers, by majority vote on September 17, 1997.
A new board of directors was named by written consent of the majority of
shareholders. Stanley Deck, Jr. was elected director and President, Michael
Vishno was elected director, Chief Financial Officer and Secretary, and Tout
Chim Saechow was elected director. Each agreed to serve on an interim basis.
During the transition, and as the company seeks to recruit new management, it is
assisted by a team of consultants from Diablo Associates, a firm whose
shareholders own a majority of Interbet shares. Diablo provides the company with
several consultants, two of whom have made the following disclosures concerning
their backgrounds: In 1983 Edward Durante, who provides consulting services for
the company in the area of product development, was barred by the NASD from
association with members of the Association; in 1975 Mr. Durante was convicted
of grand larceny; and he was convicted of violation of Section 487.1 of the
California Penal Code in 1990. Burton Vishno, who provides consulting services
in the area of recruitment and public relations, was charged with wire fraud in
1983 and, in 1987 signed a consent decree barring him from the securities
industry.
On October 14 the company contracted to provide software service and equipment
for the Wiyot-Yurok-Tolowa Indian Tribe of California. Subsequently, on
November27, the contract was terminated. Negotiations are ongoing for a modified
contract.
The company has successfully negotiated and signed a contract with Random Games
of Morrisville, North Carolina for the production of Bingo and several other
class II games which can be played on the internet under the auspices of the
National Indian Gaming Act.
The Interbet web site was created and launched on the world wide web October 1,
and the beta testing of the new Bingo game began on the site December 1. During
the beta testing period the game can be played for entertainment purposes only.
The company is negotiating an additional contract with Random House for the
creation of the accounting and data processing systems to be incorporated into
class II and class III games for use by the company or for use by the company
for licensing to other entities.
The company has retained the services of two public relations forms: Corporate
Imaging of Phoenix, Arizona, and Vista Quest of New York, New York.
The Company has, since the election of its interim officers and directors, been
actively searching for a corporate partner or merger candidate to immediately
take over the entire operation and management of Interbet. It is anticipated
that this can be accomplished within ninety days.
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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.
INTERBET, INC.
(Registrant)
Dated: December 3, 1997
By: /s/ Stanley Deck, Jr.
Stanley Deck, Jr.
President and Chief Executive Officer
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