Royalite Petroleum CO Inc. - Current report filing (8-K)
11 Juli 2008 - 8:16PM
Edgar (US Regulatory)
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)
July 7,
2008
ROYALITE PETROLEUM COMPANY
INC.
(Exact name of registrant as specified in its
charter)
NEVADA
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000-26729
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88-0427619
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(State or other jurisdiction of
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(Commission File
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(IRS Employer Identification No.)
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incorporation)
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Number)
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1200 Nueces Street
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Austin, TX 78701
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78701
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(Address of principal executive
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(Zip Code)
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offices)
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(512)
478-8900
Registrant's telephone number, including area
code
Not Applicable
(Former name or former address,
if changed since last report)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a -12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d -2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e -4(c))
ITEM 2.01
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COMPLETION OF ACQUISITION OR DISPOSITION OF
ASSETS.
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Sale of Non-Core Business (Worldbid Subsidiary)
On July 7, 2008, Royalite Petroleum Company Inc. (the
Company) completed the disposition of Worldbid International Inc.
(Worldbid), its internet business, to Marktech Acquisition Corp. (Marktech).
The disposition was completed pursuant to the terms and conditions of the Share
Purchase Agreement dated June 5, 2008 (the Share Purchase Agreement) among the
Company, Marktech and Worldbid. Under the terms of the Share Purchase Agreement,
the Company sold all of the shares of Worldbid and all Worldbid related business
assets to Marktech in consideration of $50,000 and the assumption of
approximately $93,000 in liabilities. The cash portion of the purchase price
consisted of $25,000 in cash and a non-interest bearing promissory note in the
amount of $25,000 in favor of the Company due on August 6, 2008. As additional
consideration, the Company assigned to Marktech its right and interest in the
intercompany loan between the Company and Worldbid. In addition, Marktech will
indemnify the Company from any liabilities or damages arising out of the
liabilities of Worldbid and the liabilities assumed by Marktech. The Company
disposed of the subsidiary in order to concentrate its efforts on its core oil
and gas business.
ITEM 9.01
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FINANCIAL STATEMENTS AND EXHIBITS.
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(d)
Exhibits
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Exhibit
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Number
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Description of Exhibit
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10.1
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Share Purchase Agreement dated for
reference June 5, 2008 among Company, Worldbid International Inc. and
Marktech Acquisition Corp.
(1)
the
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|
|
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(1)
Previously filed as an exhibit to our Current Report on Form 8-K filed on
June 6, 2008.
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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.
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ROYALITE PETROLEUM COMPANY
INC.
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Date: July 10, 2008
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By:
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/s/
Logan B. Anderson
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LOGAN B. ANDERSON
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President, Secretary and Treasurer
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