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): October 19, 2007
Watchit Media, Inc.
(Exact name of registrant as specified in its charter)
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| Delaware
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0-27412
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94-3173918 |
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(State or other jurisdiction of
incorporation
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(Commission
File Number)
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(I.R.S. Employer
Identification No.) |
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3485 W. Harmon Avenue
Las Vegas, Nevada
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89103 |
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| (Address of principal executive offices)
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(Zip Code) |
(702) 740-1700
(Registrant’s telephone number, including area code)
(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 (see General
Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
TABLE OF CONTENTS
Item 2.01. Completion of Acquisition or Disposition of Assets.
On Friday October 19, 2007 and by unanimous consent, the Board of Directors of Watchit Media,
Inc., a Delaware corporation (the “Company”), approved a general assignment of the assets of the
Company to Watchit LLP, a Delaware company 100% owned by Sherwood Partners. Simultaneous to the
closing of the general assignment, all of the assigned assets of the Company were sold to Las Vegas
based Capital Media Partners and the proceeds from the sale of these assets will be applied to
paying off the debts of the Company and the costs associated with the assignment for the benefit of
creditors.
The material adverse impact of recent events as presented previously on Form 8-K combined with
the increasing financial pressure brought about by our accumulated debt resulted in the company’s
insolvency requiring the Board of Directors to take this action.