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) - March 29, 2006
IDEA SPORTS ENTERTAINMENT GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-23100 22-2649848
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) file number) Identification No.)
4514 COLE AVE, SUITE 200A, DALLAS, TX 75205
(Address of principal executive offices)
(469) 385-9848
Registrant's telephone number
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))
SECTION 1. REGISTRANT'S BUSINESS AND OPERATIONS
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On March 29, 2006, Idea Sports Entertainment Group, Inc. (the "Company") entered
into a Unit Purchase Agreement with the majority of the unit holders of Health
Strip Solutions, LLC, ("Health Strip"), a Nevada limited liability corporation,
to acquire 800 membership units (80%) of Health Strip in exchange for
100,000,000 shares of the $.0001 par value common stock of the Company.
There is no relationship between the Company and any of the unit holders of
Health Strip.
The Seller has the right to rescind this transaction by May 31, 2006, if the
Company is unable to cause a minimum of $4,000,000 of its outstanding
liabilities to convert into its common stock by May 15, 2006.
SECTION 2. FINANCIAL INFORMATION
ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.
On March 29, 2006, the Company entered into a Unit Purchase Agreement with the
majority of the unit holders of Health Strip to acquire 800 membership units of
Health Strip in exchange for 100,000,000 shares of the $.0001 par value common
stock of the Company.
Health Strip has use rights to patented process technology for the formulation
and for the manufacture of the Company's thin film electrolyte strip ("Strip").
In addition, Health Strip has tentative agreements in place for the marketing
and distribution of the Strip.
Health Strip has the process technology and has a manufacturing agreement with
one of the four companies using patented technology to manufacture thin film
strips to deliver the Company's previously announced electrolyte product.
There is no relationship between the Company and any of the unit holders of
Health Strip.
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SECTION 9 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Business Acquired - No financial statements
are filed herewith. The Registrant shall file any required financial
statements by amendment hereto not later than 71 days after the date
that this initial report on Form 8-K must be filed.
(b) Pro Forma Financial Information - Required proforma financial
information will be filed by amendment hereto not later than 71 days
after the date that this initial report on Form 8-K must be filed.
(c) Exhibits -
Exhibit 10.1 Unit Purchase Agreement
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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.
IDEA SPORTS ENTERTAINMENT GROUP, INC.
BY /S/ TERRY WASHBURN
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TERRY WASHBURN, CHIEF EXECUTIVE OFFICER
DATE: MARCH 31, 2006
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