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) May 5, 2004
SILVERADO FINANCIAL INC.
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(Exact name of registrant as specified in its charter)
Nevada 000-29049 86-0824125
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State or other jurisdiction Commission IRS Employer
Of incorporation File Number Identification Number
5976 W. Las Positas Blvd., Suite 112, Pleasanton, CA 94588
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (925) 227-1500
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On May 5,2004 the Company acquired of all of the issued and outstanding shares
of Lendingtech.com,Inc. ,(Lendingtech),from Michael Petrullo, its sole owner and
shareholder, for $520,000 of debt with the following terms:
$200,000 15% Promissory Note
$144,000 8% Promissory Note
$176,000 5% Convertible Promissory Note
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$520,000 Purchase Price
The Company did not issue any of its shares or pay any cash as consideration for
the acquisition. The Company acquired two computer servers, its web site, client
base of approximately 24,000 persons and loans in a pipeline which were all
valued at $520,000.
The acquisition was determined at arms length between the owners of Lendingtech
and the registrant.
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Lendingtech.com was established in 1988 as a mortgage brokerage company called
Calabasas Mortgage. It has had a history of providing California homeowners and
investors with real estate financing options. Using Internet technology combined
with customer service it has been able to offer competitive rates in its product
line. It's technology enables loans to close quickly, at a low cost by combining
the use of the Internet along with its processing software and automated
underwriting systems.
As a result of this transaction, Lendingtech has become and shall continue to
operate as a wholly-owned subsidiary of the Registrant.
ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS
Audited financial statements of Lendingtech through December 31, 2003 and
unaudited statements for the four months ended April 30, 2004 and the unaudited
consolidated pro forma statements of the combined Registrant will be filed by
amendment to this filing.
EXHIBITS
10.1 Stock Purchase Agreement between Silverado Financial Inc. and
Lendingtech.com, Inc.
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.
Date: May 19, 2004
SILVERADO FINANCIAL INC.
By /s/ John Hartman
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John Hartman, Chief Executive Officer
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