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): September 16, 2005
000-27763
(Commission file number)
SITESTAR CORPORATION
(Exact name of registrant as specified in its charter)
NEVADA 88-0397234
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
7109 Timberlake Road
Lynchburg, VA 24502
(Address of principal executive offices) (Zip Code)
(434) 239-4272
(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 (see General Instruction A.2. below):
[ ] 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 1.01 Entry into a Material Definitive Agreement
Effective September 16, 2005, Registrant entered into a Definitive Agreement
acquiring the dial-up internet related assets of Idacomm, Inc. an Idaho corporation.
The deal consists of the acquisition of the dial-up customers, select DSL and web
hosting customers, the related internet assets and a non-compete agreement of the
company. The total purchase was $1,698,000 which represented the fair value of the
assets acquired, net of deferred revenue. The transaction also consisted of a non-
interest bearing promissory note of $1,698,000 payable over seven months with the
first payment of $250,000 paid at Closing.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
The exhibits listed in the Exhibit Index filed as part of this report are
filed as part of and are included in this report pursuant to Item 601 of
Regulation S-B.
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.
Dated: September 21, 2005
SITESTAR CORPORATION
By: /s/ Frank Erhartic
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Name: Frank Erhartic
Title: President
EXHIBIT INDEX
Exhibit No. Description of Exhibit
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10.1 Definitive Asset Purchase Agreement between Sitestar
Corporation and Idacomm Inc. dated September 16, 2005
10.2 Secured Promissory Note dated September 16, 2005
10.3 Security Agreement dated September 16, 2005