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): April 13, 2004
BUY IT CHEAP.COM, INC.
------------------------------------------------------
(Exact name of Registrant as Specified in its Charter)
Delaware 0-13337 22-2497491
---------------------------------------------------------------------
(State of Incorporation) (Commission File (IRS Employer
Number) Identification No.)
1800 Bloomsbury Avenue, Ocean NJ 07712
----------------------------------------
(Address of principal executive offices)
(732) 922-3355
-----------------------------
Registrant's Telephone Number
Item 5 Entry into a Material Acquisition Agreement
On April 13, 2004 the Registrant entered into a Share Exchange Agreement
with the shareholders of Cashtech Investment Limited, a British Virgin Island
corporation. Details of the arrangement are contained in the press release
dated April 16, 2004 filed as an exhibit to this report.
EXHIBITS
99. Press release dated April 16, 2004.
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.
BUY IT CHEAP.COM, INC.
Dated: April 16, 2004 By: /s/Stephen E. Roman
-----------------------------
Stephen E. Roman
Chief Financial Officer
* * * * *
EXHIBIT 99
FOR IMMEDIATE RELEASE
FOR THE COMPANY:
Stephen E. Roman, Chief Financial Officer
(732) 922-3355
Buy It Cheap.com, Inc. Agrees to Acquire Interest
in Chinese Polymer Lithium-Ion Battery Manufacturer
Ocean, New Jersey April 16, 2004 Buy It Cheap.com, Inc. (OTC
Bulletin Board: BYCC) announced that it has entered into a Share Exchange
Agreement with the shareholders of Cashtech Investment Limited, a British
Virgin Islands corporation. Cashtech Investment Limited is a holding company
which owns 70% of the outstanding capital stock of Harbin Zhongqiang Power-
Tech Co., Inc., a China limited liability company ("ZQ Power-Tech").
ZQ Power-Tech owns a factory near Harbin, China where it designs and
manufactures rechargeable polymer lithium-ion batteries. ZQ Power-Tech's
batteries are used in consumer products such portable computers, personal
digital assistants and cellular telephones. ZQ Power-Tech also manufactures
larger batteries for use in motor scooters as well as encased batteries for
miners' lamps. ZQ Power-Tech was founded in August 2002 and had only nominal
sales during 2003. Currently, however, ZQ Power-Tech has a backlog of orders
for delivery in 2004 exceeding U.S. $4.5 million.
Closing of the acquisition is expected to take place in May, after
filings with the Securities and Exchange Commission and the State of Delaware
are made, an information statement is mailed to the shareholders of Buy It
Cheap.com, and the parties complete their due diligence. At the closing Buy
It Cheap.com will acquire all of the outstanding capital stock of Cashtech
Investment Limited, and will issue Buy It Cheap.com common stock and preferred
stock that will give the current owners of Cashtech Investment Limited
ownership of 91% of the equity in Buy It Cheap.com, Inc.
* * * * *