<HTML><HEAD><TITLE>M-GAB 8-K 11.4.03</TITLE><!-- Licensed to: The Lebrecht Group--><!-- Document Created using EDGARIZER HTML --><!-- Copy Right 2003 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com -->
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.65pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=justify><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Item 5.</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Other Events</FONT> </DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.65pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif; TEXT-DECORATION: underline">Resignation and Appointment of Directors</FONT> </DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.65pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">On November 4, 2003, Jerry DeCiccio resigned his position as a Director of the Company. Also on November 4, 2003, Mark Stewart was appointed as a Director to fill the vacancy created by Mr. DeCiccio&#146;s resignation. Mr. Stewart is considered "independent" under rules applicable to a Business Development Company and definitions adopted by the NASD. Mr. Stewart was also appointed to fill vacancies in the Board&#146;s Audit Committee and Compensation Committee.</FONT> </DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.65pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif; TEXT-DECORATION: underline">Rescission of Stock Issuances</FONT> </DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.65pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">On November 4, 2003, the Company entered into an agreement with each of Mr. DeCiccio, Mr. Gadawski, and Mr. Lebrecht for the rescission of the issuance of 6,100,000 shares of common stock previously issued to them for services rendered. Mr. DeCiccio is an outgoing Director, Mr. Gadawski is a Director, and Mr. Lebrecht is legal counsel to the Company.</FONT> </DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.65pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">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.</FONT> </DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 270pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 13.65pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">M-GAB Development Corporation,</FONT> </DIV>
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M-GAB 8-K 11.4.03
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):
November 4, 2003
M-GAB Development Corporation
(Exact name of registrant as specified in its charter)
Florida
(State or other
jurisdiction of incorporation)
000-49687
(Commission
File Number)
33-0961490
(I.R.S. Employer
Identification No.)
22342 Avenida Empresa, Suite 220
Rancho Santa Margarita, CA 92688
(Address of principal executive offices) (zip code)
(949) 635-1240
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report.)
Item 5.
Other Events
Resignation and Appointment of Directors
On November 4, 2003, Jerry DeCiccio resigned his position as a Director of the Company. Also on November 4, 2003, Mark Stewart was appointed as a Director to fill the vacancy created by Mr. DeCiccio's resignation. Mr. Stewart is considered "independent" under rules applicable to a Business Development Company and definitions adopted by the NASD. Mr. Stewart was also appointed to fill vacancies in the Board's Audit Committee and Compensation Committee.
Rescission of Stock Issuances
On November 4, 2003, the Company entered into an agreement with each of Mr. DeCiccio, Mr. Gadawski, and Mr. Lebrecht for the rescission of the issuance of 6,100,000 shares of common stock previously issued to them for services rendered. Mr. DeCiccio is an outgoing Director, Mr. Gadawski is a Director, and Mr. Lebrecht is legal counsel to the Company.
EXHIBITS
None.
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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.
M-GAB Development Corporation,
a Florida corporation
Dated: November 13, 2003
By:
Carl M. Berg
President, Director,
Chief Executive Officer,
Chief Financial Officer
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