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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font style='font-size:16 PT'>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font style='font-size:16 PT'>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font style='font-size:10 PT'>WASHINGTON, DC 20549</font></B></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font style='font-size:16 PT'>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font style='font-size:10 PT'>CURRENT REPORT PURSUANT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font style='font-size:10 PT'>TO SECTION 13 OR 15(D) OF THE</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font style='font-size:10 PT'>SECURITIES EXCHANGE ACT OF 1934</font></B></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font style='font-size:10 pt'>Date
  of report (Date of earliest event reported) October 31, 2006</font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:18 pt'>GeM Solutions, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10 pt'>(Exact Name of Registrant as Specified in Its Charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font style='font-size:10 pt'>Delaware</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10 pt'>(State or Other Jurisdiction of Incorporation)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10 pt'>&nbsp;</font></p>

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                    <td align=center valign=top width="280"><b><font style='font-size:10 pt'>000-33099</font></b><br>
<font style='font-size:10 pt'>(Commission File Number)</font><br></td>
        <td align=center width="280" >&nbsp;</td>
                    <td align=center valign=top width="280"><b><font style='font-size:10 pt'>84-1553046</font></b><br>
<font style='font-size:10 pt'>(IRS Employer Identification No.)</font></td>
        <td width="50">&nbsp;</td></tr></table>

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                    <td align=center valign=top width="280"><font style='font-size:10 pt'>&nbsp;</font><br></td>
        <td align=center width="280" >&nbsp;</td>
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                    <td align=center valign=top width="280"><b><font style='font-size:10 pt'>7935 Airport Pulling Road, Suite 201</font></b><br>
<b><font style='font-size:10 pt'>Naples, FL</font></b><br>
<font style='font-size:10 pt'>(Address of Principal Executive Offices)</font><br></td>
        <td align=center width="280" >&nbsp;</td>
                    <td align=center valign=top width="280"><font style='font-size:10 pt'>&nbsp;</font><br>
<b><font style='font-size:10 pt'>34109</font></b><br>
<font style='font-size:10 pt'>(Zip Code)</font></td>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font style='font-size:10 pt'>(239) 592-1816</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10 pt'>(Registrant&#146;s Telephone Number, Including Area Code)</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font style='font-size:10 pt'>Stellar Technologies, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10 pt'>(Former Name or Former Address, if Changed Since Last Report)</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10 pt'>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 (</font><i><font style='font-size:10 pt'>see </font></i><font style='font-size:10 pt'>General Instruction A.2. below):</font></p>

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            <p style=' margin-bottom:0pt; margin-top:12pt;'><font style='font-size:10 pt'>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td></tr></table>

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            <p style=' margin-bottom:0pt; margin-top:12pt;'><font style='font-size:10 pt'>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td></tr></table>

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            <p style=' margin-bottom:0pt; margin-top:12pt;'><font style='font-size:10 pt'>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td></tr></table>

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            <p style=' margin-bottom:0pt; margin-top:12pt;'><font style='font-size:10 pt'>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td></tr></table>

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<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10 pt'>Section 1 &#150; Registrant&#146;s Business and Operations</font></b></p>


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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10 pt'>Item 1.01</font></b></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10 pt'>Entry into a Material Definitive Agreement.</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10 pt'>The information provided in Item 3.02 regarding the issuance of common stock and warrants is hereby incorporated by reference.</font></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10 pt'>Section 3 &#150; Securities And Trading Markets </font></b></p>


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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10 pt'>Item 3.02</font></b></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10 pt'>Unregistered Sales of Equity Securities.</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10 pt'>On
    October 31, 2006, pursuant to a securities purchase agreement, we sold shares
    of our Series B Convertible Preferred Stock convertible into 2,666,700 shares
    of common stock and warrants to purchase an additional 1,333,350 shares of
    common stock for aggregate gross cash proceeds of $400,000. The securities
    were sold in units consisting of one (1) share of Series B Convertible Preferred
    Stock (the &#147;Series B Shares&#148;) and a warrant to purchase fifty (50)
    shares of common stock at a purchase price of $15.00 per unit. The foregoing
    securities were issued in an offering (the &#147;Offering&#148;) solely to
    certain overseas investors who are not &#147;U.S. persons&#148; of up $4,500,000
    of units consisting of 300,000 Series B Shares convertible into an aggregate
    of 30,000,000 shares of common stock and warrants to purchase up to an aggregate
    of 15,000,000 shares of common  stock. We have reserved the right to offer
    and sell additional units for an aggregate purchase price in excess of $4,500,000
    to cover any over-allotments. As of the date of this report, we have sold
    an aggregate of 195,336 Units in the Offering and a concurrent offering for
    gross cash proceeds of $2,930,040.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10 pt'>The Series B Shares have an original issue price of $15.00 per share and are convertible at anytime at the option of the holder into shares of common stock at a conversion price of $0.15 per share. Accordingly, each Series B Share is initially convertible into 100 shares of common stock. The Series B Shares automatically convert into shares of common stock in the event that (i) the average closing price of the Company&#146;s common stock over 20 consecutive trading days equals or exceeds $0.75 per share; and (ii) the shares of common stock issuable upon conversion of the Series B Shares are either subject to an effective registration statement permitting the public resale of such shares under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), or transferable pursuant to Rule 144(k) promulgated under the Act.  The conversion price will be adjusted for stock
splits, combinations, recapitalization and stock dividends. In the event of a consolidation or merger in which we are not the surviving corporation, lawful provision shall be made so that upon conversion of the Series B Shares the holder shall be entitled to receive the number of shares of stock or other securities or property of the successor entity that such holder would have been entitled to receive if the Series B Shares had been converted immediately prior to such transaction. </font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10 pt'>Each warrant is immediately exercisable at an exercise price of $0.40 per share for a term of three years. The exercise price of the warrants will be adjusted for stock splits, combinations, recapitalization and stock dividends. In the event of a consolidation or merger in which we are not the surviving corporation (other than a merger with a wholly owned subsidiary for the purpose of incorporating the Company in a different jurisdiction), all holders of the warrants shall be given at least fifteen (15) days notice of such transaction and shall be permitted to exercise the  warrants during such fifteen (15) day period. Upon expiration of such fifteen (15) day period, the warrants shall terminate. </font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10 pt'>The
    units were sold in a private placement transaction to one accredited investor
    who is not a &#147;U.S. person&#148; pursuant to the exemption from registration
    provided by Rules 901 and 903 of Regulation S under the Securities Act. We
    paid consulting fees consisting of $32,000 and issued warrants to purchase
    213,336 shares of common stock (equal to 8% of the shares issuable upon conversion
    of the preferred stock included in the units) at an exercise price of $0.40
    per share. The other material terms of these warrants are identical to the
    terms of the warrants issued to investors in the Offering and described above. </font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10 pt'>We have agreed to include the shares of common stock issuable upon conversion of the Series B Shares or exercise of the warrants sold in the Offering in any registration statement we file under the Securities Act  (excluding registration statements on SEC Forms S-4, S-8 or any similar or successor forms) in order to permit the public resale of such shares. </font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10 pt'>The descriptions of the securities purchase agreement, the Series B Shares, and the warrants set forth above are qualified in their entirety by reference to a copies of such agreements filed as exhibits to this report and incorporated herein by this reference.</font></p>


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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10 pt'>Item 9.01</font></b></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10 pt'>Financial Statements and Exhibits. </font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10 pt'>(d)  Exhibits.  The following exhibits are filed with this report:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10 pt'>&nbsp;</font></p>


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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font style='font-size:8 pt'>Exhibit
          No.</font></b></p>
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<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font style='font-size:8 pt'>Description of Exhibit</font></b></p> </td> </tr>
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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:12 pt'>10.1</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:12 pt'>Form of Securities Purchase Agreement by and between the Company and Non U.S. Purchasers of Units consisting of Series B Convertible Preferred Stock and Warrants (incorporated by reference to Exhibit 10.1 to the Company&#146;s Current Report on Form 8-K filed with the Commission on May 4, 2006)</font></p> </td> </tr>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:12 pt'>10.2</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:12 pt'>Form of Reg S Warrant issued to Non U.S. Purchasers of Units and advisors in Unit Offering consisting of Series B Convertible Preferred Stock and Warrants. (incorporated by reference to Exhibit 10.4 to the Registrants Current Report on Form 8-K filed March 24, 2006)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font style='font-size:10 PT'>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10 pt'>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></p>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10 pt'>Stellar Technologies, Inc.</font></p> </td> </tr>
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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br>
<font style='font-size:10 pt'>Date:  November 6, 2006</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10 pt'>By:&nbsp;</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br> <font style='font-size:10 pt'>/s/ John E. Baker</font></p> </td> </tr>
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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10 pt'>John E. Baker</font><br> <font style='font-size:10 pt'>Chief Financial Officer</font></p> </td> </tr></table>
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{"company-data": {"conformed-name": "STELLAR TECHNOLOGIES, INC.", "cik": "0001132590", "assigned-sic": "7373", "irs-number": "841553046", "state-of-incorporation": "CO", "fiscal-year-end": "0605"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-33099", "film-number": "061191201"}, "business-address": {"street1": "7935 AIRPORT PULLING ROAD", "street2": "SUITE 201", "city": "NAPLES", "state": "FL", "zip": "34109", "phone": "2395291816"}, "mail-address": {"street1": "7935 AIRPORT PULLING ROAD", "street2": "SUITE 201", "city": "NAPLES", "state": "FL", "zip": "34109"}, "former-company": {"former-conformed-name": "INTERNATIONAL TRAVEL CD S INC", "date-changed": "20010117"}}
Prepared and filed by St Ives Financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) October 31, 2006
GeM Solutions, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
000-33099
(Commission File Number)
84-1553046
(IRS Employer Identification No.)
7935 Airport Pulling Road, Suite 201
Naples, FL
(Address of Principal Executive Offices)
34109
(Zip Code)
(239) 592-1816
(Registrant's Telephone Number, Including Area Code)
Stellar Technologies, Inc.
(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))
Section 1 – Registrant's Business and Operations
Item 1.01
Entry into a Material Definitive Agreement.
The information provided in Item 3.02 regarding the issuance of common stock and warrants is hereby incorporated by reference.
Section 3 – Securities And Trading Markets
Item 3.02
Unregistered Sales of Equity Securities.
On
    October 31, 2006, pursuant to a securities purchase agreement, we sold shares
    of our Series B Convertible Preferred Stock convertible into 2,666,700 shares
    of common stock and warrants to purchase an additional 1,333,350 shares of
    common stock for aggregate gross cash proceeds of $400,000. The securities
    were sold in units consisting of one (1) share of Series B Convertible Preferred
    Stock (the "Series B Shares") and a warrant to purchase fifty (50)
    shares of common stock at a purchase price of $15.00 per unit. The foregoing
    securities were issued in an offering (the "Offering") solely to
    certain overseas investors who are not "U.S. persons" of up $4,500,000
    of units consisting of 300,000 Series B Shares convertible into an aggregate
    of 30,000,000 shares of common stock and warrants to purchase up to an aggregate
    of 15,000,000 shares of common  stock. We have reserved the right to offer
    and sell additional units for an aggregate purchase price in excess of $4,500,000
    to cover any over-allotments. As of the date of this report, we have sold
    an aggregate of 195,336 Units in the Offering and a concurrent offering for
    gross cash proceeds of $2,930,040.
The Series B Shares have an original issue price of $15.00 per share and are convertible at anytime at the option of the holder into shares of common stock at a conversion price of $0.15 per share. Accordingly, each Series B Share is initially convertible into 100 shares of common stock. The Series B Shares automatically convert into shares of common stock in the event that (i) the average closing price of the Company's common stock over 20 consecutive trading days equals or exceeds $0.75 per share; and (ii) the shares of common stock issuable upon conversion of the Series B Shares are either subject to an effective registration statement permitting the public resale of such shares under the Securities Act of 1933, as amended (the "Securities Act"), or transferable pursuant to Rule 144(k) promulgated under the Act.  The conversion price will be adjusted for stock
splits, combinations, recapitalization and stock dividends. In the event of a consolidation or merger in which we are not the surviving corporation, lawful provision shall be made so that upon conversion of the Series B Shares the holder shall be entitled to receive the number of shares of stock or other securities or property of the successor entity that such holder would have been entitled to receive if the Series B Shares had been converted immediately prior to such transaction.
Each warrant is immediately exercisable at an exercise price of $0.40 per share for a term of three years. The exercise price of the warrants will be adjusted for stock splits, combinations, recapitalization and stock dividends. In the event of a consolidation or merger in which we are not the surviving corporation (other than a merger with a wholly owned subsidiary for the purpose of incorporating the Company in a different jurisdiction), all holders of the warrants shall be given at least fifteen (15) days notice of such transaction and shall be permitted to exercise the  warrants during such fifteen (15) day period. Upon expiration of such fifteen (15) day period, the warrants shall terminate.
2
The
    units were sold in a private placement transaction to one accredited investor
    who is not a "U.S. person" pursuant to the exemption from registration
    provided by Rules 901 and 903 of Regulation S under the Securities Act. We
    paid consulting fees consisting of $32,000 and issued warrants to purchase
    213,336 shares of common stock (equal to 8% of the shares issuable upon conversion
    of the preferred stock included in the units) at an exercise price of $0.40
    per share. The other material terms of these warrants are identical to the
    terms of the warrants issued to investors in the Offering and described above.
We have agreed to include the shares of common stock issuable upon conversion of the Series B Shares or exercise of the warrants sold in the Offering in any registration statement we file under the Securities Act  (excluding registration statements on SEC Forms S-4, S-8 or any similar or successor forms) in order to permit the public resale of such shares.
The descriptions of the securities purchase agreement, the Series B Shares, and the warrants set forth above are qualified in their entirety by reference to a copies of such agreements filed as exhibits to this report and incorporated herein by this reference.
Item 9.01
Financial Statements and Exhibits.
(d)  Exhibits.  The following exhibits are filed with this report:
Exhibit
          No.
Description of Exhibit
10.1
Form of Securities Purchase Agreement by and between the Company and Non U.S. Purchasers of Units consisting of Series B Convertible Preferred Stock and Warrants (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Commission on May 4, 2006)
10.2
Form of Reg S Warrant issued to Non U.S. Purchasers of Units and advisors in Unit Offering consisting of Series B Convertible Preferred Stock and Warrants. (incorporated by reference to Exhibit 10.4 to the Registrants Current Report on Form 8-K filed March 24, 2006)
3
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.
Stellar Technologies, Inc.
Date:  November 6, 2006
By:
/s/ John E. Baker
John E. Baker
Chief Financial Officer
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