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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
        D.C. 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
        to Section 13 or 15(d) of the Securities Exchange Act of
        1934</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
        5, 2005 (November 29, 2005)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
        of
        Report (Date of earliest event reported)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 23pt; FONT-FAMILY: Times New Roman"><strong>MFC
        DEVELOPMENT CORP.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        name of registrant as specified in its charter)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Delaware</strong></font></div>
              </td>
              <td valign="top" width="24%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>000-31667</strong></font></div>
              </td>
              <td valign="top" width="24%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>13-3579974</strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="24%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                  or other jurisdiction </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
                  incorporation)</font></div>
              </td>
              <td valign="top" width="24%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                  File No.)</font></div>
              </td>
              <td valign="top" width="24%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                  Employer </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                  No.)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>271
        North Avenue, Suite 520</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>New
        Rochelle, NY 10801</strong></font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
        of principal executive offices, including zip code)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's
        telephone number, including area code: </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(914)
        636-3432</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligations of the registrant under any of the following
        provisions (see General Instruction A.2. below):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o
</font>Written
        communications
        pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font face="Wingdings">o
</font>Soliciting
        material pursuant to Rule 14a-12 under the
        Exchange Act (17 CFR 240.14a-12)</font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font face="Wingdings">o
</font>Pre-commencement
        communications pursuant to Rule
        14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font face="Wingdings">o
</font>Pre-commencement
        communications pursuant to Rule
        13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><br>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Forward-Looking
        Statements</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Statements
        in this Current Report on Form 8-K (including the exhibit) that are not purely
        historical facts, including statements regarding MFC Development Corp.'s
        beliefs, expectations, intentions or strategies for the future, may be
        "forward-looking statements" under the Private Securities Litigation Reform
        Act
        of 1995. All forward-looking statements involve a number of risks and
        uncertainties that could cause actual results to differ materially from the
        plans, intentions and expectations reflected in or suggested by the
        forward-looking statements. Such risks and uncertainties include, among others,
        introduction of products in a timely fashion, market acceptance of new products,
        cost increases, fluctuations in and obsolescence of inventory, price and
        product
        competition, availability of labor and materials, development of new third-party
        products and techniques that render MFC Development Corp.&#8217;s products obsolete,
        delays in obtaining regulatory approvals, potential product recalls and
        litigation. Risk factors, cautionary statements and other conditions which
        could
        cause MFC Development Corp.'s actual results to differ from management's
        current
        expectations are contained in MFC Development Corp.'s filings with the
        Securities and Exchange Commission. MFC Development Corp. undertakes no
        obligation to update any forward-looking statement to reflect events or
        circumstances that may arise after the date of this filing.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        2.01 Completion of Acquisition or Disposition of Assets</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Acquisition
        Agreement Completed</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        November 29, 2005, MFC Development Corp. (&#8220;MFC&#8221;, &#8220;the Company&#8221;, or the
&#8220;Registrant&#8221;) completed the acquisition of all the issued and outstanding shares
        of common stock of Worldwide Excellence, Inc., a Delaware corporation (&#8220;WWE&#8221;),
        in accordance with the provisions of a certain Acquisition Agreement dated
        as of
        July 29, 2005 among WWE, with an address at 11872 La Grange Avenue, Los Angeles,
        CA 90025, MFC, and WWE&#8217;s stockholders. MFC acquired one hundred (100%) percent
        of WWE&#8217;s outstanding common stock in exchange for shares of MFC common stock. At
        the closing, 11,500,000 shares of the Company&#8217;s common stock were issued to
        former stockholders of WWE and their designees and 710,000 shares of the
        Company&#8217;s common stock were issued to a finder and its designees. In addition,
        775,000 shares of the Company&#8217;s convertible preferred stock (each share of which
        is convertible into two shares of MFC common stock) were issued to investors
        in
        connection with the simultaneous closing under the Acquisition Agreement
        and
        under a private placement of shares of the Company&#8217;s convertible preferred stock
        and warrants to purchase the Company&#8217;s common stock (see Item 3.02 Unregistered
        Sales of Equity Securities.)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        a
        result of the above described transactions and assuming the conversion of
        775,000 shares of the Company&#8217;s convertible preferred stock into 1,550,000
        shares of the Company&#8217;s common stock, the former stockholders of WWE, new
        investors, and others involved in the closing of the transactions now own
        approximately eighty-four (84%) percent of MFC common stock. There are no
        material relationships, other than in respect of the transaction, between
        the
        parties to the acquisition and the Company, or any of its affiliates, or
        any
        director or officer of the Company or any associate of any such director
        or
        officer.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WWE,
        is a
        leading direct marketing company specializing in health, beauty, fitness
        and
        home consumer products. WWE is in the business of building product &#8220;Brands&#8221; and
        has found a successful formula that combines creativity and strategic analysis.
        Typically, WWE obtains the exclusive worldwide license rights to a particular
        product and develops the product &#8220;Brand&#8221; through innovative marketing campaigns
        utilizing the Internet, television, and print media. WWE distinguishes itself
        from other direct marketing companies in that it has found success in the
        development of products that create a long term annuity through what WWE
        refers
        to as &#8220;Continuity&#8221; programs.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        3.02 Unregistered Sales of Equity Securities</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(a)
        Private Placement of Convertible Preferred Stock and Warrants to Purchase
        Common
        Stock</strong></font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WWE,
        pursuant to Section 4(2) of the Securities Act of 1933, as amended, and
        Regulation 506 promulgated under the Securities Act, has engaged in a private
        placement offering to &#8220;accredited investors&#8221; of 775,000 shares of the Company&#8217;s
        10% convertible preferred stock, each share of which is convertible into
        two
        shares of the Company&#8217;s common stock and warrants to purchase 775,000 shares of
        the Company&#8217;s common stock; each</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
        w</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">arrant
        entitling the holder to purchase one share of the Company&#8217;s common stock (the
&#8220;Minimum&#8221;). A subscription of $50,000 purchased 25,000 shares of the Company&#8217;s
        convertible preferred stock, which shares are convertible into 50,000 shares
        of
        the Company&#8217;s common stock and warrants to purchase 25,000 shares of the
        Company&#8217;s common stock. </font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        part
        of the simultaneous closing under the previously described Acquisition Agreement
        and this private placement offering, the Company issued 775,000 shares of
        the
        Company&#8217;s convertible preferred stock and warrants to purchase 775,000 share of
        the Company&#8217;s common stock to investors under the private placement offering.
        Included in this issuance of the Company&#8217;s securities were purchases of (i)
        12,500 shares of the Company&#8217;s convertible preferred stock and warrants by the
        Company&#8217;s then chairman of the board, who was also president and is also a
        stockholder, (ii) 25,000 shares of the Company&#8217;s convertible preferred stock and
        warrants by the Company&#8217;s chief financial officer, who was then a director and
        is also a stockholder, and (iii) 12,500 shares of the Company&#8217;s convertible
        preferred stock and warrants by one of the Company&#8217;s then directors, who is also
        a stockholder.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company has decided to increase the number of shares of the Company&#8217;s
        convertible preferred stock and warrants offered in the private placement
        offering by an aggregate of an additional 850,000 shares of the Company&#8217;s
        convertible preferred stock and 850,000 warrants. In no event will the number
        securities offered under the private placement offering exceed an aggregate
        of
        1,625,000 shares of the Company&#8217;s convertible preferred stock and 1,625,000
        warrants.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        term
        of the warrants is three years and the exercise price of the warrant shares
        shall be (i) $1.00 during the first year after the closing of this private
        placement offering and (ii) $1.50 thereafter. Each share of convertible
        preferred stock is convertible into two shares of the Company&#8217;s common stock at
        a conversion price of $1.00 per share of the Company&#8217;s common stock. The shares
        of the Company&#8217;s convertible preferred stock are redeemable, at the option of
        the Company, at a redemption price of $0.10 per share in the event that the
        Company&#8217;s common stock has a closing bid price of at least $3.00 for twenty (20)
        consecutive trading days immediately preceding the notice of redemption;
        provided, that a registration statement covering the shares of common stock
        underlying the Company&#8217;s convertible Preferred Stock is then currently
        effective. Similarly, the warrants are redeemable, at the option of the Company,
        at a redemption price of $0.10 per warrant share exercisable in the event
        that
        the Company&#8217;s common stock has a closing bid price of at least $3.00 for twenty
        (20) consecutive trading days immediately preceding the notice of redemption;
        provided, that a registration statement covering the warrant shares is then
        currently effective.</font></div>
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        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        aggregate purchase price for the securities purchased under the private
        placement offering as of this Current Report is $1,550,000. WWE has agreed
        to
        pay a finder or his designee, as applicable, a sum ordinarily not to exceed
        ten
        (10%) percent of the investor subscription amount received by WWE under the
        private placement offering, provided that such payments are permitted under
        federal and applicable state securities laws. WWE also incurred $50,000 in
        legal
        expenses. The net proceeds of the private offering will be used by WWE to
        repay
        note holders under WWE&#8217;s recently completed bridge financing, repay holders of
        certain of the Company&#8217;s convertible debt, pay the last installment of the asset
        purchase price under an asset purchase and consulting agreement, pay the
        first
        installment under a settlement agreement with respect to a legal proceeding,
        and
        purchase inventory for new products, finance an infomercial for a new product,
        for working capital and general corporate purposes.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>b)
        Issuance of Common Stock in connection with Completion of Acquisition
        Agreement</strong></font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        November 29, 2005, in connection with the closing under the above described
        Acquisition Agreement, the Company issued an aggregate of 12,745.000 shares
        of
        its common stock. Included in this issuance of the Company&#8217;s securities were (i)
        11,500,000 shares of the Company&#8217;s common stock issued to former stockholders of
        WWE or their designees in consideration for the shares of WWE common stock
        held
        by them; (ii) 710,000 shares of the Company&#8217;s common stock issued to a finder or
        its designees in partial consideration for services rendered by the finder
        under
        a consulting agreement; (iii) 35,000 shares of the Company&#8217;s common stock to
        WWE&#8217;s securities counsel in partial consideration for legal services rendered
        under a retainer agreement; (iv) an aggregate of 325,000 shares of the Company&#8217;s
        common stock in consideration for the conversion of certain of the Company&#8217;s
        bonds in the aggregate principal amount of $325,000; (v) an aggregate of
        100,000
        shares of the Company&#8217;s common stock to the then chairman of the board, who was
        also president and is also a stockholder in consideration for the conversion
        of
        certain of the Company&#8217;s bonds in the aggregate principal amount of $100,000;
        and (vi) an aggregate of 75,000 shares of the Company&#8217;s common stock to a then
        director, who is also a stockholder in consideration for the conversion of
        certain of the Company&#8217;s bonds in the aggregate principal amount of $75,000. The
        previously described issuances of the Company&#8217;s securities were exempt from
        registration under the Securities Act under Section 4(2) of the Securities
        Act.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)
        Warrants</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WWE
        has
        issued warrants granting the holders thereof rights to purchase shares of
        the
        Company&#8217;s common stock as follows: (i) under two recently completed bridge
        financings by WWE, warrants to purchase an aggregate of 825,000 shares of
        the
        Company&#8217;s common stock were issued. The term of the warrants is three years and
        the exercise price for each warrant share is $1.00 per share. For each dollar
        loaned WWE under secured notes issued in these financings (which secured
        notes
        were subsequently paid off at the closing of the previously described
        Acquisition Agreement) the noteholder received a warrant to purchase one
        share
        of MFC common stock. Included among the warrants issued in connection with
        one
        of the recently completed bridge financings, were (A) warrants to purchase
        37,500 shares issued to the then chairman of the board, who was also president
        and is also a stockholder; (B) warrants to purchase 75,000 shares issued
        to the
        chief financial officer who was then a director and is also a stockholder;
        and
        (C) warrants to purchase 37,500 shares issued to a then director and is also
        a
        stockholder. (ii) Under separate agreements, warrants to purchase an aggregate
        of 415,000 shares of the Company&#8217;s common stock were issued. The terms of the
        warrants are three years and the exercise price for each warrant share is
        $1.00
        per share. These warrants were issued in partial consideration for services
        rendered by two finders. (iii) Under a securities purchase agreement with
        WWE,
        warrants to purchase an aggregate of 137,500 shares of the Company&#8217;s common
        stock were issued. The term of the warrants is three years and the exercise
        price for each warrant share is $1.00 per share. The warrants were additional
        consideration to induce the investor to purchase WWE common stock. (iv) Under
        separate agreements, warrants to purchase an aggregate of 126,500 shares
        of the
        Company&#8217;s common stock were issued. The terms of the warrants are three years
        and the exercise price for each warrant share is $1.00 per share. These warrants
        were issued in partial consideration for various accommodations provided
        WWE by
        certain WWE vendors. The previously described issuances of the Company&#8217;s
        securities were exempt from registration under the Securities Act under Section
        4(2) of the Securities Act.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        5.01 Changes in Control of the Registrant</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
        the
        closing under the Acquisition Agreement described in Item 2.01, in consideration
        for all of outstanding shares of WWE common stock, the Company issued 4,627,293
        shares of its common stock to Nancy Duitch and Dennis Duitch, as Trustees
        of the
        Duitch Family Trust Dated January 9, 1989 and 4,397,707 shares of its common
        stock to Jeffrey S. Edell and Elaine Hastings Edell, as Trustees of the Edell
        Family Trust Dated June 1, 1991. Prior to the closing, the Trusts owned one
        hundred (100%) percent of WWE&#8217;s issued and outstanding common
        stock.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        combined beneficial ownership by Nancy Duitch and Jeffrey S. Edell is now
        9,025,000 shares of MFC common stock. Assuming the conversion of 775,000
        shares
        of the Company&#8217;s convertible preferred stock issued under the previously
        described private placement offering, into 1,550,000 shares of the Company&#8217;s
        common stock, Ms. Duitch and Mr. Edell will beneficially own approximately
        fifty-three (53%) percent of the Company&#8217;s issued and outstanding common stock.
        The former controlling shareholder was Lester Tanner, whose ownership of
        the
        Company&#8217;s issued and outstanding common stock has been reduced from
        approximately twenty-three (23%) percent to four (4%) percent. Mr. Tanner
        resigned his position as director, Chief Executive Officer and President
        of the
        Company. The understanding between Ms. Duitch and Mr. Edell and Mr. Tanner,
        is
        that that the former members of the MFC Board of Directors would, prior to
        the
        closing, appoint the new directors and officers as set forth in Item
        5.02.</font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        5.02 Departure of Directors or Principal Officers; Election of Directors;
        Appointment of Principal Officers</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        accordance with the terms of the completed Acquisition Agreement, all of
        the
        directors and the following officers of MFC resigned on November 29,
        2005:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div align="left">
        <table border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="#ffffff">
              <td valign="top" width="17%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Name</strong></font></div>
              </td>
              <td valign="top" width="25%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Position</strong></font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Lester
                  Tanner</font></div>
              </td>
              <td align="left" valign="top" width="25%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director,
                  President and CEO</font></div>
              </td>
            </tr>
            <tr bgcolor="#ffffff">
              <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Victor
                  Brodsky</font></div>
              </td>
              <td align="left" valign="top" width="25%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director
                  (1)</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Anders
                  Sterner</font></div>
              </td>
              <td align="left" valign="top" width="25%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
              </td>
            </tr>
            <tr bgcolor="#ffffff">
              <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jay
                  Hirschson</font></div>
              </td>
              <td align="left" valign="top" width="25%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Steven
                  Kevorkian</font></div>
              </td>
              <td align="left" valign="top" width="25%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
              </td>
            </tr>
            <tr bgcolor="#ffffff">
              <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deborah
                  Knowlton</font></div>
              </td>
              <td align="left" valign="top" width="25%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Secretary</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="LINE-HEIGHT: 1.25">
            <td align="right" style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Victor
                Brodsky, age 47, retained his position as Vice President and Chief
                Financial Officer and was appointed Secretary on November 29,
                2005.</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        November 29, 2005, Jeffrey Edell, age 47 was appointed President and Co-Chief
        Executive Officer, and Nancy Duitch, age 50, was appointed Co-Chief Executive
        Officer and Chief Marketing Officer.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
        of
        these officers was appointed to serve at the pleasure of the board of directors.
        There are no family relationships between any director, executive officer,
        or
        any person nominated or chosen by the Company to become a director or executive
        officer.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        business experience of Mr. Edell and Ms. Duitch is set forth below in the
        section describing the appointment of new directors.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
        April 1, 2005, each of Mr. Edell and Ms. Duitch had entered into an employment
        agreement with WWE, now a wholly owned subsidiary of the Company. Each
        executive&#8217;s employment agreement is for a term of three years, terminable by the
        applicable executive on 60 days&#8217; notice and terminable by WWE for &#8220;cause&#8221;. The
        applicable executive&#8217;s annual base salary is $250,000 and the applicable
        executive is entitled to a performance bonus based on exceeding the following
        EBITDA targets; 2005-$2 million; 2006-$2.2 million; and 2007-$2.5 million.
        Executives holding the combined positions of President and/or CEO- presently
        Mr
        Edell and Ms Duitch-are to share in a bonus pool determined by </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>multiplying
        </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">fifteen
        (15%) percent </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>by</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        the
        amount by which the applicable EBITA target is exceeded for any particular
        year.
        The applicable executive is entitled to a monthly car allowance of $1,000
        and is
        entitled to heath, medical and other benefits as adopted by WWE&#8217;s Board of
        Directors from time to time. Each executive is subject to a two-year
        non-disclosure obligation, but is not bound by any post employment
        non-compete.</font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        November 29, 2005, the following new directors were appointed to fill three
        of
        the vacancies caused by the resignations of the former directors of the
        Company:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jeffrey
        S. Edell,</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Nancy
        Duitch, and </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Victor
        Imbimbo </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        above
        directors are also members of both the Audit Committee and the Compensation
        Committee.</font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        business experience of the Company&#8217;s newly appointed executive officers and
        directors is as follows:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Jeffrey
        S. Edell</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        age 47,
        has been appointed to serve as President and CEO of the Company and has been
        appointed to serve as a member of the Company&#8217;s board of directors until the
        Company&#8217;s next annual stockholders meeting and until his successor has been duly
        qualified. Mr. Edell was the President and CEO of WWE since September 2004.
        Mr.
        Edell has successfully owned and operated many integrated entertainment and
        high
        tech companies for the past 20 years. From September, 2003 to December, 2004,
        Mr. Edell was a director of InterMix Media and from November, 2003, Mr. Edell
        served as Chairman of the Board of InterMix. Mr. Edell oversaw the transition
        from a company saddled with management, financing, stockholder, listing and
        SEC
        problems, to a newly listed AMEX company, cleared by the SEC, in which the
        stock
        price rose from $1.75 to over $6 per share during his 15 month tenure. From
        April, 2002 to September, 2003, Mr. Edell consulted with respect to various
        projects. From November, 1995 to April, 2002, as CEO/President, he took
        Soundelux Entertainment Group, Inc. (an integrated entertainment company)
        from
        $15 million to over $110 million in revenues and sold it to Liberty Media
        Group
        resulting in over $100 million in cash to its stockholders. He also has had
        success in founding and building a software company named elabor, Inc. and
        selling it to ADP in 2003. Initially out of business school, Mr. Edell obtained
        his CPA Certification while working at KPMG, subsequently he was a partner
        in a
        Top 10 accounting firm in Los Angeles, California. Mr. Edell received a Bachelor
        of Science degree in commerce and accounting from the McIntire School of
        Commerce, University of Virginia.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 99pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nancy
        Duitch</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        age 50,
        has been appointed to serve as Chief Marketing Officer and Co-CEO of the
        Company
        and has been appointed to serve as a member of the Company&#8217;s board of directors
        until the Company&#8217;s next annual stockholders meeting and until her successor has
        been duly qualified. Ms. Duitch was the founder of WWE and was WWE&#8217;s CMO and
        Co-CEO since its inception. Ms. Duitch has been in the direct response industry
        for over 12 years. From August, 2001 to July 2004, she was the CEO of Buckhead
        Marketing Group, LLC, a company, which she founded. Prior to that she was
        a
        founder of and from January, 1999 to July, 2001, she was the President of
        One
        World Networks Integrated Technologies, Inc. (&#8220;OneWorldLive&#8221;), a multimedia
        direct response company where some of her creative product launches remain
        successfully airing after five years. Ms. Duitch has been the creative leader,
        product developer and contract manufacturer for some of the most successful
        direct marketing products in the industry, with total combined sales of over
        $1
        billion attributed to her name. She is widely recognized as a superior product
        &#8216;picker&#8217; and creative marketer with a higher-than-average &#8216;hit rate&#8217; in the
        industry. Ms. Duitch has been profiled in </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Response
        TV Magazine</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        as among
        the &#8220;25 Most Innovative Individuals&#8221; and &#8220;DRTV&#8217;s Angels.&#8221; Ms. Duitch has
        consistently participated in various civic and charitable endeavors, including
        the founding of Cardiac Arrhythmia Research &amp; Education Foundation
        (C.A.R.E.), primarily focused on raising millions of dollars utilized in
        the
        prevention of sudden death in children and young adults. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Victor
        Imbimbo</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        age 53,
        has been appointed to serve as a member of the Company&#8217;s board of directors
        until the Company&#8217;s next annual stockholders meeting and until his successor has
        been duly qualified. Mr. Imbimbo has over 25 years&#8217; experience in all aspects of
        brand management, sales support, advertising, relationship marketing, and
        promotional marketing. Since 2002, Mr. Imbimbo was engaged by TBWA\Chiat\Day,
        a
        division of Omnicom, as the President of TBWA\WorldHealth and Executive Group
        Director of TBWA/Chiat\ Day. His responsibilities included establishing and
        supervising a viable healthcare division for that company. Prior to that
        engagement, Mr. Imbimbo</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        in 1997
        founded Bedrock Communications, Inc., a firm specializing in digital
        communications solutions. During his tenure at Bedrock, Mr. Imbimbo served
        as
        its chief executive officer. Mr. Imbimbo received his B.S. in Biology and
        Masters in Business Management from Purdue University. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        transactions with the Company&#8217;s management have been described under Item 2.01
        Completion of Acquisition or Disposition of Assets and Item 3.02 Unregistered
        Sales of Equity Securities.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
        Year</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        November 29, 2005, pursuant to the completion of the Acquisition Agreement,
        the
        Company changed its fiscal year from February 28 to December 31, to conform
        to
        the fiscal year of WWE. Form 10-K for the year ended December 31, 2005 will
        include the transition period.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        8.01 Other Events</strong></font></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">&#160;</div>
        <div id="PN" style="PAGE-BREAK-AFTER: always"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
          December 5, 2005, the Company issued a press release regarding the completion
          of
          the Company&#8217;s acquisition of one hundred (100%) percent of the issued and
          outstanding common stock of WWE.</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        9.01 Financial Statements and Exhibits</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        financial statements and pro-forma financial information, which are required
        to
        be filed under this item will be filed by amendment not later than February
        12,
        2006.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
        Release issued by the Company dated December 5, 2005, entitled &#8220;MFC Development
        Corp. Completes Acquisition of Worldwide Excellence, Inc. - A Leading Direct
        Marketing and Product Branding Company&#8221;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>SIGNATURE</u></em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirement of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned duly
        authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" 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 id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;MFC
        DEVELOPMENT CORP.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;</font>&#160;&#160;
        <u>/s/ VICTOR
        BRODSKY&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
        </u></font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">December
        5, 2005<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Victor
        Brodsky</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" 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 id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Vice
        President and Chief Financial Officer</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" 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 id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Principal
        Financial and Accounting Officer</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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{"company-data": {"conformed-name": "MFC DEVELOPMENT CORP", "cik": "0001125532", "assigned-sic": "6500", "irs-number": "133579974", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-31667", "film-number": "051244705"}, "business-address": {"street1": "271 NORTH AVE", "street2": "SUITE 520", "city": "NEW ROCHELLE", "state": "NY", "zip": "10801", "phone": "914-636-3432"}, "mail-address": {"street1": "271 NORTH AVE", "street2": "SUITE 520", "city": "NEW ROCHELLE", "state": "NY", "zip": "10801"}}
Unassociated Document
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
December
        5, 2005 (November 29, 2005)
Date
        of
        Report (Date of earliest event reported)
MFC
        DEVELOPMENT CORP.
(Exact
        name of registrant as specified in its charter)
Delaware
000-31667
13-3579974
(State
                  or other jurisdiction
of
                  incorporation)
(Commission
                  File No.)
(IRS
                  Employer
Identification
                  No.)
271
        North Avenue, Suite 520
New
        Rochelle, NY 10801
(Address
        of principal executive offices, including zip code)
Registrant's
        telephone number, including area code:
(914)
        636-3432
Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligations of the registrant under any of the following
        provisions (see General Instruction A.2. below):
o
Written
        communications
        pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
        material pursuant to Rule 14a-12 under the
        Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
        communications pursuant to Rule
        14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
        communications pursuant to Rule
        13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Forward-Looking
        Statements
Statements
        in this Current Report on Form 8-K (including the exhibit) that are not purely
        historical facts, including statements regarding MFC Development Corp.'s
        beliefs, expectations, intentions or strategies for the future, may be
        "forward-looking statements" under the Private Securities Litigation Reform
        Act
        of 1995. All forward-looking statements involve a number of risks and
        uncertainties that could cause actual results to differ materially from the
        plans, intentions and expectations reflected in or suggested by the
        forward-looking statements. Such risks and uncertainties include, among others,
        introduction of products in a timely fashion, market acceptance of new products,
        cost increases, fluctuations in and obsolescence of inventory, price and
        product
        competition, availability of labor and materials, development of new third-party
        products and techniques that render MFC Development Corp.'s products obsolete,
        delays in obtaining regulatory approvals, potential product recalls and
        litigation. Risk factors, cautionary statements and other conditions which
        could
        cause MFC Development Corp.'s actual results to differ from management's
        current
        expectations are contained in MFC Development Corp.'s filings with the
        Securities and Exchange Commission. MFC Development Corp. undertakes no
        obligation to update any forward-looking statement to reflect events or
        circumstances that may arise after the date of this filing.
Item
        2.01 Completion of Acquisition or Disposition of Assets
Acquisition
        Agreement Completed
On
        November 29, 2005, MFC Development Corp. ("MFC", "the Company", or the
"Registrant") completed the acquisition of all the issued and outstanding shares
        of common stock of Worldwide Excellence, Inc., a Delaware corporation ("WWE"),
        in accordance with the provisions of a certain Acquisition Agreement dated
        as of
        July 29, 2005 among WWE, with an address at 11872 La Grange Avenue, Los Angeles,
        CA 90025, MFC, and WWE's stockholders. MFC acquired one hundred (100%) percent
        of WWE's outstanding common stock in exchange for shares of MFC common stock. At
        the closing, 11,500,000 shares of the Company's common stock were issued to
        former stockholders of WWE and their designees and 710,000 shares of the
        Company's common stock were issued to a finder and its designees. In addition,
        775,000 shares of the Company's convertible preferred stock (each share of which
        is convertible into two shares of MFC common stock) were issued to investors
        in
        connection with the simultaneous closing under the Acquisition Agreement
        and
        under a private placement of shares of the Company's convertible preferred stock
        and warrants to purchase the Company's common stock (see Item 3.02 Unregistered
        Sales of Equity Securities.)
As
        a
        result of the above described transactions and assuming the conversion of
        775,000 shares of the Company's convertible preferred stock into 1,550,000
        shares of the Company's common stock, the former stockholders of WWE, new
        investors, and others involved in the closing of the transactions now own
        approximately eighty-four (84%) percent of MFC common stock. There are no
        material relationships, other than in respect of the transaction, between
        the
        parties to the acquisition and the Company, or any of its affiliates, or
        any
        director or officer of the Company or any associate of any such director
        or
        officer.
WWE,
        is a
        leading direct marketing company specializing in health, beauty, fitness
        and
        home consumer products. WWE is in the business of building product "Brands" and
        has found a successful formula that combines creativity and strategic analysis.
        Typically, WWE obtains the exclusive worldwide license rights to a particular
        product and develops the product "Brand" through innovative marketing campaigns
        utilizing the Internet, television, and print media. WWE distinguishes itself
        from other direct marketing companies in that it has found success in the
        development of products that create a long term annuity through what WWE
        refers
        to as "Continuity" programs.
Item
        3.02 Unregistered Sales of Equity Securities
(a)
        Private Placement of Convertible Preferred Stock and Warrants to Purchase
        Common
        Stock
WWE,
        pursuant to Section 4(2) of the Securities Act of 1933, as amended, and
        Regulation 506 promulgated under the Securities Act, has engaged in a private
        placement offering to "accredited investors" of 775,000 shares of the Company's
        10% convertible preferred stock, each share of which is convertible into
        two
        shares of the Company's common stock and warrants to purchase 775,000 shares of
        the Company's common stock; each
w
arrant
        entitling the holder to purchase one share of the Company's common stock (the
"Minimum"). A subscription of $50,000 purchased 25,000 shares of the Company's
        convertible preferred stock, which shares are convertible into 50,000 shares
        of
        the Company's common stock and warrants to purchase 25,000 shares of the
        Company's common stock.
As
        part
        of the simultaneous closing under the previously described Acquisition Agreement
        and this private placement offering, the Company issued 775,000 shares of
        the
        Company's convertible preferred stock and warrants to purchase 775,000 share of
        the Company's common stock to investors under the private placement offering.
        Included in this issuance of the Company's securities were purchases of (i)
        12,500 shares of the Company's convertible preferred stock and warrants by the
        Company's then chairman of the board, who was also president and is also a
        stockholder, (ii) 25,000 shares of the Company's convertible preferred stock and
        warrants by the Company's chief financial officer, who was then a director and
        is also a stockholder, and (iii) 12,500 shares of the Company's convertible
        preferred stock and warrants by one of the Company's then directors, who is also
        a stockholder.
The
        Company has decided to increase the number of shares of the Company's
        convertible preferred stock and warrants offered in the private placement
        offering by an aggregate of an additional 850,000 shares of the Company's
        convertible preferred stock and 850,000 warrants. In no event will the number
        securities offered under the private placement offering exceed an aggregate
        of
        1,625,000 shares of the Company's convertible preferred stock and 1,625,000
        warrants.
The
        term
        of the warrants is three years and the exercise price of the warrant shares
        shall be (i) $1.00 during the first year after the closing of this private
        placement offering and (ii) $1.50 thereafter. Each share of convertible
        preferred stock is convertible into two shares of the Company's common stock at
        a conversion price of $1.00 per share of the Company's common stock. The shares
        of the Company's convertible preferred stock are redeemable, at the option of
        the Company, at a redemption price of $0.10 per share in the event that the
        Company's common stock has a closing bid price of at least $3.00 for twenty (20)
        consecutive trading days immediately preceding the notice of redemption;
        provided, that a registration statement covering the shares of common stock
        underlying the Company's convertible Preferred Stock is then currently
        effective. Similarly, the warrants are redeemable, at the option of the Company,
        at a redemption price of $0.10 per warrant share exercisable in the event
        that
        the Company's common stock has a closing bid price of at least $3.00 for twenty
        (20) consecutive trading days immediately preceding the notice of redemption;
        provided, that a registration statement covering the warrant shares is then
        currently effective.
The
        aggregate purchase price for the securities purchased under the private
        placement offering as of this Current Report is $1,550,000. WWE has agreed
        to
        pay a finder or his designee, as applicable, a sum ordinarily not to exceed
        ten
        (10%) percent of the investor subscription amount received by WWE under the
        private placement offering, provided that such payments are permitted under
        federal and applicable state securities laws. WWE also incurred $50,000 in
        legal
        expenses. The net proceeds of the private offering will be used by WWE to
        repay
        note holders under WWE's recently completed bridge financing, repay holders of
        certain of the Company's convertible debt, pay the last installment of the asset
        purchase price under an asset purchase and consulting agreement, pay the
        first
        installment under a settlement agreement with respect to a legal proceeding,
        and
        purchase inventory for new products, finance an infomercial for a new product,
        for working capital and general corporate purposes.
b)
        Issuance of Common Stock in connection with Completion of Acquisition
        Agreement
On
        November 29, 2005, in connection with the closing under the above described
        Acquisition Agreement, the Company issued an aggregate of 12,745.000 shares
        of
        its common stock. Included in this issuance of the Company's securities were (i)
        11,500,000 shares of the Company's common stock issued to former stockholders of
        WWE or their designees in consideration for the shares of WWE common stock
        held
        by them; (ii) 710,000 shares of the Company's common stock issued to a finder or
        its designees in partial consideration for services rendered by the finder
        under
        a consulting agreement; (iii) 35,000 shares of the Company's common stock to
        WWE's securities counsel in partial consideration for legal services rendered
        under a retainer agreement; (iv) an aggregate of 325,000 shares of the Company's
        common stock in consideration for the conversion of certain of the Company's
        bonds in the aggregate principal amount of $325,000; (v) an aggregate of
        100,000
        shares of the Company's common stock to the then chairman of the board, who was
        also president and is also a stockholder in consideration for the conversion
        of
        certain of the Company's bonds in the aggregate principal amount of $100,000;
        and (vi) an aggregate of 75,000 shares of the Company's common stock to a then
        director, who is also a stockholder in consideration for the conversion of
        certain of the Company's bonds in the aggregate principal amount of $75,000. The
        previously described issuances of the Company's securities were exempt from
        registration under the Securities Act under Section 4(2) of the Securities
        Act.
c)
        Warrants
WWE
        has
        issued warrants granting the holders thereof rights to purchase shares of
        the
        Company's common stock as follows: (i) under two recently completed bridge
        financings by WWE, warrants to purchase an aggregate of 825,000 shares of
        the
        Company's common stock were issued. The term of the warrants is three years and
        the exercise price for each warrant share is $1.00 per share. For each dollar
        loaned WWE under secured notes issued in these financings (which secured
        notes
        were subsequently paid off at the closing of the previously described
        Acquisition Agreement) the noteholder received a warrant to purchase one
        share
        of MFC common stock. Included among the warrants issued in connection with
        one
        of the recently completed bridge financings, were (A) warrants to purchase
        37,500 shares issued to the then chairman of the board, who was also president
        and is also a stockholder; (B) warrants to purchase 75,000 shares issued
        to the
        chief financial officer who was then a director and is also a stockholder;
        and
        (C) warrants to purchase 37,500 shares issued to a then director and is also
        a
        stockholder. (ii) Under separate agreements, warrants to purchase an aggregate
        of 415,000 shares of the Company's common stock were issued. The terms of the
        warrants are three years and the exercise price for each warrant share is
        $1.00
        per share. These warrants were issued in partial consideration for services
        rendered by two finders. (iii) Under a securities purchase agreement with
        WWE,
        warrants to purchase an aggregate of 137,500 shares of the Company's common
        stock were issued. The term of the warrants is three years and the exercise
        price for each warrant share is $1.00 per share. The warrants were additional
        consideration to induce the investor to purchase WWE common stock. (iv) Under
        separate agreements, warrants to purchase an aggregate of 126,500 shares
        of the
        Company's common stock were issued. The terms of the warrants are three years
        and the exercise price for each warrant share is $1.00 per share. These warrants
        were issued in partial consideration for various accommodations provided
        WWE by
        certain WWE vendors. The previously described issuances of the Company's
        securities were exempt from registration under the Securities Act under Section
        4(2) of the Securities Act.
Item
        5.01 Changes in Control of the Registrant
At
        the
        closing under the Acquisition Agreement described in Item 2.01, in consideration
        for all of outstanding shares of WWE common stock, the Company issued 4,627,293
        shares of its common stock to Nancy Duitch and Dennis Duitch, as Trustees
        of the
        Duitch Family Trust Dated January 9, 1989 and 4,397,707 shares of its common
        stock to Jeffrey S. Edell and Elaine Hastings Edell, as Trustees of the Edell
        Family Trust Dated June 1, 1991. Prior to the closing, the Trusts owned one
        hundred (100%) percent of WWE's issued and outstanding common
        stock.
The
        combined beneficial ownership by Nancy Duitch and Jeffrey S. Edell is now
        9,025,000 shares of MFC common stock. Assuming the conversion of 775,000
        shares
        of the Company's convertible preferred stock issued under the previously
        described private placement offering, into 1,550,000 shares of the Company's
        common stock, Ms. Duitch and Mr. Edell will beneficially own approximately
        fifty-three (53%) percent of the Company's issued and outstanding common stock.
        The former controlling shareholder was Lester Tanner, whose ownership of
        the
        Company's issued and outstanding common stock has been reduced from
        approximately twenty-three (23%) percent to four (4%) percent. Mr. Tanner
        resigned his position as director, Chief Executive Officer and President
        of the
        Company. The understanding between Ms. Duitch and Mr. Edell and Mr. Tanner,
        is
        that that the former members of the MFC Board of Directors would, prior to
        the
        closing, appoint the new directors and officers as set forth in Item
        5.02.
Item
        5.02 Departure of Directors or Principal Officers; Election of Directors;
        Appointment of Principal Officers
In
        accordance with the terms of the completed Acquisition Agreement, all of
        the
        directors and the following officers of MFC resigned on November 29,
        2005:
Name
Position
Lester
                  Tanner
Director,
                  President and CEO
Victor
                  Brodsky
Director
                  (1)
Anders
                  Sterner
Director
Jay
                  Hirschson
Director
Steven
                  Kevorkian
Director
Deborah
                  Knowlton
Secretary
(1)
Victor
                Brodsky, age 47, retained his position as Vice President and Chief
                Financial Officer and was appointed Secretary on November 29,
                2005.
On
        November 29, 2005, Jeffrey Edell, age 47 was appointed President and Co-Chief
        Executive Officer, and Nancy Duitch, age 50, was appointed Co-Chief Executive
        Officer and Chief Marketing Officer.
Each
        of
        these officers was appointed to serve at the pleasure of the board of directors.
        There are no family relationships between any director, executive officer,
        or
        any person nominated or chosen by the Company to become a director or executive
        officer.
The
        business experience of Mr. Edell and Ms. Duitch is set forth below in the
        section describing the appointment of new directors.
Effective
        April 1, 2005, each of Mr. Edell and Ms. Duitch had entered into an employment
        agreement with WWE, now a wholly owned subsidiary of the Company. Each
        executive's employment agreement is for a term of three years, terminable by the
        applicable executive on 60 days' notice and terminable by WWE for "cause". The
        applicable executive's annual base salary is $250,000 and the applicable
        executive is entitled to a performance bonus based on exceeding the following
        EBITDA targets; 2005-$2 million; 2006-$2.2 million; and 2007-$2.5 million.
        Executives holding the combined positions of President and/or CEO- presently
        Mr
        Edell and Ms Duitch-are to share in a bonus pool determined by
multiplying
fifteen
        (15%) percent
by
the
        amount by which the applicable EBITA target is exceeded for any particular
        year.
        The applicable executive is entitled to a monthly car allowance of $1,000
        and is
        entitled to heath, medical and other benefits as adopted by WWE's Board of
        Directors from time to time. Each executive is subject to a two-year
        non-disclosure obligation, but is not bound by any post employment
        non-compete.
On
        November 29, 2005, the following new directors were appointed to fill three
        of
        the vacancies caused by the resignations of the former directors of the
        Company:
Jeffrey
        S. Edell,
Nancy
        Duitch, and
Victor
        Imbimbo
The
        above
        directors are also members of both the Audit Committee and the Compensation
        Committee.
The
        business experience of the Company's newly appointed executive officers and
        directors is as follows:
Jeffrey
        S. Edell
,
        age 47,
        has been appointed to serve as President and CEO of the Company and has been
        appointed to serve as a member of the Company's board of directors until the
        Company's next annual stockholders meeting and until his successor has been duly
        qualified. Mr. Edell was the President and CEO of WWE since September 2004.
        Mr.
        Edell has successfully owned and operated many integrated entertainment and
        high
        tech companies for the past 20 years. From September, 2003 to December, 2004,
        Mr. Edell was a director of InterMix Media and from November, 2003, Mr. Edell
        served as Chairman of the Board of InterMix. Mr. Edell oversaw the transition
        from a company saddled with management, financing, stockholder, listing and
        SEC
        problems, to a newly listed AMEX company, cleared by the SEC, in which the
        stock
        price rose from $1.75 to over $6 per share during his 15 month tenure. From
        April, 2002 to September, 2003, Mr. Edell consulted with respect to various
        projects. From November, 1995 to April, 2002, as CEO/President, he took
        Soundelux Entertainment Group, Inc. (an integrated entertainment company)
        from
        $15 million to over $110 million in revenues and sold it to Liberty Media
        Group
        resulting in over $100 million in cash to its stockholders. He also has had
        success in founding and building a software company named elabor, Inc. and
        selling it to ADP in 2003. Initially out of business school, Mr. Edell obtained
        his CPA Certification while working at KPMG, subsequently he was a partner
        in a
        Top 10 accounting firm in Los Angeles, California. Mr. Edell received a Bachelor
        of Science degree in commerce and accounting from the McIntire School of
        Commerce, University of Virginia.
Nancy
        Duitch
,
        age 50,
        has been appointed to serve as Chief Marketing Officer and Co-CEO of the
        Company
        and has been appointed to serve as a member of the Company's board of directors
        until the Company's next annual stockholders meeting and until her successor has
        been duly qualified. Ms. Duitch was the founder of WWE and was WWE's CMO and
        Co-CEO since its inception. Ms. Duitch has been in the direct response industry
        for over 12 years. From August, 2001 to July 2004, she was the CEO of Buckhead
        Marketing Group, LLC, a company, which she founded. Prior to that she was
        a
        founder of and from January, 1999 to July, 2001, she was the President of
        One
        World Networks Integrated Technologies, Inc. ("OneWorldLive"), a multimedia
        direct response company where some of her creative product launches remain
        successfully airing after five years. Ms. Duitch has been the creative leader,
        product developer and contract manufacturer for some of the most successful
        direct marketing products in the industry, with total combined sales of over
        $1
        billion attributed to her name. She is widely recognized as a superior product
        'picker' and creative marketer with a higher-than-average 'hit rate' in the
        industry. Ms. Duitch has been profiled in
Response
        TV Magazine
as among
        the "25 Most Innovative Individuals" and "DRTV's Angels." Ms. Duitch has
        consistently participated in various civic and charitable endeavors, including
        the founding of Cardiac Arrhythmia Research & Education Foundation
        (C.A.R.E.), primarily focused on raising millions of dollars utilized in
        the
        prevention of sudden death in children and young adults.
Victor
        Imbimbo
,
        age 53,
        has been appointed to serve as a member of the Company's board of directors
        until the Company's next annual stockholders meeting and until his successor has
        been duly qualified. Mr. Imbimbo has over 25 years' experience in all aspects of
        brand management, sales support, advertising, relationship marketing, and
        promotional marketing. Since 2002, Mr. Imbimbo was engaged by TBWA\Chiat\Day,
        a
        division of Omnicom, as the President of TBWA\WorldHealth and Executive Group
        Director of TBWA/Chiat\ Day. His responsibilities included establishing and
        supervising a viable healthcare division for that company. Prior to that
        engagement, Mr. Imbimbo
in 1997
        founded Bedrock Communications, Inc., a firm specializing in digital
        communications solutions. During his tenure at Bedrock, Mr. Imbimbo served
        as
        its chief executive officer. Mr. Imbimbo received his B.S. in Biology and
        Masters in Business Management from Purdue University.
The
        transactions with the Company's management have been described under Item 2.01
        Completion of Acquisition or Disposition of Assets and Item 3.02 Unregistered
        Sales of Equity Securities.
Item
        5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
        Year
On
        November 29, 2005, pursuant to the completion of the Acquisition Agreement,
        the
        Company changed its fiscal year from February 28 to December 31, to conform
        to
        the fiscal year of WWE. Form 10-K for the year ended December 31, 2005 will
        include the transition period.
Item
        8.01 Other Events
On
          December 5, 2005, the Company issued a press release regarding the completion
          of
          the Company's acquisition of one hundred (100%) percent of the issued and
          outstanding common stock of WWE.
Item
        9.01 Financial Statements and Exhibits
The
        financial statements and pro-forma financial information, which are required
        to
        be filed under this item will be filed by amendment not later than February
        12,
        2006.
(d)
Exhibits
99.1
Press
        Release issued by the Company dated December 5, 2005, entitled "MFC Development
        Corp. Completes Acquisition of Worldwide Excellence, Inc. - A Leading Direct
        Marketing and Product Branding Company"
SIGNATURE
Pursuant
        to the requirement of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned duly
        authorized.
MFC
        DEVELOPMENT CORP.
/s/ VICTOR
        BRODSKY
December
        5, 2005
Victor
        Brodsky
Vice
        President and Chief Financial Officer
(Principal
        Financial and Accounting Officer
)