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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>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="left">&#160;</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: 16pt; 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="left">&#160;</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="left">&#160;</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>July
      15, 2006</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="left">&#160;</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: 24pt; 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">&#160;</div>
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            </td>
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                or other jurisdiction of incorporation)</font></div>
            </td>
            <td valign="top" width="28%">
              <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="28%">
              <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 Identification No.)</font></div>
            </td>
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      North Avenue, Suite 520</strong></font></div>
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      Rochelle, NY 10801</strong></font></div>
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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">(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="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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      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>
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      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>
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      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</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">&#4064;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</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">&#4064;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</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">&#4064;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</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>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="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"><strong>Item
      1.01 Entry into a Material Definitive Agreement</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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      information called for by this item is contained in Item 5.02, which is
      incorporated by reference.</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>Item
      5.02 Departure of Directors or Principal Officers; Election of Directors;
      Appointment of Principal Officers</strong></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">On
      July
      15, 2006, MFC Development Corp. (&#8220;MFC&#8221; or the &#8220;Registrant&#8221;), entered into an
      employment agreement (the &#8220;Employment Agreement&#8221;) with Alan Gerson, age 59,
      subject to the approval of the board of directors. The Employment Agreement,
      was
      approved by the board of directors on July 18, 2006, and then appointed Alan
      Gerson as President and Chief Operating 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">There
      are
      no family relationships between Alan Gerson and any director or executive
      officer of the Registrant.</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">Mr.
      Gerson&#8217;s annual base salary is $250,000, subject to annual increase by the board
      of directors during the term based on annual performance reviews. Mr. Gerson
      is
      entitled to a performance bonus based on exceeding certain EBITDA targets.
      Executives holding the combined positions of President and/or CEO are to share
      in a bonus pool calculated at a minimum of 15% by the amount by which the
      applicable EBITDA target is exceeded for the applicable calendar year. Mr.
      Gerson is entitled to a monthly car allowance of $1,000, and the cost of
      insurance, operation and maintenance of said vehicle when utilized for business
      purposes. He is entitled to heath, medical and other benefits as adopted by
      MFC&#8217;s Board of Directors from time to time. He is subject to a two-year
      non-disclosure obligation, but is not bound by any post employment
      non-compete.</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
      Employment Agreement shall terminate: (i) upon the expiration of three years,
      (ii) upon the determination in writing by the board that there is justifiable
      cause, in which case, Mr. Gerson has 30 days to cure such justifiable cause,
      (iii) immediately upon death or Disability, or (iii) upon 60 days written notice
      of his voluntary resignation. Upon termination of Mr. Gerson&#8217;s employment for
      justifiable cause or his voluntary resignation without good cause, he will
      be
      entitled to receive any compensation, accrued vacation, benefits and
      reimbursements owed and accrued through the date of termination. Upon the
      voluntary resignation of Mr. Gerson with good cause or his termination by MFC
      without justifiable cause, or upon termination due to death or Disability,
      he
      shall receive: </font></div>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">1</font></div>
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      <div>&#160;</div>
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    <div>
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          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 27pt;">&#160;</td>
            <td style="width: 36pt;">
              <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">(i)</font></div>
            </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">A
                lump sum payment of his base salary for a period of six
                months.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 27pt;">&#160;</td>
            <td style="width: 36pt;">
              <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">(ii)</font></div>
            </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">Any
                base salary and bonus (prorating the portion of the bonus for the
                year
                through the date of termination) accrued prior to the date of termination.
                In addition, any amount payable for compensation, accrued vacation,
                benefits and reimbursements owed and accrued through the date of
                termination.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 27pt;">&#160;</td>
            <td style="width: 36pt;">
              <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">(iii)</font></div>
            </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">MFC
                shall pay all of his COBRA payments and pay premiums on any life
                insurance
                plans, or such alternating plans as of the date of termination, for
                a
                period of 180 days.</font></div>
            </td>
          </tr>

      </table>
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    <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">Mr.
      Gerson shall receive, as an inducement for his accepting the position of
      President and Chief Operating Officer, and as part of his initial compensation
      package, options to purchase up to One Million (1,000,000) shares of the Common
      Stock of MFC, to be issued within thirty days of his employment under a
      Qualified Stock Option Plan to be adopted by the Company. Options to purchase
      Two Hundred Thousand (200,000) shares of the Common Stock of MFC shall vest
      immediately upon the execution of his Employment Agreement. The remaining
      Options to purchase Eight Hundred Thousand (800,000) shares of the Common Stock
      of MFC shall vest ratably over a thirty (30) month period from the date of
      his
      Employment Agreement. The strike price of such Options is $0.52 and are
      exercisable for five years from the date of grant. It is further understood
      and
      agreed that Mr. Gerson will be eligible, under his annual bonus plan, for grants
      of additional options to purchase another One Million Shares at then current
      market prices, should annual performance goals be met. These Options will be
      made available in Three (3) traunches as follows: Options to purchase 200,000
      shares with a strike price calculated based on the market price of the stock
      on
      the first day of trading in January 2007; Options to purchase 400,000 shares
      with a strike price calculated based on the market price of the stock on the
      first trading day in January 2008, and Options to purchase 400,000 shares with
      a
      strike price calculated based on the market price of the stock on the first
      trading day in January 2009. These additional grants of options would be in
      addition to any cash bonuses applicable pursuant to his Employment Agreement.
      </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. Gerson 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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alan
      Gerson&#8217;s career spans broadcast and cable television, home shopping, electronic
      commerce, live event marketing and the Internet. He has been an innovator in
      the
      conceptualization and implementation of interactive marketing and promotional
      concepts in the broadcast, cable and Internet media. Mr. Gerson was a longtime
      senior executive at NBC, Inc. where he was responsible for standards and
      practices, Interactive programming and promotions and TV network business
      development, as well as acting as counsel for NBC Network Sales, Advertising
      &amp; Promotion and Political Broadcast departments. He left NBC in 1991 to
      become the Executive Vice President of the Home Shopping Network (&#8220;HSN&#8221;), and
      President of its Diversified Marketing and Media Services Division. At HSN,
      he
      was responsible for Marketing, Cable and Broadcast Affiliations, Business
      Development and HSN&#8217;s broadcast networks, and built and directly managed an
      affiliate marketing sales force as well as sales teams selling HSN
      infrastructure services to third parties. After leaving HSN in 1994, following
      its sale to Liberty Media, he formed a personal consulting company, Gerson
&amp;
Associates, and represented several clients in the transactional and direct
      marketing projects, including Apple Computer and Home Order Television, GmbH,
      the first German Home Shopping Network, and Ticketmaster Corp. In 1995, he
      joined Ticketmaster Corp. as Senior Vice President of Television and Business
      Development where he also oversaw Ticketmasters&#8217; direct marketing division and
      the launch of the original Ticketmaster Online store.</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"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">2</font></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">&#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">Through
      his consulting company, Gerson &amp; Associates, Mr. Gerson has been a media and
      marketing consultant representing such clients as Apple Computer, Home Order
      Television GmbH, Transactional Media Consultants, Ticketmaster Corp.,
      Times-Mirror Companies, and Softbank Interactive Marketing, Inc. Mr. Gerson
      also
      served, under an executive consulting agreement, as the President and CEO of
      WorldSite Networks, Inc., a business-to-business Internet services provider,
      where his responsibilities included sale and marketing of the Company&#8217;s products
      and services. Mr. Gerson, was also a founding principal of Interactive Marketing
      Inc/Digitrends a leading interactive marketing, consulting, event and publishing
      company. After selling his interest in IMI/Digitrends at the end of 2000, Mr.
      Gerson re-opened Gerson &amp; Associates, his strategic marketing and consulting
      company, specializing in innovative media, programming, promotional, direct
      marketing and interactive marketing strategies. </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">In
      October 2001, Mr. Gerson became a founding partner in iMedia Communications,
      Inc., an event and trade publishing company serving the interactive advertising
      and media industries, as well as providing client specific online and in-person
      content presentations and training through its iMedia Learning
      subsidiary.</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">In
      December of 2001, Mr. Gerson agreed to serve as President and COO of Ronco
      Inventions, LLC, a leading television direct response marketing company. At
      Ronco, he was responsible for all aspects of the company&#8217;s operations, including
      media buying, call center and customer service operations, warehousing and
      fulfillment, finance and wholesale marketing and distribution of Company
      products. Mr. Gerson held the position of President of Ronco Inventions and
      related companies, until resigning in mid 2003 to devote his attention to his
      entrepreneurial interest in iMedia Communications. Mr. Gerson devoted his
      energies to business development at iMedia Communications, Inc, until after
      he
      and his partners sold their interests to dmg world media in the fall of 2005.
      </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">Thereafter,
      Gerson resumed his consulting practice, where he specialized in representing
      companies in the media, technology, direct marketing and infomercial industries,
      as well as developing entrepreneurial projects involving digital video and
      online shopping.</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">Mr.
      Gerson has a J.D. from Fordham University School of Law, and a B.A. from the
      State University of New York, College at Plattsburgh. He was a former member
      of
      both the Broadcast Council of the Direct Marketing Association as well as the
      membership committee of the Electronic Retailing Association. Currently, he
      is
      on the Board of Directors of the CHIME Institute, a non-profit organization
      which operates four educational programs, including&#160;two Los&#160;Angeles
      Charter Schools, dedicated to inclusive education,&#160;where typically
      developing and special needs children are educated together in the same
      classrooms.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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
      8.01 Other Events</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
      July
      19, 2006, the Company issued a press release announcing the appointment of
      Mr.
      Gerson as the Company&#8217;s President and Chief Executive Officer. The full text of
      the press release is set forth in Exhibit 99.1 attached hereto and is
      incorporated in this Report as if fully set forth herein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">3</font></div>
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          <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">&#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
      9.01 Financial Statements and Exhibits</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

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            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits</font></div>
            </td>
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    <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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following exhibit is filed with this report:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; 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>
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                Number</strong></font></div>
            </td>
            <td valign="bottom" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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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: 8pt; FONT-FAMILY: Times New Roman"><strong>Description</strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="5%">
              <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">10.1</font></div>
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            <td align="left" valign="top" width="2%">&#160;</td>
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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">Employment
                Agreement dated as of July 15, 2006 of Alan Gerson.</font></div>
            </td>
          </tr>
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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">99.1</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">Press
                release issued by MFC dated July 19, 2006, entitled &#8220;MFC Development Corp.
                appoints former executive at NBC, RONCO and HOME SHOPPING NETWORK,
                Alan
                Gerson, as its President and Chief Operating
                Officer</font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">4</font></div>
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          <hr style="COLOR: black" noshade size="2">
        </div>
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      <div id="HDR">
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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><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">&#160;</div>
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      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">&#160;</div>
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            <td width="33%">&#160;</td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">MFC
                DEVELOPMENT CORP.</font>&#160;</div>
            </td>
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            <td width="33%">&#160;</td>
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              20,
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            <td width="33%" style="border-bottom: #ffffff solid;">&#160;</td>
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            <td width="33%">&#160;</td>
            <td width="33%">
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            </td>
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          </tr>
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            <td width="33%">
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            <td width="33%">&#160;</td>
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                Financial and Accounting
                Officer</em><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></font>&#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": "06972048"}, "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"}}
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
July
      15, 2006
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):
࿠
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
࿠
Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
࿠
Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))
࿠
Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))
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
      1.01 Entry into a Material Definitive Agreement
The
      information called for by this item is contained in Item 5.02, which is
      incorporated by reference.
Item
      5.02 Departure of Directors or Principal Officers; Election of Directors;
      Appointment of Principal Officers
On
      July
      15, 2006, MFC Development Corp. ("MFC" or the "Registrant"), entered into an
      employment agreement (the "Employment Agreement") with Alan Gerson, age 59,
      subject to the approval of the board of directors. The Employment Agreement,
      was
      approved by the board of directors on July 18, 2006, and then appointed Alan
      Gerson as President and Chief Operating Officer.
There
      are
      no family relationships between Alan Gerson and any director or executive
      officer of the Registrant.
Mr.
      Gerson's annual base salary is $250,000, subject to annual increase by the board
      of directors during the term based on annual performance reviews. Mr. Gerson
      is
      entitled to a performance bonus based on exceeding certain EBITDA targets.
      Executives holding the combined positions of President and/or CEO are to share
      in a bonus pool calculated at a minimum of 15% by the amount by which the
      applicable EBITDA target is exceeded for the applicable calendar year. Mr.
      Gerson is entitled to a monthly car allowance of $1,000, and the cost of
      insurance, operation and maintenance of said vehicle when utilized for business
      purposes. He is entitled to heath, medical and other benefits as adopted by
      MFC's Board of Directors from time to time. He is subject to a two-year
      non-disclosure obligation, but is not bound by any post employment
      non-compete.
The
      Employment Agreement shall terminate: (i) upon the expiration of three years,
      (ii) upon the determination in writing by the board that there is justifiable
      cause, in which case, Mr. Gerson has 30 days to cure such justifiable cause,
      (iii) immediately upon death or Disability, or (iii) upon 60 days written notice
      of his voluntary resignation. Upon termination of Mr. Gerson's employment for
      justifiable cause or his voluntary resignation without good cause, he will
      be
      entitled to receive any compensation, accrued vacation, benefits and
      reimbursements owed and accrued through the date of termination. Upon the
      voluntary resignation of Mr. Gerson with good cause or his termination by MFC
      without justifiable cause, or upon termination due to death or Disability,
      he
      shall receive:
1
(i)
A
                lump sum payment of his base salary for a period of six
                months.
(ii)
Any
                base salary and bonus (prorating the portion of the bonus for the
                year
                through the date of termination) accrued prior to the date of termination.
                In addition, any amount payable for compensation, accrued vacation,
                benefits and reimbursements owed and accrued through the date of
                termination.
(iii)
MFC
                shall pay all of his COBRA payments and pay premiums on any life
                insurance
                plans, or such alternating plans as of the date of termination, for
                a
                period of 180 days.
Mr.
      Gerson shall receive, as an inducement for his accepting the position of
      President and Chief Operating Officer, and as part of his initial compensation
      package, options to purchase up to One Million (1,000,000) shares of the Common
      Stock of MFC, to be issued within thirty days of his employment under a
      Qualified Stock Option Plan to be adopted by the Company. Options to purchase
      Two Hundred Thousand (200,000) shares of the Common Stock of MFC shall vest
      immediately upon the execution of his Employment Agreement. The remaining
      Options to purchase Eight Hundred Thousand (800,000) shares of the Common Stock
      of MFC shall vest ratably over a thirty (30) month period from the date of
      his
      Employment Agreement. The strike price of such Options is $0.52 and are
      exercisable for five years from the date of grant. It is further understood
      and
      agreed that Mr. Gerson will be eligible, under his annual bonus plan, for grants
      of additional options to purchase another One Million Shares at then current
      market prices, should annual performance goals be met. These Options will be
      made available in Three (3) traunches as follows: Options to purchase 200,000
      shares with a strike price calculated based on the market price of the stock
      on
      the first day of trading in January 2007; Options to purchase 400,000 shares
      with a strike price calculated based on the market price of the stock on the
      first trading day in January 2008, and Options to purchase 400,000 shares with
      a
      strike price calculated based on the market price of the stock on the first
      trading day in January 2009. These additional grants of options would be in
      addition to any cash bonuses applicable pursuant to his Employment Agreement.
The
      business experience of Mr. Gerson follows:
Alan
      Gerson's career spans broadcast and cable television, home shopping, electronic
      commerce, live event marketing and the Internet. He has been an innovator in
      the
      conceptualization and implementation of interactive marketing and promotional
      concepts in the broadcast, cable and Internet media. Mr. Gerson was a longtime
      senior executive at NBC, Inc. where he was responsible for standards and
      practices, Interactive programming and promotions and TV network business
      development, as well as acting as counsel for NBC Network Sales, Advertising
      & Promotion and Political Broadcast departments. He left NBC in 1991 to
      become the Executive Vice President of the Home Shopping Network ("HSN"), and
      President of its Diversified Marketing and Media Services Division. At HSN,
      he
      was responsible for Marketing, Cable and Broadcast Affiliations, Business
      Development and HSN's broadcast networks, and built and directly managed an
      affiliate marketing sales force as well as sales teams selling HSN
      infrastructure services to third parties. After leaving HSN in 1994, following
      its sale to Liberty Media, he formed a personal consulting company, Gerson
&
Associates, and represented several clients in the transactional and direct
      marketing projects, including Apple Computer and Home Order Television, GmbH,
      the first German Home Shopping Network, and Ticketmaster Corp. In 1995, he
      joined Ticketmaster Corp. as Senior Vice President of Television and Business
      Development where he also oversaw Ticketmasters' direct marketing division and
      the launch of the original Ticketmaster Online store.
2
Through
      his consulting company, Gerson & Associates, Mr. Gerson has been a media and
      marketing consultant representing such clients as Apple Computer, Home Order
      Television GmbH, Transactional Media Consultants, Ticketmaster Corp.,
      Times-Mirror Companies, and Softbank Interactive Marketing, Inc. Mr. Gerson
      also
      served, under an executive consulting agreement, as the President and CEO of
      WorldSite Networks, Inc., a business-to-business Internet services provider,
      where his responsibilities included sale and marketing of the Company's products
      and services. Mr. Gerson, was also a founding principal of Interactive Marketing
      Inc/Digitrends a leading interactive marketing, consulting, event and publishing
      company. After selling his interest in IMI/Digitrends at the end of 2000, Mr.
      Gerson re-opened Gerson & Associates, his strategic marketing and consulting
      company, specializing in innovative media, programming, promotional, direct
      marketing and interactive marketing strategies.
In
      October 2001, Mr. Gerson became a founding partner in iMedia Communications,
      Inc., an event and trade publishing company serving the interactive advertising
      and media industries, as well as providing client specific online and in-person
      content presentations and training through its iMedia Learning
      subsidiary.
In
      December of 2001, Mr. Gerson agreed to serve as President and COO of Ronco
      Inventions, LLC, a leading television direct response marketing company. At
      Ronco, he was responsible for all aspects of the company's operations, including
      media buying, call center and customer service operations, warehousing and
      fulfillment, finance and wholesale marketing and distribution of Company
      products. Mr. Gerson held the position of President of Ronco Inventions and
      related companies, until resigning in mid 2003 to devote his attention to his
      entrepreneurial interest in iMedia Communications. Mr. Gerson devoted his
      energies to business development at iMedia Communications, Inc, until after
      he
      and his partners sold their interests to dmg world media in the fall of 2005.
Thereafter,
      Gerson resumed his consulting practice, where he specialized in representing
      companies in the media, technology, direct marketing and infomercial industries,
      as well as developing entrepreneurial projects involving digital video and
      online shopping.
Mr.
      Gerson has a J.D. from Fordham University School of Law, and a B.A. from the
      State University of New York, College at Plattsburgh. He was a former member
      of
      both the Broadcast Council of the Direct Marketing Association as well as the
      membership committee of the Electronic Retailing Association. Currently, he
      is
      on the Board of Directors of the CHIME Institute, a non-profit organization
      which operates four educational programs, including two Los Angeles
      Charter Schools, dedicated to inclusive education, where typically
      developing and special needs children are educated together in the same
      classrooms.
Item
      8.01 Other Events
On
      July
      19, 2006, the Company issued a press release announcing the appointment of
      Mr.
      Gerson as the Company's President and Chief Executive Officer. The full text of
      the press release is set forth in Exhibit 99.1 attached hereto and is
      incorporated in this Report as if fully set forth herein.
3
Item
      9.01 Financial Statements and Exhibits
(d)
Exhibits
The
      following exhibit is filed with this report:
Exhibit
                Number
Description
10.1
Employment
                Agreement dated as of July 15, 2006 of Alan Gerson.
99.1
Press
                release issued by MFC dated July 19, 2006, entitled "MFC Development Corp.
                appoints former executive at NBC, RONCO and HOME SHOPPING NETWORK,
                Alan
                Gerson, as its President and Chief Operating
                Officer
4
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
July
              20,
              2006
Victor
                Brodsky
Vice
                President and Chief Financial
                Officer
(Principal
                Financial and Accounting
                Officer
)
5