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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: 14pt; 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: 14pt; 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: 11pt; FONT-FAMILY: Times New Roman"><STRONG>Washington,
DC 20549</STRONG></FONT></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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style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<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=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: 14pt; 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><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: 11pt; 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: 11pt; FONT-FAMILY: Times New Roman"><STRONG>Pursuant
to Section 13 or 15(d) of</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: 11pt; FONT-FAMILY: Times New Roman"><STRONG>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><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: 11pt; 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=center><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: 11pt; FONT-FAMILY: Times New Roman"><STRONG>May
25, 2005</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>
<HR align=center width="20%" color=#000000 noShade SIZE=1>
</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: 14pt; FONT-FAMILY: Times New Roman"><STRONG>MAXUS
TECHNOLOGY CORPORATION</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: 11pt; 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 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    width="22%">
      <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: 11pt; FONT-FAMILY: Times New Roman"><STRONG>DELAWARE</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    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: 11pt; FONT-FAMILY: Times New Roman"><STRONG>000-26337</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    width="25%">
      <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: 11pt; FONT-FAMILY: Times New Roman"><STRONG>82-0514605</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="22%">
      <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: 11pt; FONT-FAMILY: Times New Roman">(State
      or other jurisdiction of</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">incorporation)</FONT></DIV></TD>
    <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
    <TD vAlign=top align=middle 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: 11pt; FONT-FAMILY: Times New Roman">(Commission
      File Number)</FONT></DIV></TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=middle width="25%">
      <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: 11pt; FONT-FAMILY: Times New Roman">(IRS
      Employer</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: 11pt; 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: 11pt; FONT-FAMILY: Times New Roman"><STRONG>18300
Sutter Blvd.</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: 11pt; FONT-FAMILY: Times New Roman"><STRONG>Morgan
Hill, California 95037</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: 11pt; 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=center><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG>(408)
782-2005</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: 11pt; FONT-FAMILY: Times New Roman">(Registrant&#8217;s
telephone number, including area 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=center><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: 11pt; FONT-FAMILY: Times New Roman">(Former
name or former address, if changed since last report)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center>&nbsp;</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: 11pt; FONT-FAMILY: Times New Roman">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 27pt" align=left><FONT face=Wingdings>o</FONT></TD>
    <TD align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><FONT
      face="Times New Roman">Written communications pursuant to Rule 425 under
      the Securities Act (17 CFR 230.425)</FONT></FONT></TD></TR></TABLE></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: 11pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 27pt" align=left><FONT face=Wingdings size=3>o</FONT></TD>
    <TD align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</FONT></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 27pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"
      face=Wingdings size=3><FONT face=Wingdings>o</FONT></FONT></TD>
    <TD align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; 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></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 27pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"
      face=Wingdings><FONT face=Wingdings>o</FONT></FONT></TD>
    <TD align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; 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></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV>
<HR style="MARGIN-TOP: -5px" color=#000000 noShade SIZE=1>

<HR style="MARGIN-TOP: -13px" color=#000000 noShade SIZE=4>
</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</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><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></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></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></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: 11pt; FONT-FAMILY: Times New Roman"><STRONG>Item
8.01 - Other Events.</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On May
25, 2005, Maxus Technology Corporation entered into a non-binding term sheet
with Tazbaz Holdings Limited, a Canadian corporation, pursuant to which Tazbaz
agreed to provide Maxus with debt financing in return for, among other things,
(i) a secured promissory note convertible into shares of Maxus common stock,
(ii) a warrant exercisable for up to one million shares of Maxus common stock at
an exercise price per share of $0.01 which terminates upon the earlier of (a) a
merger, consolidation or sale of substantially all of Maxus&#8217; assets and (b)
three years after the date of issuance; and (iii) a voting agreement with
certain Maxus stockholders. The principle terms of the proposed Note are as
follows:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Symbol, serif">&#183;&nbsp;&nbsp;</FONT></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Aggregate
      principal value of the Note is approximately $550,000, which is inclusive
      of $200,000 of new funds from Tazbaz and the restructuring of
      approximately $350,000 of Tazbaz existing secured debt with Maxus
      </FONT></DIV></TD></TR></TABLE>
<TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Symbol, serif">&#183;&nbsp;&nbsp;</FONT></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Maturity
      date of May 13, 2006</FONT></DIV></TD></TR></TABLE>
<TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Symbol, serif">&#183;&nbsp;&nbsp;</FONT></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Interest
      rate of seven percent per annum with interest payable monthly in arrears,
      such annual interest rate to increase to 15% per annum if the Note is not
      paid in full by May 13, 2006</FONT></DIV></TD></TR></TABLE>
<TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Symbol, serif">&#183;&nbsp;&nbsp;</FONT></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Maxus
      is to use commercially reasonable efforts to cause the Note to have a
      first priority security interest in all of the assets of Maxus, including
      its intellectual property</FONT></DIV></TD></TR></TABLE>
<TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Symbol, serif">&#183;&nbsp;&nbsp;</FONT></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Aggregate
      amount due under the Note is convertible at anytime at the option of
      Tazbaz into common stock of Maxus at the lower of (x) $0.05 per share (the
      current trading price per share of Maxus common stock) or (y) a 15%
      discount to any price at which common stock of Maxus is sold to an
      institutional investor</FONT></DIV></TD></TR></TABLE>
<TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Symbol, serif">&#183;&nbsp;&nbsp;</FONT></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">If
      additional funding is not secured within 120 days of the date of issuance
      of the Note to fully pay off the Note, then Maxus will be obligated, at
      the option of Tazbaz, to set aside 20% of its gross profits each month to
      pay any principal and interest amounts due under the Note
  </FONT></DIV></TD></TR></TABLE>
<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: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On May
25, 2005, after negotiating the term sheet, Tazbaz wired into Maxus&#8217; account
$200,000 prior to the drafting of any definitive documents related to the debt
financing. Pursuant to the terms of the term sheet, if the parties do not
execute definitive documents prior to June 9, 2005, then Maxus will have the
option to repay any, or all, of the Tazbaz funds, thereby terminating any
understanding or agreement, implied or otherwise, regarding this transaction
with Tazbaz. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">If
definitive documents are effected and assuming (i) full exercise of conversion
rights by Tazbaz pursuant to the Note at an exercise price of $0.05 per share,
(ii) exercise of the full amount of the common stock warrant by Tazbaz, and
(iii) that 22,780,000 shares of Maxus common stock are outstanding, Tazbaz could
potentially acquire approximately 12,000,000 shares of Maxus common stock or
approximately 33% of Maxus common stock. In addition, Tazbaz may have some
ability to direct the voting of additional shares pursuant to the voting
agreement contemplated by this transaction.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Issuance
of the warrant and convertible note, if effected, will be made in reliance on
the exemption from registration provided by Rule 506 of Regulation D under
Section 4(2) of the Securities Act of 1933, as amended.&nbsp; </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: 11pt; 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>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">This Form
8-K contains statements that are forward-looking in nature, including statements
about the possible issuance of the warrant, note and related agreements, and the
potential shareholdings of Tazbaz in connection with the above transaction.
These statements are subject to risks and uncertainties that may cause actual
results to differ materially from those stated in this Form 8-K.&nbsp; Factors
that might affect actual outcomes include, but are not limited to, our ability
to negotiate and enter into definitive agreements with Tazbaz, and potential
changes in our capitalization. For a more detailed discussion of these and
associated risks, see Maxus&#8217; most recent documents filed with the Securities and
Exchange Commission. All forward-looking statements included in this release are
based upon information available to Maxus as of the date of the release, and we
assume no obligation to update any such forward-looking statement.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</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><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><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: 11pt; FONT-FAMILY: Times New Roman"><STRONG>SIGNATURES</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: 45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="37%">&nbsp;</TD>
    <TD vAlign=top align=left width="37%" colSpan=2>
      <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: 11pt; FONT-FAMILY: Times New Roman">MAXUS
      TECHNOLOGY CORPORATION</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="37%">&nbsp;</TD>
    <TD vAlign=top align=left width="37%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD vAlign=top align=right width="37%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">By:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
    width="23%">&nbsp;/s/ Patrick Mulvey</TD>
    <TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD vAlign=top align=right width="37%">&nbsp;</TD>
    <TD vAlign=top align=left width="37%" colSpan=2>
      <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: 11pt; FONT-FAMILY: Times New Roman">Patrick
      Mulvey</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: 11pt; FONT-FAMILY: Times New Roman">Chief
      Executive Officer</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=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Date:
</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">June 1,
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 id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV></DIV>
<DIV>&nbsp;</DIV></BODY></HTML>
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported)
May
25, 2005
MAXUS
TECHNOLOGY CORPORATION
(Exact
name of registrant as specified in its charter)
DELAWARE
000-26337
82-0514605
(State
      or other jurisdiction of
incorporation)
(Commission
      File Number)
(IRS
      Employer
Identification
      No.)
18300
Sutter Blvd.
Morgan
Hill, California 95037
(Address
of principal executive offices, including zip code)
(408)
782-2005
(Registrant's
telephone number, including area code)
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
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))
Item
8.01 - Other Events.
On May
25, 2005, Maxus Technology Corporation entered into a non-binding term sheet
with Tazbaz Holdings Limited, a Canadian corporation, pursuant to which Tazbaz
agreed to provide Maxus with debt financing in return for, among other things,
(i) a secured promissory note convertible into shares of Maxus common stock,
(ii) a warrant exercisable for up to one million shares of Maxus common stock at
an exercise price per share of $0.01 which terminates upon the earlier of (a) a
merger, consolidation or sale of substantially all of Maxus' assets and (b)
three years after the date of issuance; and (iii) a voting agreement with
certain Maxus stockholders. The principle terms of the proposed Note are as
follows:
·
Aggregate
      principal value of the Note is approximately $550,000, which is inclusive
      of $200,000 of new funds from Tazbaz and the restructuring of
      approximately $350,000 of Tazbaz existing secured debt with Maxus
·
Maturity
      date of May 13, 2006
·
Interest
      rate of seven percent per annum with interest payable monthly in arrears,
      such annual interest rate to increase to 15% per annum if the Note is not
      paid in full by May 13, 2006
·
Maxus
      is to use commercially reasonable efforts to cause the Note to have a
      first priority security interest in all of the assets of Maxus, including
      its intellectual property
·
Aggregate
      amount due under the Note is convertible at anytime at the option of
      Tazbaz into common stock of Maxus at the lower of (x) $0.05 per share (the
      current trading price per share of Maxus common stock) or (y) a 15%
      discount to any price at which common stock of Maxus is sold to an
      institutional investor
·
If
      additional funding is not secured within 120 days of the date of issuance
      of the Note to fully pay off the Note, then Maxus will be obligated, at
      the option of Tazbaz, to set aside 20% of its gross profits each month to
      pay any principal and interest amounts due under the Note
On May
25, 2005, after negotiating the term sheet, Tazbaz wired into Maxus' account
$200,000 prior to the drafting of any definitive documents related to the debt
financing. Pursuant to the terms of the term sheet, if the parties do not
execute definitive documents prior to June 9, 2005, then Maxus will have the
option to repay any, or all, of the Tazbaz funds, thereby terminating any
understanding or agreement, implied or otherwise, regarding this transaction
with Tazbaz.
If
definitive documents are effected and assuming (i) full exercise of conversion
rights by Tazbaz pursuant to the Note at an exercise price of $0.05 per share,
(ii) exercise of the full amount of the common stock warrant by Tazbaz, and
(iii) that 22,780,000 shares of Maxus common stock are outstanding, Tazbaz could
potentially acquire approximately 12,000,000 shares of Maxus common stock or
approximately 33% of Maxus common stock. In addition, Tazbaz may have some
ability to direct the voting of additional shares pursuant to the voting
agreement contemplated by this transaction.
Issuance
of the warrant and convertible note, if effected, will be made in reliance on
the exemption from registration provided by Rule 506 of Regulation D under
Section 4(2) of the Securities Act of 1933, as amended.
FORWARD
LOOKING STATEMENTS
This Form
8-K contains statements that are forward-looking in nature, including statements
about the possible issuance of the warrant, note and related agreements, and the
potential shareholdings of Tazbaz in connection with the above transaction.
These statements are subject to risks and uncertainties that may cause actual
results to differ materially from those stated in this Form 8-K.  Factors
that might affect actual outcomes include, but are not limited to, our ability
to negotiate and enter into definitive agreements with Tazbaz, and potential
changes in our capitalization. For a more detailed discussion of these and
associated risks, see Maxus' most recent documents filed with the Securities and
Exchange Commission. All forward-looking statements included in this release are
based upon information available to Maxus as of the date of the release, and we
assume no obligation to update any such forward-looking statement.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
MAXUS
      TECHNOLOGY CORPORATION
By:
/s/ Patrick Mulvey
Patrick
      Mulvey
Chief
      Executive Officer
Date:
June 1,
2005