Challenger Powerboats, Inc. – ‘8-K’ for 5/7/02

On:  Wednesday, 5/8/02   ·   For:  5/7/02   ·   Accession #:  1114908-2-4   ·   File #:  0-30914

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         4     14K 

Document Table of Contents

8-K
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 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

Date of Report: May 7, 2002       
 COMMISSION FILE NUMBER: 333-30914

 XTREME WEBWORKS
 ---------------------------------------------------------------
 (Exact name of small business issuer as specified in its charter)

Nevada                                       88-0394012   
----------------------------------------            --------------------        
(State or other jurisdiction of                     (I.R.S. Employer            
incorporation or organization)                     Identification No.)        

8100 West Sahara Avenue, Suite 200                                          
Las Vegas, Nevada                                   89117           
----------------------------------------            --------------------        
(Address of principal executive offices)                (Zip Code)              

 N/A
  ----------------------------------------------------------------
 (Former name, former address and former fiscal year, if changed
 since last report.)

8-K
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Item 2. Aquisition                                                              
-----------------                                                               
On April 25, 2002, Xtreme Webworks signed a Letter of Intent to acquire Waste   
Renewal Systems, Inc. a privately held Nevada corporation. A copy of the Letter 
of Intent is filed as an exhibit herewith.                                      

EXHIBITS                                                                        

Letter of Intent                                                                

Personal & Confidential                                                         

April 22, 2002                                                                  

Attention: Mr. Clayton Kass                                                     

Dear Mr. Kass:                                                                  

This letter sets forth our mutual understanding regarding the exchange of 
five (5) million shares of Xtreme Companies, Inc.'s Rule 144 restricted stock   
for five million shares of Waste Renewal Systems, Inc.'s Rule 144 restricted    
stock. This transaction will be subject to (a)the negotiation and execution     
of a definitive agreement containing appropriate representations and warranties,
as well as customary covenants and conditions,and(b)due diligence               
requirements. The agreement will provide that:                                  

1. The exchange of shares shall be distributed as directed upon the signing of  
the final agreement and as a condition precedent to the effectiveness of this   
agreement. The shares to be distributed at the final signing of the agreements  
by and between Xtreme Webworks pending a change of name to Xtreme Companies,    
Inc. and Waste Renewal Systems,Inc.                                             

2. The formal agreement is to be signed on or prior to April 30, 2002.          

3. The formal agreement will require the proper agreements to cover all of the  
descriptions of products with exhibits, including intellectual properties,      
pending patents and present information on new processes and up-dated material  
on each of the three separate intellectual properties to be completed prior to  
April 23, 2002 date, which may be extended by consent of both parties. This     
date assumes that the agreements will completely cover all critical and         
necessary documents files and exhibits by said date above.                      

4. Upon the signing of this Letter of Intent the following steps should take    
place:                                                                          
a. An announcement by the Board of Directors of Xtreme that the signing of
this Letter of Intent has taken place.                                    

b. Xtreme will report a 5 to 1 stock split.                               

c. The Aquisition of Waste Renewal Systems, Inc. will take place and an   
exchange of stock will radify this transaction.                           

8-K
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Page 2 of 2                                                                     

Letter of Intent - between Xtreme Webworks and Waste Renewal Systems            

April 22, 2002                                                                  

5. The two companies will attempt to complete the transaction as promptly as    
possible.                                                                       

6. By executing and returning the copy of this letter, Waste Renewal Systems,   
Inc. and Xtreme Companies, Inc. agrees that through May 5, 2002, neither they   
nor their representatives will (a) take any action whatsoever to negotiate,     
promote, encourage or facilitate (including providing any information to any    
third party) the purchase of a public vehicle from any party other than none    
or (b) disclose the transaction proposed in this letter or any of its terms to  
any party other than on a strictly need-to-know basis. Moreover, if, during     
that period, Xtreme Companies, Inc. or Waste Renewal Systems, Inc. or any of    
their affiliates, representatives or agents recieves any solicitation or        
proposal regarding any such transaction, they will promptly advise the other    
of that solicitation or proposal.                                               

7. The parties will each bear its respective expenses incurred in connection    
with the negotiation, preparation and consummation of the contemplated          
transaction.                                                                    

8. This letter shall not constitute a binding contract between the parties,     
but purports to set forth their present intent with respect to the terms        
proposed to be incorporated in the definitive Agreement.                        

Please indicate your acceptance and approval of this letter by signing and      
dating below. Upon receipt of the executed letter of intent, we will begin      
drafting the Agreement for your review.                                         

Dated on the 22nd day of April 2002.                                            

Accepted By:                                                                    

Xtreme Webworks                      Waste Renewal Systems, Inc.                
By:/S/ Shaun M.Hadley                By:/S/ Clayton H. Kass                     
Shaun M. Hadley                      Clayton H. Kass                      
President/Director                   President/Director                   

8-K
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SIGNATURES                                                                      

Pursuant to the requirements of the Securities Exchange Act of 1934, the        
Registrant has duly caused this report to be signed on its behalf by the        
undersigned hereunto duly authorized.                                           

 XTREME WEBWORKS
 ---------------
(Name of Registrant)

Date:  May 2, 2002                   By:  /s/ SHAUN HADLEY                      
                    ----------------
                        SHAUN HADLEY
                     PRESIDENT

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		5/8/02							8-K
For Period End:		5/7/02		1					8-K/A
		5/5/02		3
		5/2/02		4
		4/30/02		2
		4/25/02		2
		4/23/02		2
		4/22/02		2		3
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