| **UNITED STATES**SECURITIES    AND EXCHANGE COMMISSION**Washington, DC 20549   **FORM 10-KSB   
[X] ANNUAL    REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal    year ended December 31, 1999   
[  ]    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1994
For the    transition period from _______ to _______  
COMMISSION FILE    NUMBER: 0-16179   **GEXA GOLD CORPORATION
(Name of Small    Business Issuer in Its Charter)   
Texas
75-0670175
(State or Other Jurisdiction    of Incorporation or Organization
(IRS Employer Identification    Number)    
24 Greenway Plaza, Suite    1826, Houston, TX
77046
(Address of Principal    Executive Offices)
(Zip Code)   
(713)-961-9399
(Issuer's    telephone number)   
Securities    registered under Section 12 (b) of the Act:
NONE
(Title of class)   
Securities    registered under Section 12(g) of the Exchange Act:
COMMON STOCK,    PAR VALUE $.01
(Title of class)
Check whether    the issuer: (i) filed all reports required to be filed by Section 13 or 15(d) of the    Exchange Act during the past 12 months (or for such shorter period that the registrant was    required to file such reports), and (ii) has been subject to the filing requirements for    the past 90 days. Yes [  ] No [X]  Check if there is no disclosure of    delinquent filers in response to Item 405 of Regulation S-B contained in this form, and no    disclosure will be contained, to the best of the registrant's knowledge, in definitive    proxy or information statements incorporated by reference in Part III of this Form 10-KSB    or any amendment to this Form 10-KSB. [  ]  
Issuer’s    revenues for its most recent fiscal year: None  
At May 29,    2001, there were 377,956 shares of the issuer's Common Stock issued and outstanding. There    is no active trading market in the shares of the Issuer’s common stock at the date of    the filing of this Annual Report on Form 10-KSB. The Issuer will seek to become current    and reporting under the Securities Exchange Act of 1934 (the "Exchange Act") by    filing the Annual Reports for the years ended December 31, 1999 and 2000, and Quarterly    Reports on Form 10-QSB commencing with the three-month period ended March 31, 2001 under    the Exchange Act. Affiliates of the Issuer own 121,769 shares of the Issuer’s issued    and outstanding common stock.(*) The remaining    226,373 shares are held by non-affiliates. The aggregate market value of the shares held    by non-affiliates at May 29, 2001 is approximately $90,549.
DOCUMENTS    INCORPORATED BY REFERENCE:
There are no    documents incorporated by reference in this Annual Report on Form 10-KSB other than as set    forth in Part III, Item 13.. (*) Affiliates for the purposes of    this Annual Report refer to the officers, directors and/or persons or firms owning 5% or    more of Issuer’s common stock, both of record and beneficially.
 
**TABLE OF CONTENTS**  
Page
PART I
Item 1. Description of    Business.2
Item 2. Description of    Property.11
Item 3. Legal Proceedings. 12
Item 4. Submission of Matters    to a Vote of Security Holders. 12   **PART II
Item 5. Market for Common    Equity and Related Stockholder Matters. 12
Item 6. Management's Plan of    Operation. 12
Item 7. Financial Statements. 14
Item 8. Changes In and    Disagreements With Accountants on Accounting and Financial 18               Disclosure.   **PART III
Item 9. Directors, Executive    Officers, Promoters and Control Persons.18
Item 10. Executive    Compensation. 19
Item 11. Security Ownership of    Certain Beneficial Owners and Management. 20
Item 12. Certain Relationships    and Related Transactions. 20
Item 13. Exhibits and Reports    on Form 8-K.20
 

 

 

 

Forward-Looking Statements: This Annual Report onForm 10-KSB and other statements issued or made from time to time by Gexa Gold Corporation(the "Company") contain statements which may constitute "Forward-LookingStatements" within the meaning of the Securities Act of 1933, as amended (the"Act") and the Securities Exchange Act of 1934 (the "Exchange Act") bythe Private Securities Litigation Reform Act of 1995, 15 U.S.C.A. Sections  77Z-2 and78U-5 (SUPP. 1996). Those statements include statements regarding the intent, belief orcurrent expectations of the Company and its officers and directors as well as theassumptions on which such statements are based. Prospective investors are cautioned thatany such forward-looking statements are not guarantees of future performance and involverisks and uncertainties, and that actual results may differ materially from thosecontemplated by such forward-looking statements. Important factors currently known to theCompany's management that could cause actual results to differ from those inforward-looking statements are set forth in the Safe Harbor Compliance Statement forForward-Looking Statements included as Exhibit 99.1 filed as part of this Annual Report onForm 10-KSB.

**PART I**

ITEM 1. DESCRIPTION OF BUSINESS

General Background and Reports under the Exchange Act

Gexa Gold Corporation, a Texas corporation, is sometimes referred toherein as "we", "us", "our" and the "Company". Weare filing our Annual Reports on Form 10-KSB for the years ended December 31, 1999 and2000, which contains our unaudited financial statements. The Company is an inactive entityas defined in Section 210.3-11 of Regulation S-X because it meets the followingconditions: gross receipts from all sources for the fiscal years ended December 31, 1999and 2000 were not in excess of $100,000; the Company has not purchased or sold any of itsown stock, granted options or levied assessments on outstanding stock; expenditures forall purposes for the fiscal years ended December 31, 1999 and 2000 were not in excess of$100,000; no material change in the Company's business occurred during the fiscal yearsended December 31, 1999 and 2000, including any bankruptcy, reorganization, readjustmentor succession or any material acquisition or disposition of plants, mines, miningequipment, mine rights or leases; and no exchange upon which the shares are listed, orgovernmental authority having jurisdiction, requires the furnishing to it or thepublication of audited financial statements. As a result of the fact that we are deemed tobe an inactive entity, the financial statements filed herewith are unaudited. We haveincluded text disclosure in our Annual Reports for the periods subsequent to the yearended December 31, 1999 and 2000 through the date of the filing under all items other thanthe financial statements. This disclosure includes our change of address, telephone andprincipal executive officer, among other material disclosure. We are seeking to becomecurrent under reporting requirements of the Exchange Act by the filing of our AnnualReports on Form 10-KSB for our years ended December 31, 1999 and 2000 together with ourQuarterly Reports for the periods commencing March 31, 2001.

We were incorporated under the laws of Nevada on April 1,1985. In March2001, concurrent with our share recapitalization, we were reincorporated under the laws ofthe State of Texas. Prior to the filing 1992 under Chapter XI of the Federal bankruptcylaws in the United States Bankruptcy Court for the District of Idaho, we were engaged inthe business of acquiring, exploring and developing mining properties. We emerged fromthis proceeding and our plan of reorganization was   approved by creditors andby the United States Bankruptcy Court in 1993. Since 1993 through 1999 and the date offiling of this Annual Report,  we conducted no commercial mining or other businessactivities. 

There are numerous Federal and State laws and regulations related toenvironmental protection, which have direct application to mining and milling activities.The more significant of these laws deal with mined land reclamation and wastewaterdischarge from mines and milling operations. The Company does not believe that these lawsand regulations as presently enacted will have a direct material adverse effect on itsmining claims. 

We have no present operations and this has led us to redirect ourefforts and limited resources to seeking potential transactions with target companies. Seethe discussion under "Business Objective" below.

Business Objective

We now seek and our management will pursue acquisition possibilitiesthroughout the United States and to make acquisitions or enter into other businessendeavors to the extent our limited assets and personnel will allow. Our businessobjective is to effect a merger, exchange of capital stock, asset acquisition or otherbusiness combination (a "Business Combination") with an operating business (a"Target Business"). Our intention is to seek a Business Combination with aTarget Business that we believe will have growth potential.

We will seek to acquire a Target Business without limiting ourselves toa particular industry. Most likely, the Target Business will be primarily located in theUnited States, although we reserve the right to acquire a Target Business with operationsand/or locations outside the United States. In seeking a Target Business, we willconsider, without limitation, businesses which (i) offer or provide services or develop,manufacture or distribute goods in the United States or abroad; or (ii) is engaged inwholesale or retail distribution, among other potential Target Business opportunities.While we may, under certain circumstances, seek to effect Business Combinations with morethan one Target Business, in all likelihood, as a result of our limited resources, we willhave the ability to effect only a single Business Combination with a Target Business. Wedo not intend to register as a broker-dealer, merge with or acquire a registeredbroker-dealer, or otherwise become a member of the NASD. Our sole officer/director has hadonly preliminary contact with representatives of other companies regarding the possibilityof a Business Combination, although none of these have resulted in any agreements orunderstandings. It is possible if not likely that any Business Combination will beconsummated with any of the parties that we have been in contacted. 

Our Common Stock was subject for quotation on the Pink Sheets under thesymbol "GEXC"  during the last five years after our Common Stock wasdelisted from the OTCBB due to our bankruptcy filing in 1992 and as a result of our notbeing a current in our reporting requirements under the Exchange Act. We do not believethat there was any significant trading activity in our common stock following ourbankruptcy filing in 1992, notwithstanding the fact that our Common Stock has been quotedfrom time to time on the "pink sheets".

Selection of a Target Business and Structuring of a Business Combination

At present, the Company has three officers and four directors. See Item9. Part III. We believe to have substantial flexibility in identifying and selecting aprospective Target Business. As a result, we will be almost entirely dependent on thejudgment of our current management in connection with the selection of a Target Business.In evaluating a prospective Target Business, we will consider, among other factors, thefollowing: (i) costs associated with effecting the Business Combination; (ii) equityinterest in and opportunity for control of the Target Business; (iii) growth potential ofthe Target Business; (iv) experience and skill of management and availability ofadditional personnel of the Target Business; (v) capital requirements of the TargetBusiness; (vi) competitive position of the Target Business; (vii) stage of development ofthe Target Business; (viii) degree of current or potential market acceptance of the TargetBusiness, products or services; (ix) proprietary features and degree of intellectualproperty or other protection of the Target Business; (x) the financial statements of theTarget Business; and (XI) the regulatory environment in which the Target Businessoperates.

The foregoing criteria are not intended to be exhaustive and anyevaluation relating to the merits of a particular Target Business will be based, to theextent relevant, on the above factors as well as other considerations deemed relevant bymanagement in connection with effecting a Business Combination consistent with ourbusiness objectives. In connection with its evaluation of a prospective Target Business,management, with the possible assistance of an independent investment banking firm, orthird party consultants, anticipates that we will conduct a due diligence review whichwill encompass, among other things, meeting with incumbent management and inspection offacilities, as well as a review of financial, legal and other information which will bemade available to us.

The time and costs required to select and evaluate a Target Business(including conducting a due diligence review) and to structure and consummate the BusinessCombination (including negotiating and documenting relevant agreements and preparingrequisite documents for filing pursuant to applicable securities laws and state "bluesky" and corporation laws) cannot presently be ascertained with any degree ofcertainty. Our current executive officers and directors intend to devote only a smallportion of their time to the our affairs and, accordingly, consummation of a BusinessCombination may require a greater period of time than if our management devoted their fulltime to our affairs. However, each officer and director will devote such time as they deemreasonably necessary to carry out our business objective and affairs, including theevaluation of potential Target Businesses and the negotiation of a Business Combinationand, as a result, the amount of time devoted to our business and affairs may varysignificantly depending upon, among other things, whether we have identified a TargetBusiness or are engaged in active negotiation of a Business Combination. Any costsincurred in connection with the identification and evaluation of a prospective TargetBusiness with which a Business Combination is not ultimately consummated will result in aloss to us and reduce the amount of capital available to otherwise complete a BusinessCombination or for the resulting entity to utilize.

We anticipate that various prospective Target Businesses will bebrought to our attention from various sources, including broker-dealers, investmentbankers, venture capitalists, bankers, and other members of the financial community andaffiliated sources, including, possibly, our executive officers, directors and theiraffiliates. While we have not yet ascertained how, if at all, we will advertise andpromote ourselves, we may elect to publish advertisements in financial or tradepublications seeking potential business acquisitions. We may also engage the services ofprofessional firms that specialize in finding business acquisitions, in which event we mayagree to pay a finder's fee or other compensation. In no event, however, will we pay afinder's fee or commission to our officers or directors or to any entity with which theyare affiliated directly or indirectly. 

As a general rule, Federal and state tax laws and regulations have asignificant impact upon the structuring of business combinations. We will evaluate thepossible tax consequences of any prospective Business Combination and will endeavor tostructure a Business Combination so as to achieve the most favorable tax treatment to us,the Target Business and their respective shareholders. There can be no assurance that theInternal Revenue Service or relevant state tax authorities will ultimately agree with ourtax treatment of a particular consummated Business Combination. To the extent the InternalRevenue Service or any relevant state tax authorities ultimately disagree with ourproposed tax treatment and in fact prevail in recharacterizing the tax treatment of aBusiness Combination, there may be adverse tax consequences to us, the Target Business andtheir respective shareholders. Tax considerations as well as other relevant factors willbe evaluated in determining the precise structure of a particular Business Combination,which could be effected through various forms of a merger, consolidation or stock or assetacquisition.

Acquisition Restrictions

We may acquire a company or business by purchasing, trading or sellingthe securities of such company or business. However, we do not intend to engage primarilyin such activities. Specifically, we intend to conduct our activities so as to avoid beingclassified as an "investment company" under the Investment Company Act of 1940,and therefore avoid application of the costly and restrictive registration and otherprovisions of the Investment Company Act of 1940 and the regulations promulgatedthereunder.

Our registration statement on Form 10-12g was filed on September 3,1987. As of the date of this Annual Report on Form 10-KSB, we are subject to certainreporting requirements under the Securities Exchange Act of 1934 (the "ExchangeAct"), including the requirement to file quarterly reports on Form 10-QSB and AnnualReports on From 10-KSB, with the SEC and to continue to file such reports as are requiredunder the Exchange Act. Pursuant to Section 13 and 15(d) of the Exchange Act, in the eventsignificant acquisitions take place, we will also be required to file reports with the SECwhich will include certified financial statements for the acquired company covering one ortwo years depending upon the relative size of the acquisition. Consequently, acquisitionprospects that do not have or are unable to obtain the required certified financialstatements will not be appropriate for acquisition so long as the reporting requirementsof the Exchange Act are applicable.

Various impediments to an acquisition of a business or company or amerger may arise such as appraisal rights afforded the shareholders of a prospectiveTarget Business under the laws of the state under which the prospective Target Business isorganized. This may prove to be deterrent to a particular Business Combination. Inaddition, under the Texas Business Corporation Act and Article 5.01 Merger, Article 5.02Share Exchange or Acquisition and Article 5.03. Action on Plan of Merger or Exchange, aBusiness Combination, including a merger or share exchange, generally requires theapproval by the Board of Directors and a majority of all shareholder votes entitled tovote. Exhibit 99.2 Texas Business Corporation Act Part V, Article 5.1, 5.2 and 5.3.

Business Experience of Principals

The present management of the Company consists of Mr. Neil M. Leibman,who serves as our Chief Executive Officer and Director, Ms. Marcie C. Zlotnik, Presidentand Director, and Mr. Kyle A. MacDonald, Chief Technical Officer. 

Mr. Leibman, CEO: Mr. Neil Leibman has an undergraduate degree fromEmroy University and a Juris Doctor and Master of Business Administration degree from theState University of New York at Buffalo. Since 1984, Mr. Leibman has been practicing lawin Texas. His law firm is specialized in corporate law and business litigation. Mr.Leibman currently sits on the Board of Directors of Sundowner Pools & Landscape, Inc.and EZUtilities Corp. In addition, he serves as Vice Chairman of the Board of Trustee ofThe Fay School and on the Development Council of Texas Childrin's Hospital.

Ms. Marcie Zlotnik, President: Ms. Zlotnik graduated in 1987 from the University ofTexas at Austin with a Bachelor of Business Administration in Accounting. Ms. Zlotnik hasbeen working in the telecommunication industry for the last 10 years. During these years,Mr. Zlotnik was Chief Operating Officer for Coastal Telephone Company, which was sold toBroadwing Communication. Following her managing position at Coastal Telephone Company, Ms.Zlotnik became President of TotalNet Communications, Inc., a long distance telephonecompany in Houston, Texas.

Mr. Kyle A. MacDonald, Chief Technical Officer: Mr. MacDonald graduated from theUniversity of Colorado in Boulder with a Bachelor of Fine Arts, majoring in PoliticalScience in 1987. Mr. MacDonald co-founded TouchMedia Networks, Inc., an interactive kioskprovider in 1992, which was later sold to High Technology solutions, Inc. Mr. MacDonaldbecame Director of Business Development at High Technology Solutions, Inc.

Our current officers do not hold anymanagement position or directorship in other reporting companies.

Retention of the Investment Banker

We may engage an investment-banking firm, which is a member of the NASDto assist us in identifying, evaluating, structuring and negotiating potential BusinessCombinations. At present we do not have the cash resources to engage and pay forinvestment banking services.

RISK FACTORS

The following important factors, among others, could cause actualresults to differ from those indicated in forward-looking statements made in thisdocument. Further, reference is made to the disclosure in "all capitalizedletters" on the first page following the cover page of this Annual Report on Form10-KSB. 

The following factors contain certain forward-looking statements.Forward-looking statements give our current expectations or forecasts of future events.You can identify these statements by the fact that they do not relate strictly tohistorical or current facts. They use words such as "anticipate,""estimate," "expect," "project," "intend,""plan," "believe," and other words and terms of similar meaning inconnection with any discussion of future operating or financial performance. From time totime, we also may provide oral or written forward-looking statements in other materials werelease to the public.

Any or all of our forward-looking statements in this document and inany other public statements we make may turn out to be wrong. They can be affected byinaccurate assumptions we might make or by known or unknown risks and uncertainties. Manyfactors mentioned in the discussion below will be important in determining future results.Consequently, no forward-looking statement can be guaranteed. Actual future results mayvary materially.

We undertake no obligations to publicly update any forward-lookingstatements, whether as a result of new information, future events or otherwise. You areadvised, however, to consult any further disclosures we make on related subjects in ourfuture filings with the SEC.

NO RELEVANT OPERATING HISTORY; LIMITED RESOURCES; NO PRESENT SOURCE OF REVENUES.

We have at present no business operations and therefore our historicalfinancial information contained in this Form 10-KSB is of limited value to potentialinvestors in evaluating any investment in our Company. Although our management, has hadextensive experience regarding the evaluation and acquisition of Target Businesses,because of our lack of operating history, and limited financial and personnel resources,there is only a limited basis upon which to evaluate our prospects for achieving ourintended business objectives. We have only limited resources and have no operating incomeor revenues. From March 2001 to date, our management is providing us withlimited funding, on a as needed basis, necessary for us to continue our corporateexistence. Our management has not agreed in writing to provide any interim financing forany period until we complete a Business Combination, if ever. However, management may fromtime to time advance funds on a as needed basis. Such funding was and will not be paidthrough the Company. In addition, we will not achieve any revenues unless and until theconsummation of a Business Combination, of which there can be no assurance. Moreover,there can be no assurance that any Target Business, at the time of our consummation of aBusiness Combination, or at any time thereafter, will derive any material revenues fromits operations or operate on a profitable basis.

BROAD DISCRETION OF MANAGEMENT.

The filing of this Form 10-KSB under the Exchange Act does not involvethe offering of any securities. While there can be no assurance, it may be expected thatupon our becoming current under the reporting requirements of the Exchange Act a tradingmarket may develop for our securities, however limited. Therefore, any persons who investin our securities will do so without an opportunity to evaluate the specific merits orrisks of any potential Business Combination(s) in which we may engage. As a result,investors will be entirely dependent on the broad discretion and judgment of management inconnection the selection of a Target Business. There can be no assurance thatdeterminations ultimately made by our management will permit us to achieve its businessobjectives.

ABSENCE OF SUBSTANTIVE DISCLOSURE RELATING TO PROSPECTIVE BUSINESS COMBINATIONS;INABILITY TO DETERMINE A TARGET BUSINESS AT PRESENT

"Blank check" companies are inherently characterized by theabsence of substantive disclosure, other than general descriptions, relating to potentialBusiness Combinations and Target Businesses. We have not yet identified a prospectiveTarget Business. Accordingly, shareholders and any person contemplating any investment inour shares, in the event that any active trading market commences, of which there can beno assurance, have no substantive information concerning consummation of any specificBusiness Combination. There can be no assurance that any Target Business with which weenter into a Business Combination, if any will ultimately prove to be more favorable toshareholders than any other investment, if such opportunity were available, toshareholders and investors.

THERE IS NO ACTIVE MARKET FOR OUR COMMON STOCK AND NONE MAY DEVELOP OR BE SUSTAINED

Our Common Stock was listed for trading on the OTC Bulletin Board underthe symbol "GEXC" until we filed for bankruptcy in 1992 and we were delistedafterwards as a result of our not being a current reporting company under the ExchangeAct. We do not believe that there was any significant trading activity in the our CommonStock since that date, notwithstanding the fact that our Common Stock has been quoted fromtime to time on the "pink sheets". There can be no assurance that there will bean active trading market for our securities following the completion of a BusinessCombination if, in fact, such Business Combination shall occur. Further, in the event thatan active trading market commences, there can be no assurance as to the market price ofour shares of common stock, whether any trading market will provide liquidity toinvestors, or whether any trading market will be sustained. While a prospective TargetBusiness may deem a consummation of a Business Combination with us to be desirable forvarious reasons, a Business Combination may involve the acquisition of, merger orconsolidation with, a company which does not need substantial additional capital, butwhich desires to establish a public trading market for its shares, while avoiding what itmay deem to be adverse consequences of undertaking a public offering itself, includingtime delays, significant expense, loss of voting control, the time and expense incurred tocomply and compliance with various Federal and state securities laws that regulate initialpublic offerings.

UNCERTAIN STRUCTURE OF BUSINESS COMBINATION

The structure of a future transaction with a Target Business cannot bedetermined at the present time and may take, for example, the form of a merger, anexchange of stock or an asset acquisition. We may form one or more subsidiary entities toeffect a Business Combination and may, under certain circumstances, distribute thesecurities of any such subsidiaries to our shareholders. There can be no assurance thatany market will develop for our securities or the securities of any subsidiary distributedto shareholders or, if any such market develops, no assurance can be given as to theprices at which such securities might trade or whether any trading market will besustained. The structure of a Business Combination or the distribution of securities toshareholders may result in our taxation, the taxation of any Target Business or taximplications for our shareholders. Nevertheless, it is our intention to structure anyBusiness Combination so that it will not result in a taxable event under the InternalRevenue Code or the laws of any jurisdiction.

UNSPECIFIED INDUSTRY AND TARGET BUSINESS; UNASCERTAINABLE RISKS

While we will target industries located in the United States, whilereserving the right to acquire a Target Business located elsewhere, we have not selectedany particular Target Business or industry in which to concentrate our BusinessCombination efforts. None of our directors or executive officers has had any contact ordiscussions with any entity or representatives of any entity regarding a consummation of aBusiness Combination. Accordingly, there is no basis for shareholders to evaluate thepossible merits or risks of the Target Business or the particular industry in which we mayultimately operate. To the extent that we effect a Business Combination with a financiallyunstable company or an entity in its early stage of development or growth (includingentities without established records of revenues or income), we will become subject tonumerous risks inherent in the business and operations of financially unstable and earlystage or potential emerging growth companies. In addition, to the extent that we effect aBusiness Combination with an entity in an industry characterized by a high degree of risk,we will become subject to the currently unascertainable risks of that industry. Anextremely high level of risk frequently characterizes certain industries that experiencerapid growth. Although management will endeavor to evaluate the risks inherent in aparticular Target Business or industry, there can be no assurance that we will properlyascertain or assess all such risks or that subsequent events may not alter the risks thatwe perceive at the time of the consummation of any Business Transaction.

CONFLICTS OF INTEREST

Our officers and director are not required to commit their full time toour affairs and it is likely that he will not devote a substantial amount of time to ouraffairs. Therefore, there may be a conflict of interest in allocating management timeamong his various business activities. As a result, the consummation of a BusinessCombination may require a greater period of time than if our management devoted his fulltime to our affairs. However, our officers and directors will devote such time, as hedeems reasonably necessary, in his sole discretion, to conduct our business and affairs,including the evaluation of potential Target Businesses and the negotiation andconsummation of a Business Combination. As a result, the amount of time devoted to ourbusiness and affairs may vary significantly, depending upon, among other things, whetherwe have identified a Target Business or are engaged in active negotiation and consummationof a Business Combination. Our management has not identified and is not currentlynegotiating a Business Combination for the Company.

LIMITED ABILITY TO EVALUATE TARGET BUSINESS MANAGEMENT; POSSIBILITY THAT MANAGEMENTWILL CHANGE

The role of our executive officer/director in our future operationsfollowing a Business Combination with a Target Business cannot be determined with anycertainty at this time. Although we intend to scrutinize closely the management of aprospective Target Business in connection with its evaluation of the desirability ofeffecting a Business Combination, and may retain an independent investment banking firm toassist us in this regard, there can be no assurance that our assessment of such managementwill prove to be correct, especially in light of the possible inexperience of our currentmanagement in evaluating certain types of businesses. While it is possible that certain ofour directors or executive officers will remain associated with us in some capacitiesfollowing a consummation of a Business Combination, it is unlikely that any of them willdevote a substantial portion of their time to our affairs. Moreover, there can be noassurance that such personnel will have significant experience or knowledge relating tothe operations of the Target Business with which we enter into a Business Combination. Wemay also seek to recruit additional personnel to supplement the incumbent management ofthe Target Business. There can be no assurance that we will successfully recruitadditional personnel or that the additional personnel will have the requisite skills,knowledge or experience necessary or desirable to enhance the incumbent management. Inaddition, there can be no assurance that our future management will have the necessaryskills, qualifications or abilities to manage a public company embarking on a program ofbusiness development.

POSSIBLE BUSINESS COMBINATION WITH A TARGET BUSINESS OUTSIDE THE UNITED STATES

It is possible that we may effectuate a Business Combination with aTarget Business located outside the United States, or which has business operationsoutside of the United States. In such event, we may face the additional risks of languagebarriers, different presentations of financial information, different business practices,and other cultural differences and barriers. Furthermore, due to our limited resources, itmay be difficult to assess fully these additional risks. Therefore, a Business Combinationwith a Target Business outside the United States may increase the risk that we will notachieve our business objectives.

COMPETITION

We expect to encounter intense competition from other entities havingbusiness objectives similar to ours. Many of these entities, including venture capitalpartnerships and corporations, other blank check and blind pool companies, largeindustrial and financial institutions, small business investment companies and wealthyindividuals, are well-established and have extensive experience in connection withidentifying and effecting Business Combinations directly or through affiliates. Many ofthese competitors possess greater financial, technical, human and other resources than usand there can be no assurance that we will have the ability to compete successfully. Basedupon our limited financial resources, we will lack the resources as compared to those ofmany of our potential competitors. Further, such competitors will generally not berequired to seek the prior approval of their own shareholders to approve a BusinessCombination, which may enable them to close a Business Combination far more quickly andexpeditiously than we may. This inherent competitive limitation may compel us to selectcertain less attractive Business Combination prospects. There can be no assurance thatsuch prospects will permit us to achieve its stated business objectives.

UNCERTAINTY OF COMPETITIVE ENVIRONMENT OF TARGET BUSINESS

In the event that we succeed in effecting a Business Combination, wewill, in all likelihood, become subject to intense competition from competitors of theTarget Business. In particular, certain industries that experience rapid growth frequentlyattract an increasingly larger number of competitors, including competitors with greaterfinancial, marketing, technical, human and other resources than the initial competitorsthat we may confront in any particular industry. The degree of competition characterizingan industry of any prospective Target Business cannot presently be ascertained. There canbe no assurance that, subsequent to a consummation of a Business Combination, we will havethe resources to compete in an industry of the Target Business effectively, especially tothe extent that the Target Business is in a high-growth industry.

ADDITIONAL FINANCING REQUIREMENTS

Because we have no revenues and have no present operations, we will beentirely dependent upon the willingness of our present management to fund any costsassociated with the search, evaluation and consummation of a Business Combination, as wellas, paying for the legal and accounting costs associated with filing the required reportsunder the Exchange Act. Since March 1, 2001, our current Management has paid expenses onbehalf of the Company of approximately $50,000 through the date of this Form 10-KSB to paycertain fees on behalf of the Company. In addition, the Company is currently negotiatingwith CR Capital Services, Inc., a company providing corporate securities complianceservices, for payment for services in connection with the preparation and filing of thisForm 10-KSB and our Quarterly Reports due under the Exchange Act in order for us to becomecurrent in our reporting obligations. The amount of the legal and related consulting feeshas not been determined with certainty at the date of the filing of this Form 10-KSB, butwe expect to be able to pay such expense in shares of our common stock. In fact, we aredependent upon the willingness of such third parties to provide services to us inconsideration for our agreement to issue shares in lieu of cash compensation, in amountsto be determined, because we will not achieve any revenues until, at the earliest, theconsummation of a Business Combination. We anticipate that we will have available to ussufficient resources, however limited, to continue to pay accounting fees and othermiscellaneous expenses that may be required until we effect a Business Combination.However, as we have not yet identified any prospective Target Business candidates, wecannot ascertain with any degree of certainty the capital requirements for any particularBusiness Combination. In the event that our available resources from our Management proveto be insufficient for purposes of effecting a Business Combination (because of the sizeof the Business Combination or other reasons), we will be required to seek additionalfinancing. Our failure to secure additional financing could have a material adverse effecton our ability to consummate a Business Combination or continued development or growth ofthe Target Business. We do not have any arrangements with any bank or financialinstitution to secure additional financing and there can be no assurance that any sucharrangement, if required or otherwise sought, would be available on terms deemed to becommercially acceptable and in our best interests.

STATE BLUE SKY REGISTRATION; RESTRICTED RESALE OF THE SECURITIES

Because the securities registered hereunder have not been registeredfor resale under the "blue sky" laws of any state, the holders of such sharesand persons who desire to purchase them in any trading market that might develop in thefuture, should be aware that there may be significant state blue-sky law restrictions uponthe ability of investors to sell the securities and of purchasers to purchase thesecurities. Most jurisdictions do not allow under any circumstances the trading or resaleof "blank-check" securities. Accordingly, investors should consider thesecondary market for the Company's securities to be a limited one or virtuallynon-existent. 

It is the intention of the management following the consummation of aBusiness Combination to seek coverage and publication of information regarding the Companyin an accepted publication manual which permits a manual exemption. The manual exemptionpermits a security to be distributed in a particular state without being registered if thecompany issuing the security has a listing for that security in a securities manualrecognized by the state. However, it is not enough for the security to be listed in arecognized manual. The listing entry must contain (1) the names of issuers, officers, anddirectors, (2) an issuer’s balance sheet, and (3) a profit and loss statement foreither the fiscal year preceding the balance sheet or for the most recent fiscal year ofoperations. Furthermore, the manual exemption is a nonissuer exemption restricted tosecondary trading transactions, making it unavailable for issuers selling newly issuedsecurities.

Most of the accepted manuals are those published in Standard and Poor’s,Moody’s Investor Service, Fitch’s Investment Service, and Best’s InsuranceReports, and many states expressly recognize these manuals. A smaller number of statesdeclare that they "recognize securities manuals" but do not specify therecognized manuals. The following states do not have any provisions and therefore do notexpressly recognize the manual exemption: Alabama, Georgia, Illinois, Kentucky, Louisiana,Montana, South Dakota, Tennessee, Vermont and Wisconsin. 

DIVIDENDS UNLIKELY

We do not expect to pay dividends prior to the consummation of aBusiness Combination. The payment of dividends after consummating a Business Combination,if any, will be contingent upon our revenues and earnings, if any, capital requirementsand general financial condition subsequent to consummation of a Business Combination. Thepayment of any dividends subsequent to a Business Combination will be within thediscretion of our Board of Directors as then constituted. It is our expectation that anyfuture management following a Business Combination will determine to retain all earnings,if any, for use in the future business operations and accordingly, we do not anticipatedeclaring any dividends in the foreseeable future. 

POSSIBLE ISSUANCE OF ADDITIONAL SECURITIES

Our Articles of Incorporation authorize the issuance of 75,000,000shares of Common Stock, par value $0.01. Previously, there are 37,779 shares of PreferredConvertible Stock issued and outstanding, which were converted into 37,779 shares ofcommon stock in February 2001. Following this conversion, the company undertook arecapitalization resulting in a 25-1 reverse split. Although we have no writtencommitments as of the date hereof to issue any additional shares of Common Stock, we will,in all likelihood, issue additional shares in consideration for legal and consultingservices as well as a substantial number of additional shares in connection with orfollowing a Business Combination. To the extent that additional shares of Common Stock areissued in any Business Combination, our shareholders would experience dilution of theirrespective ownership interests in the Company. Additionally, if we issue a substantialnumber of shares of Common Stock in connection with or following a Business Combination, achange in control of the Company will occur which may affect, among other things, ourability to utilize net operating loss carry forwards, if any. Furthermore, the issuance ofa substantial number of shares of Common Stock may adversely affect prevailing marketprices, if any, for the Common Stock and could impair our ability to raise additionalcapital through the sale of its equity securities.

Our Articles of Incorporation also authorizes the issuance of 2,500,000shares of preferred stock (the "Preferred Stock"), par value $0.05, with suchdesignations, powers, preferences, rights, qualifications, limitations and restrictionsand in such series as our Board of Directors, subject to the laws of the State of Texas,may determine from time to time. Accordingly, our Board of Directors is empowered, withoutshareholder approval, to issue Preferred Stock with dividend, liquidation, conversion,voting or other rights that could adversely affect the voting power or other rights of theholders of Common Stock. In addition, the Preferred Stock could be utilized, under certaincircumstances, as a method of discouraging, delaying or preventing a change in control ofthe Company. Although we do not currently intend to issue any shares of Preferred Stock,there can be no assurance that we will not do so in the future. As of the date hereof, wehave no shares of Preferred Stock issued and outstanding.

COMPLIANCE WITH PENNY STOCK RULES

Our securities will initially be considered a "penny stock"as defined in the Exchange Act and the rules thereunder, since the price of our shares ofCommon Stock is less than $5. Unless our Common Stock is otherwise excluded from thedefinition of "penny stock," the penny stock rules apply with respect to thatparticular security. The penny stock rules require a broker-dealer prior to a transactionin penny stock not otherwise exempt from the rules, to deliver a standardized riskdisclosure document prepared by the SEC that provides information about penny stocks andthe nature and level of risks in the penny stock market. The broker-dealer also mustprovide the customer with current bid and offer quotations for the penny stock, thecompensation of the broker-dealer and its sales person in the transaction, and monthlyaccount statements showing the market value of each penny stock held in the customer'saccount. In addition, the penny stock rules require that the broker-dealer, not otherwiseexempt from such rules, must make a special written determination that the penny stock issuitable for the purchaser and receive the purchaser's written agreement to thetransaction. These disclosure rules have the effect of reducing the level of tradingactivity in the secondary market for a stock that becomes subject to the penny stockrules. So long as the common stock is subject to the penny stock rules, it may become moredifficult to sell such securities. Such requirements, if applicable, could result inreduction in the level of trading activity for that particular security of Gexa and couldmake it more difficult for investors to sell that particular security. 

ITEM 2. DESCRIPTION OF PROPERTY

The Company's offices are presently located at 24 Greenway Plaza, Suite1826, Houston, Texas, which space is provided to us on a rent-free basis by Mr. NeilLeibman. The office facility consist of approximately 800 square feet of office space. Itis anticipated that this arrangement for rent-free space will remain until such time as wesuccessfully consummate a Business Combination. The space made available for us at theoffices of Mr. Leibman are sufficient for the foreseeable future, until such time as weshall conclude a Business Combination. 

ITEM 3. LEGAL PROCEEDINGS

None.

ITEM 4. Submission of Matters to a Vote of Security Holders.

None.

 
**PART II**
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

(A) Market Information

Our Common Stock was listed for trading on the OTC Bulletin Board (OTCBB) under thesymbol "GEXA" until our Common Stock was delisted in 1992 following ourbankruptcy filing under Chapter XI after which date our Common Stock was quoted from timeto time on the "pink sheets" under the symbol GEXA. The Company changed itssymbol to GECX in March 31, 2001. We were also delisted from the OTCBB as a result of ournot being a current reporting company under the Exchange Act. We do not believe that therewas ever any significant trading activity in our Common Stock at any time. 

(B) Holders of Common Stock

At March 28, 2001, there were approximately 2,606 holders of record of Gexa GoldCorporation's common stock.

(C) Dividends

We have never paid any of dividends on our Common Stock, have no fundsfrom which to pay dividends and do not intend to pay dividends for the foreseeable future.We intend to retain earnings, if any, to finance the development and expansion of ourbusiness. Payment of dividends in the future will depend, among other things, upon ourability to generate earnings, its need for capital and its overall financial condition.

Recent sales of unregistered Securities

The Company has not sold any unregistered securities during the pastthree years. 

ITEM 6. MANAGEMENT'S PLAN OF OPERATION

The following discussion and analysis and plan of operation containsome forward-looking statements. Forward-looking statements give our current expectationsor forecasts of future events. You can identify these statements by the fact that they donot relate strictly to historical or current facts. They use words such as"anticipate," "estimate," "expect," "project,""intend," "plan," "believe," and other words and terms ofsimilar meaning in connection with any discussion of future operating or financialperformance. From time to time, we also may provide forward-looking statements in othermaterials we release to the public. See Exhibit 99.1 attached hereto regarding The PrivateSecurities Litigation Reform Act of 1995, Safe Harbor Compliance Statement for ForwardLooking Statements. 

Also note that we provide cautionary discussion of risks, uncertaintiesand possibly inaccurate assumptions relevant to our business under the section entitled"Risk Factors" under Item 1 Part 1. Other factors besides those listed couldalso adversely affect us in the future.

Overview

Our current activity is related to seeking a Business Combination. Wewill use our limited personnel and financial resources principally in connection witheffecting a Business Combination, and structuring and consummating a Business Combination.It may be expected that any Business Combination will involve the issuance of our sharesof Common Stock. To the extent that Common Stock is used as consideration to effect aBusiness Combination, any available cash, of which there can be no assurance, will be usedto finance the operations of the Target Business. At December 31, 1999 and at the datefiling of this Annual Report on Form 10-KSB, we have no cash or other current assets. 

During 1999 and 2000 we raised no funds through the sale of securities.We have generated no revenues from any source nor have we received any funding. Since Mr.Leibman became our chairman in March 2001 by action of the former board of directorsconsisting of Justin Rice, Gary Rice and Robert McDougal. As of the date of this filing,Mr. Leibman has paid for the benefit of the Company a total of approximately $50,000,which monies have been applied principally to pay fees related to our filings and reportsunder the Exchange Act. These filings are intended to permit us to become again currentunder the reporting requirements of the Exchange Act. While we are dependent upon limitedinterim payments made on behalf of the Company by Mr. Leibman to pay professional fees, wehave no written finance agreement with Mr. Leibman to provide any continued funding.Further, the repayment terms of any payments made on behalf of the Company by Mr. Leibmanhave not been determined at the date of the filing of this Form 10-KSB. Mr. Leibman ispresently negotiating on behalf of the Company with its attorney and CR Capital Services,Inc., its corporate securities compliance firm, to be paid for services in shares. Nodetermination has been made regarding the amount of shares.

We may determine to seek to raise funds from the sale of equity or debtsecurities, from bank or other borrowings or a combination thereof as part of anyconsideration in effecting a Business Combination. However, we have no commitments as ofthe date hereof to issue any securities, and cannot at this time predict whether equity ordebt financing will become available at terms acceptable to the Company, if at all. Weanticipate that in connection with a Business Combination, we will, in all likelihood,issue a substantial number of additional shares and to the extent that such additionalshares are issued, our shareholders will experience a dilution in their ownershipinterest. Additionally, if a substantial number of shares of Common Stock are issued inconnection with the consummation of a Business Combination, a change in control of Gexamay be expected to occur.

There currently are no limitations on our ability to borrow funds toeffect a Business Combination. However, our limited resources and lack of operatinghistory may make it difficult to borrow funds. The amount and nature of any borrowing byus will depend on numerous factors, including Gexa's capital requirements, potentiallenders' evaluation of Gexa's ability to meet debt service on borrowing and the thenprevailing conditions in the financial markets, as well as general economic conditions.Gexa does not have any arrangements with any bank or financial institution to secureadditional financing and there can be no assurance that such arrangements if required orotherwise sought, would be available on terms commercially acceptable or otherwise in thebest interests of Gexa. The inability of Gexa to borrow funds required to effect orfacilitate a Business Combination, or to provide funds for an additional infusion ofcapital into a Target Business, may have a material adverse effect on Gexa financialcondition and future prospects, including the ability to effect a Business Combination. Tothe extent that debt financing ultimately proves to be available, any borrowing willsubject Gexa to various risks traditionally associated with indebtedness, including therisks of interest rate fluctuations and insufficiency of cash flow to pay principal andinterest. Furthermore, a Target Business may have already incurred debt financing and,therefore, subject Gexa to all the risks inherent thereto.

ITEM 7. FINANCIAL STATEMENTS

Set forth below are the audited financial statements for the Companyfor the year ended December 31, 2000 and 1999.

**INDEX    TO FINANCIAL STATEMENTS**
Page
     BALANCE SHEETS DECEMBER 31, 2000 AND DECEMBER 31, 199914
     STATEMENT OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2000 AND 199915  STATEMENT OF    STOCKHOLDERS’ EQUITY YEARS ENDED DECEMBER 31, 2000 AND 199915
     STATEMENT OF CASH FLOW YEARS ENDED DECEMBER 31, 2000 AND 199915  NOTES TO CONSOLIDATED    FINANCIAL STATEMENTS16
 
**GEXA GOLD CORPORATION
BALANCE    SHEETS DECEMBER 31, 2000 AND 1999    
ASSETS
2000
1999Current Assets:      Cash
$0
$0      Other current assets00        Total current assets00          Total Assets
$
0
$
0  
LIABILITIES    AND STOCKHOLDERS' EQUITY  Current liabilities:   Accounts payable
$0
$
0     Total    current liabilities0
0          Total liabilities0
0Stockholders' equity:   Preferred stock,    $.05 par value; 2,500,000 shares   authorized; 37,779    preferred convertible shares issued and   outstanding1,889
1,889   Common stock, $.01    par value; 75,000,000 shares    authorized;    340,177 shares issued and outstanding
3,402
3,402   Additional paid-in    capital
-
-   Accumulated     (loss)
(5,291)
(5,291)     Total    stockholders' equity
0
0          Total   Stockholders' Equity and Liabilities
$
0
$
0
See    accompanying notes to financial statements.
 
**GEXA GOLD CORPORATION
STATEMENT    OF OPERATIONS YEARS ENDED DECEMBER 31, 2000 AND 1999      
2000
1999Revenues
$-
$-  Administrative expense
-
-      Total Expenses--Income (loss) from continuing    operations
-
-   Income (loss) from discontinued    operations
-
-  Income Taxes
-
-  Net income (loss)
$
-
$
-  Basic net loss per common share
$
0.00
$
0.00Diluted net loss per common    share
$
0.00
$
0.00  Basic weighted average common    shares outstanding
340,177
340,177Diluted weighted average common    shares outstanding
346,474
346,474
See    accompanying notes to financial statements.
 
**GEXA GOLD    CORPORATION
STATEMENTS OF    STOCKHOLDERS’ EQUITY YEARS ENDED DECEMBER 31, 2000 AND 1999              
Retained  
Addi-
Earnings
Total  
Preferred Stock
Common Stock
tional
(Accu-
Stockholders'  
Number
Number
Paid-in
mulated
Equity
of Shares
Amount
of Shares
Amount
Capital
Deficit)
Deficit  Balance, December 31, 199837,779
$1,889340,177
$3,402
$0
$(5,291)
$0Effect of 1 for 25 revers stock    splitNet loss          0  Balance, December 31, 199937,7791,889340,1773,4020(5,291)0Net income        0          Balance, December 31, 2000
37,779
$1,889340,177
$3,402
$  0
$(5,291)
$0
See    accompanying notes to financial statements.
 
**GEXA GOLD CORPORATION
STATEMENT OF CASH FLOW YEARS ENDED DECEMBER 31, 2000 AND    1999      
2000
1999Operating    activities:      Net income (loss)
$
0
$
0      Adjustments to reconcile net income (loss)       to net cash provided by operating activities:      Depreciation
0
0      Changes in operating assets and liabilities        Accounts receivable
0
0        Other current assets
0
0        Accounts payable
0
0        Accrued expenses and other liabilities
0
0          Net cash provided by operating activities
0
0Investing    activities:      Purchases of equipment
0
0      (Payments to) proceeds received from affiliate
0
0          Net cash provided by (used in) investing activities
0
0Financing    activities:      Proceeds from borrowings from stockholder
0
0      Proceeds from borrowings under term loan
0
0          Net cash provided by (used in) financing activities
0
0Net    increase (decrease) in cash and cash equivalents
0
0Cash and    cash equivalents, beginning of period
0
0Cash and    cash equivalents, end of period
$
0
$
0Supplemental    disclosure of cash flow data:      Interest paid
$
0
$
0
See accompanying notes to financial statements.
 

GEXA GOLD CORPORATION

NOTES TO THE FINANCIAL STATEMENTS

December 31, 2000 and 1999

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

Gexa Gold Corporation (hereinafter "the Company") wasincorporated on April 1, 1985 under the laws of the State of Nevada for the purpose ofacquiring, exploring and developing mining properties. During the year ended December 31,1999, the Company maintained offices in Wallace, Idaho. The Company's fiscal year endsDecember 31.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This summary of significant accounting policies of the Company ispresented to assist in understanding the Company's financial statements. The financialstatements and notes are representations of the Company's management, which is responsiblefor their integrity and objectivity. These accounting policies conform to generallyaccepted accounting principles and have been consistently applied in the preparation ofthe financial statements.

Principal Business Activities

The Company has been in the minerals exploration business since itsformation in April 1985 and has not yet realized any significant revenues from its plannedoperations. The Company has ceased its mineral exploration operations and has had nooperations during the year ended December 31, 1999.

Going Concern

The accompanying financial statements have been prepared assuming thatthe Company will continue as a going concern.

As shown in the accompanying financial statements the Company has hadno sales and had negative working capital in fiscal year 1999. The future of the Companyis dependent upon its ability to obtain financing and upon future successful explorationsfor and profitable operations from the development of mineral properties. The financialstatements do not include any adjustments relating to the recoverability andclassification of recorded assets, or the amounts and classification of liabilities thatmight be necessary in the event the Company cannot continue in existence.

Accounting Method

The Company's financial statements are prepared using the accrualmethod of accounting.

Loss Per Share

Loss per share was computed by dividing the net loss by the weightedaverage number of shares outstanding during the period. The weighted average number ofshares was calculated by taking the number of shares outstanding and weighting them by theamount of time that they were outstanding.

Cash and Cash Equivalents

For purposes of the Statement of Cash Flows, the Company considers allshort-term debt securities purchased with a maturity of three months or less to be cashequivalents.

Provision for Taxes

For income tax reporting purposes, the Company has elected to treat itscurrent and historical operating expenses as capitalizable exploration and developmentcosts under IRC Code Section 616 (b). Accordingly, the Company has no net operating losscarryforwards.

Use of Estimates

The process of preparing financial statements in conformity withgenerally accepted accounting principles requires the use of estimates and assumptionsregarding certain types of assets, liabilities, revenues, and expenses. Such estimatesprimarily relate to unsettled transactions and events as of the date of the financialstatements. Accordingly, upon settlement, actual results may differ from estimatedamounts.

NOTE 3 - STOCKHOLDERS' EQUITY

During the prior three years, the Company has not issued any commonstocks. 

NOTE 4 - RELATED PARTIES

The Company occupies office space provided by its officers anddirectors at no charge. The value of this space is not considered materially significantfor financial reporting purposes.

NOTE 5 – SUBSEQUENT EVENTS

An officer of the Company has paid expenses for the benefits of theCompany totaling approximately $50,000 as of April 2, 2001.

 

ITEM 8. CHANGES IN AND DISAGREEMENTS WITHACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

We are filing this Annual Reportfor the year ended December 31, 1999, which contains our financial statements for the yearended December 31, 2000 and 1999. The Company is an inactive entity as defined in Section210.3-11 of Regulation S-X. The financial statements filed herewith are unaudited. Therewas no adverse opinion, disclaimer of opinion, or was modified as to uncertainty, auditscope or accounting principles in previous annual filings on Form 10-KSB. There was nodisagreement with the former accountants, whether or not resolved, on any matter ofaccounting principles or practices, financial statement disclosure, which would havecaused it to make reference to the subject matter of the disagreement(s) in connectionwith its reports. At the time of this filing, the Company has not engaged a newaccountant. The financial statements for the year ended December 31, 2000 and 1999 wereprepared by our President.

 
**PART III**
ITEM 9. DIRECTORS AND EXECUTIVE OFFICERS OF THEREGISTRANT

At present we have threeexecutive officers and four directors. We have elected to maintain seven board seats toserve three year staggered terms. We may elect more additional directors and appointadditional officers in connection with a Business Combination transaction. Our director(s)are elected to serve until the next annual meeting of shareholders and until his (their)respective successors will have been elected and will have qualified.

The following table sets forth as the name, age and position held with respect to ourdirectors and executive officer:
Name
Age
Positions
TermNeil    Leibman
41
Chief Executive Officer, Director 
one yearsMarcie Zlotnik41President,    Directorone yearsKyle A. MacDonald37Chief Technical    Officerone yearsSteven H. Bethke42Directorone yearsNorman George63Directorone years
Mr. Leibman, CEO: Mr. Neil Leibman has an undergraduate degree fromEmroy University and a Juris Doctor and Master of Business Administration degree from theState University of New York at Buffalo. Since 1984, Mr. Leibman has been practicing lawin Texas. His law firm is specialized in corporate law and business litigation. Mr.Leibman currently sits on the Board of Directors of Sundowner Pools & Landscape, Inc.and EZUtilities Corp. In addition, he serves as Vice Chairman of the Board of Trustee ofThe Fay School and on the Development Council of Texas Childrin's Hospital.

Ms. Marcie Zlotnik, President: Ms. Zlotnik graduated in 1987 from the University ofTexas at Austin with a Bachelor of Business Administration in Accounting. Ms. Zlotnik hasbeen working in the telecommunication industry for the last 10 years. During these years,Mr. Zlotnik was Chief Operating Officer for Coastal Telephone Company, which was sold toBroadwing Communication. Following her managing position at Coastal Telephone Company, Ms.Zlotnik became President of TotalNet Communications, Inc., a long distance telephonecompany in Houston, Texas.

Mr. Kyle A. MacDonald, Chief Technical Officer: Mr. MacDonald graduated from theUniversity of Colorado in Boulder with a Bachelor of Fine Arts, majoring in PoliticalScience in 1987. Mr. MacDonald co-founded TouchMedia Networks, Inc., an interactive kioskprovider in 1992, which was later sold to High Technology solutions, Inc. Mr. MacDonaldbecame Director of Business Development at High Technology Solutions, Inc.

Mr. Bethke is currently Chairman and CEOof Affordable Telecommunication Technology Corporation (Symbol: ATTP), a public whichshares are subject to quotation on the OTCBB. Mr. Bethke previously was employed asGeneral Manager of Houston Telephone and Paging (HT&P), from July, 1995 to September,1996. Prior to joining HT&P, he was employed as a consultant to HT&P from January,1995 to July, 1995. Prior to joining HT&P as a consultant, he was employed by EvenAmerica, Inc. (which is the North American marketing company for Samson Electronics LTD, aKorean electronics manufacturer, including paging equipment) as North American SalesManager from August 1994 to July, 1995. Mr. Bethke was Manager of Indirect Distributionwith MobileComm (a Bell South company) from June 1993 to August 1994. Prior to that timehe was employed as Manager of Distribution for Houston Cellular Telephone Company fromNovember 1988.

Mr. George is currently a Director andChief Financial Officer of Affordable Telecommunication Technology Corporation(Symbol: ATTP), a public company which shares are subject to quotation on the OTCBB theCompany, was hired as part-time Chief Financial Officer on September 1, 1998 and remainedin such capacity until mid-1999 at which time he became full-time CFO. Prior to joiningthe Company, he was self -employed with ownership interest in numerous retail companiesover the past twenty-five (25) years. He formerly was employed for 10 years by Peat,Marwick and Mitchell as a retail consultant. He is a graduate of the University of Texaswith a degree in Finance and Accounting.

Section 16(a) Beneficial Ownership Reporting Compliance:
Name of Officer/Director
Forms Not FiledNeil Leibman
Forms 3, 4  and 5Marcie ZlotnikForms 3, 4  and 5Kyle A. MacDonaldForms 3, 4  and 5Steven H. BethkeForms 3, 4  and 5Norman George
Forms 3, 4  and 5
ITEM 10. EXECUTIVE COMPENSATION
          
Long Term Compensation        
Annual Compensation
Awards
Payouts  
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
Name and Principal    Position
Year
Salary
Bonus 
Other Annual    Compensation
Restricted Stock    Award(1) 
Securities Underlying    Options/SAR 
LTIP Payouts 
All other compensation         
($)($)($)($)(#)($)($)
Neil Leibman, CEO,    Director, Since 3-2001   
0000000Marcie Zlotnik, President, Director,    Since 3-2001  0000000Kyle A. MacDonald, CTO,  Since    3-2001  0000000Steven H. Bethke, Director, Since 3-2001   0000000Norman George, Director, Since 3-2001  0000000Justin Rice20000000000Justin Rice19990000000Justin Rice19980000000Gary Rice20000000000Gary Rice19990000000Gary Rice19980000000Robert McDougal20000000000Robert McDougal19990000000Robert McDougal19980000000
(1) All new officers    commenced serving in such positions in March 2001. During 1999 and 2000, we paid no    executive compensation, because we lacked the cash flow and financial resources. The    Company has no employment agreement with any of its officers and directors nor any    arrangement to pay any compensation.
 

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth certain information regarding thebeneficial ownership of the Common Stock of Gexa as of April 21, 2001, and the date of thefiling of this Form 10-KSB for the year ended December 31, 1999 and 2000, beneficially byeach person owning more than 5% of such common shares and the directors and executiveofficers, and by all officers and directors, as a group.
Name and Address of Beneficial    Owner
Amount and    Nature of Beneficial Ownership
Percent of    Class Outstanding(a)Neil Leibman, CEO, 24 Greenway,    Suite 1826, Houston, TX 77046(1)0
0%Marcie Zlotnik, President, 24    Greenway, Suite 1826, Houston, TX 770460
0%Kyle A. MacDonald, CTO, 24    Greenway, Suite 1826, Houston, TX 770460
0%N. Peter Hamilton21,363
6.27%N. A. Degerstorm, Inc.47,899
14.08%Justin L. Rice30,627
9.00%Gary L. Rice
21,880
6.43%All Officers and Directors as a    Group (one person)
0
0%Based on 340,177    shares of Common Stock outstanding as of December 31, 2001.
(1)    Mr. Leibman became the Company’s CEO and director in March 2001.(2) Ms. Zlotnik became    the Company’s President and director in March 2001.(3) Mr. MacDonald    became the Company’s Chief Technology Officer in July 2001.
ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

There were no transaction during the last two years, or proposed transactions, to whichthe Company was or is to be a party, in which any Officer, Director or Control Person hador is to have a direct or indirect material interest. 

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

(A) Exhibits

Exhibit No.
Description
3.1
Articles of Incorporation    (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form 10-12g    filed September 3, 1987.
3.2
Bylaws (incorporated by    reference to Exhibit 3.2 to the Company's Registration Statement on Form 10-12g filed    September 3, 1987.
99.1
Save Harbor Compliance    Statement for Forward-Looking Statements99.2Texas Business Corporation Act Part V, Article    5.1, 5.2 and 5.3.
Description of Exhibits

Exhibit 99.1

PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 SAFE HARBOR COMPLIANCESTATEMENT FOR FORWARD-LOOKING STATEMENTS

In passing the Private Securities Litigation Reform Act of 1995 (the"Reform Act"), 15 U.S.C.A. Sections 77z-2 and 78u-5 (Supp. 1996), Congressencouraged public companies to make "forward-looking statements" by creating asafe harbor to protect companies from securities law liability in connection withforward-looking statements. Gexa Gold Corporation ("the Company") intends toqualify both its written and oral forward-looking statements for protection under theReform Act and any other similar safe harbor provisions.

"Forward-looking statements" are defined by the Reform Act.Generally, forward-looking statements include expressed expectations of future events andthe assumptions on which the expressed expectations are based. All forward- lookingstatements are inherently uncertain as they are based on various expectations andassumptions concerning future events and they are subject to numerous known and unknownrisks and uncertainties which could cause actual events or results to differ materiallyfrom those projected. Due to those uncertainties and risks, the investment community isurged not to place undue reliance on written or oral forward-looking statements of theCompany. The Company undertakes no obligation to update or revise this Safe HarborCompliance Statement for Forward-Looking Statements (the "Safe HarborStatement") to reflect future developments. 
**EXHIBIT 99.2

Art. 5.01. Merger

     A. A domestic corporation may adopt aplan of merger and one or more domestic corporations may merge with one or more domesticor foreign corporations or other entities if:

     (1) the board of directors of eachdomestic corporation that is a party to the plan of merger acts upon and its shareholders(if required by Article 5.03 of this Act) approve the plan of merger in the mannerprescribed in Article 5.03 of this Act;

     (2) if one or more foreign corporationsor other entities is a party to the merger or is to be created by the terms of the plan ofmerger, (a) the merger is permitted by the laws of the state or country under whose laweach foreign corporation, if any, that is a party to the merger is incorporated, (b) themerger is either permitted by the laws under which each other entity that is a party tothe merger is incorporated or organized or by the constituent documents of the otherentity that are not inconsistent with such laws, and (c) each foreign corporation or otherentity that is a party to the merger complies with such laws or documents in effecting themerger; and

     (3) no shareholder of a domesticcorporation that is a party to the merger will, as a result of such merger, becomepersonally liable, without his consent, for the liabilities or obligations of any otherperson or entity.

     B. A plan of merger shall set forth:

     (1) the name of each domestic or foreigncorporation or other entity that is a party to the merger and the name of each domestic orforeign corporation or other entity, if any, that shall survive the merger, which may beone or more of the domestic or foreign corporations or other entities party to the merger,and the name of each new domestic or foreign corporation or other entity, if any, that maybe created by the terms of the plan of merger;

     (2) the terms and conditions of themerger including, if more than one domestic or foreign corporation or other entity is tosurvive or to be created by the terms of the plan of merger, (a) the manner and basis ofallocating and vesting the real estate and other property of each domestic or foreigncorporation and of each other entity that is a party to the merger among one or more ofthe surviving or new domestic or foreign corporations and other entities, (b) the name ofthe surviving or new domestic or foreign corporation or other entity that is to beobligated for the payment of the fair value of any shares held by a shareholder of anydomestic corporation that is a party to the merger who has complied with the requirementsof Article 5.12 of this Act for the recovery of the fair value of his shares, and (c) themanner and basis of allocating all other liabilities and obligations of each domestic orforeign corporation and other entity that is a party to the merger (or making adequateprovision for the payment and discharge thereof) among one or more of the surviving or newdomestic or foreign corporations and other entities;

     (3) the manner and basis of convertingany of the shares or other evidences of ownership of each domestic or foreign corporationand other entity that is a party to the merger into shares, obligations, evidences ofownership, rights to purchase securities or other securities of one or more of thesurviving or new domestic or foreign corporations or other entities, into cash or otherproperty, including shares, obligations, evidences of ownership, rights to purchasesecurities or other securities of any other person or entity, or into any combination ofthe foregoing, and if any shares or other evidences of ownership of any holder of a classor series of shares or other evidence of ownership is to be converted in a manner or basisdifferent than any other holder of shares of such class or series or other evidence ofownership, the manner and basis applicable to such holder;

     (4) as an exhibit or attachment, thearticles of incorporation of any new domestic corporation to be created by the terms ofthe plan of merger; and

     (5) the articles of incorporation orother organizational documents of each other entity that is a party to the merger and thatis to survive the merger or is to be created by the terms of the plan of merger.

     C. The plan of merger may set forth:

     (1) any amendments to the articles ofincorporation of any surviving corporation;

     (2) provisions relating to a shareexchange; and

     (3) any other provisions relating to themerger.

     D. Upon the merger's taking effect, thesurviving or new foreign corporation or other entity, if any, that is the sole survivingor new foreign corporation or other entity in the merger, or if more than one domestic orforeign corporation or other entity is to survive or to be created by the terms of theplan of merger, the surviving or new foreign corporation or other entity that isdesignated in the plan of merger to be the entity obligated for the payment of the fairvalue of any shares held by a shareholder who has complied with the requirements ofArticle 5.12 of this Act for the recovery of the fair value of his shares, is deemed:

     (1) to appoint the Secretary of State inthis State as its agent for service of process in a proceeding to enforce any obligationor the rights of dissenting shareholders of each domestic corporation that is a party tothe merger; and

     (2) to agree that it will promptly pay tothe dissenting shareholders of each domestic corporation that is a party to the merger theamount, if any, to which they are entitled under Article 5.11 of this Act.

     E. This Article does not limit the powerof a domestic or foreign corporation or other entity to acquire all or part of the sharesof one or more classes or series of a domestic corporation through a voluntary exchange orotherwise.

     F. This Article does not limit the powerof domestic or foreign corporations to merge pursuant to Article 5.16 of this Act.

Acts 1955, 54th Leg., p. 239, ch. 64, eff. Sept. 6, 1955. Amended byActs 1971, 62nd Leg., p. 1173, ch. 276, Section 2, eff. May 19, 1971.

Sec. B amended by Acts 1983, 68th Leg., p. 1714, ch. 326, Section 1,eff. Aug. 29, 1983; Acts 1983, 68th Leg., p. 2569, ch. 442, Section 7, eff. Sept. 1, 1983.Amended by Acts 1989, 71st Leg., ch. 801, Section 26, eff. Aug. 28, 1989; Secs. B and Damended by Acts 1991, 72nd Leg., ch. 901, Section 25, eff. Aug. 26, 1991; Sec. B amendedby Acts 1997, 75th Leg., ch. 375, Section 24, eff. Sept. 1, 1997.
**Art. 5.02. Share Exchange or Acquisition

     A. One or more domestic or foreigncorporations or other entities may acquire all of the outstanding shares of one or moreclasses or series of one or more domestic corporations if:

     (1) the board of directors of eachdomestic corporation that is a party to the plan of exchange acts on a plan of exchange inthe manner prescribed by Article 

5.03 of this Act and its shareholders (if required by Article 5.03 ofthis Act ) approve the plan of exchange;

     (2) one or more foreign corporations orother entities is to issue shares or other interests as part of the plan of exchange, theissuance of such shares or interests is either permitted by the laws under which suchforeign corporation or other entity is incorporated, organized, or not inconsistent withsuch laws; and

     (3) each acquiring domestic or foreigncorporation or other entity takes all action that may be required by the laws of the stateor country under which it was incorporated or organized and by its constituent documentsto effect the exchange.

     B. A plan of exchange must set forth:

     (1) the name of the corporation orcorporations whose shares will be acquired and the name of each acquiring domestic orforeign corporation and other entity;

     (2) the terms and conditions of theexchange including, if there is more than one acquiring domestic or foreign corporation orother entity, the shares to be acquired by each such corporation or other entity; and

     (3) the manner and basis of exchangingthe shares to be acquired for shares, obligations, evidences of ownership, rights topurchase securities or other securities of one or more of the acquiring domestic orforeign corporations or other entities that is a party to the plan of exchange, or forcash or other property, including shares, obligations, evidences of ownership, rights topurchase securities or other securities of any other person or entity, or for anycombination of the foregoing, and if any shares or other evidences of ownership of anyholder of a class or series of shares or other evidence of ownership is to be exchanged ina manner or basis different than any other holder of shares of such class or series orother evidence of ownership, the manner and basis applicable to such holder.

     C. The plan of exchange may set forth anyother provisions relating to the exchange and may be contained in and be a part of a planof merger.

     D. A plan of exchange may not be effectedif any shareholder of a domestic corporation that is a party to the share exchange will,as a result of the share exchange, become personally liable, without his consent, for theliabilities or obligations of any other person or entity.

     E. This Article does not limit the powerof a domestic or foreign corporation or other entity to acquire all or part of the sharesof one or more classes or series of a domestic corporation through a voluntary exchange orotherwise.

Acts 1955, 54th Leg., p. 239, ch. 64, eff. Sept. 6, 1955. Amended byActs 1971, 62nd Leg., p. 1173, ch. 276, Section 3, eff. May 19, 1971.

Sec. B amended by Acts 1983, 68th Leg., p. 2570, ch. 442, Section 8,eff. Sept. 1, 1983. Amended by Acts 1989, 71st Leg., ch. 801, Section 27, eff. Aug. 28,1989; Sec. B amended by Acts 1991, 72nd Leg., ch. 901, Section 26, eff. Aug. 26, 1991;Secs. A, B amended by Acts 1997, 75th Leg., ch. 375, Section 25, eff. Sept. 1, 1997.
**Art. 5.03. Action on Plan of Merger or Exchange

     A. Except as provided by Sections G and Hof this Article, after acting on a plan of merger or exchange in the manner prescribed bySubsection (1) of Section B of this Article, the board of directors of each domesticcorporation that is a party to the merger, and the board of directors of each domesticcorporation whose shares are to be acquired in the share exchange, shall submit the planof merger or exchange for approval by its shareholders. Unless the articles ofincorporation otherwise require, no approval by shareholders of a plan of merger isrequired under this Article for any corporation that is a party to the plan of mergerunless that corporation is also a party to the merger.

     B. Except as provided by Sections G and Hof this Article, for a plan of merger or exchange to be approved:

     (1) the board of directors of thecorporation shall adopt a resolution recommending that the plan of merger or exchange beapproved by the shareholders of the corporation, unless the board of directors determinesthat for any reason it should not make that recommendation, in which case the board ofdirectors shall adopt a resolution directing that the plan of merger or exchange besubmitted to shareholders for approval without recommendation and, in connection with thesubmission, communicate the basis for its determination that the plan be submitted toshareholders without any recommendation; and

     (2) the shareholders entitled to vote onthe plan of merger or exchange must approve the plan.

     C. The board of directors may conditionits submission to shareholders of a plan of merger or exchange on any basis.

     D. The corporation shall notify eachshareholder, whether or not entitled to vote, of the meeting of shareholders at which theplan of merger or exchange is to be submitted for approval in accordance with Article 2.25of this Act. The notice shall be given at least 20 days before the meeting and shall statethat the purpose, or one of the purposes, of the meeting is to consider the plan of mergeror exchange and shall contain or be accompanied by a copy or summary of the plan.

     E. Unless the board of directors (actingpursuant to Section C of this Article) requires a greater vote or a vote by class orseries, the vote of shareholders required for approval of a plan of merger or exchangeshall be the affirmative vote of the holders of at least two-thirds of the outstandingshares of each corporation entitled to vote thereon, unless any class or series of sharesof any such corporation is entitled to vote as a class thereon, in which event the voterequired for approval by the shareholders of such corporation shall be the affirmativevote of the holders of at least two-thirds of the outstanding shares within each class orseries of shares entitled to vote thereon as a class and at least two-thirds of theoutstanding shares otherwise entitled to vote thereon. Shares entitled to vote as a classshall be entitled to vote only as a class unless otherwise entitled to vote on each mattersubmitted to the shareholders generally or provided in the articles of incorporation.

     F. Separate voting by a class or seriesof shares of a corporation shall be required:

     (1) for approval of a plan of merger if(a) the plan contains a provision that if contained in a proposed amendment to thearticles of incorporation would require approval by that class or series of shares underArticle 4.03 of this Act, or (b) that class or series of shares is entitled under thearticles of incorporation to vote as a class thereon; and

     (2) on a plan of exchange if (a) sharesof that class or series are to be exchanged pursuant to the terms of the plan, or (b) thatclass or series is entitled under the articles of incorporation to vote as a classthereon.

     G. Unless the articles of incorporationotherwise require, approval by the shareholders of a corporation on a plan of merger shallnot be required and the provisions of Sections A, B, C, D, E, and F of this Article do notapply if:

     (1) the corporation is the sole survivingcorporation in the merger;

     (2) the articles of incorporation of thecorporation will not differ from its articles of incorporation before the merger;

     (3) each shareholder of the corporationwhose shares were outstanding immediately before the effective date of the merger willhold the same number of shares, with identical designations, preferences, limitations, andrelative rights, immediately after the effective date of the merger;

     (4) the voting power of the number ofvoting shares outstanding immediately after the merger, plus the voting power of thenumber of voting shares issuable as a result of the merger (either by the conversion ofsecurities issued pursuant to the merger or the exercise of rights to purchase securitiesissued pursuant to the merger), will not exceed by more than 20 percent the voting powerof the total number of voting shares of the corporation outstanding immediately before themerger;

     (5) the number of participating sharesoutstanding immediately after the merger, plus the number of participating shares issuableas a result of the merger (either by the conversion of securities issued pursuant to themerger or the exercise of rights to purchase securities issued pursuant to the merger),will not exceed by more than 20 percent the total number of participating shares of thecorporation outstanding immediately before the merger; and

     (6) the board of directors of thecorporation adopts a resolution approving the plan of merger.

     H. Unless the articles of incorporationotherwise require, approval by the shareholders of a corporation of a plan of merger shallnot be required and Sections A, B, C, D, E, and F of this Article do not apply if:

     (1) the merger is a merger of thecorporation with or into a direct or indirect wholly owned subsidiary of the corporationand after the merger the corporation or its successor is a direct or indirect wholly ownedsubsidiary of a holding company;

     (2) the corporation and the direct orindirect wholly owned subsidiary of the corporation are the only parties to the merger;

     (3) each share or a fraction of a shareof stock of the corporation outstanding immediately prior to the effectiveness of themerger is converted in the merger into a share or fraction of share of capital stock ofthe holding company having the same designations, preferences, limitations, and relativerights as a share of stock of the corporation being converted in the merger;

     (4) the holding company and thecorporation are domestic corporations;

     (5) the articles of incorporation andbylaws of the holding company immediately following the effective time of the mergercontain provisions identical to the articles of incorporation and bylaws of thecorporation immediately prior to the effective time of the merger (other than provisions,if any, regarding the incorporator or incorporators, the corporate name, the registeredoffice and agent, the initial board of directors, and the initial subscribers of sharesand such provisions contained in any amendment to the certificate as were necessary toeffect a change, exchange, reclassification, or cancellation of shares, if such change,exchange, reclassification, or cancellation has become effective);

     (6) the articles of incorporation andbylaws of the surviving corporation immediately following the effective time of the mergercontain provisions identical to the articles of incorporation and bylaws of thecorporation immediately prior to the effective time of the merger (other than provisions,if any, regarding the incorporator or incorporators, the corporate name, the registeredoffice and agent, the initial board of directors, and the initial subscribers of sharesand such provisions contained in any amendment to the certificate as were necessary toeffect a change, exchange, reclassification, or cancellation of shares, if such change,exchange, reclassification, or cancellation has become effective); provided, however,that:

     (a) the articles of incorporation of thesurviving corporation shall be amended in the merger to contain a provision requiring thatany act or transaction by or involving a surviving corporation that requires for itsapproval under this Act or the corporation's articles of incorporation the approval ofshareholders of the surviving corporation shall, by specific reference to this section,require the approval of the shareholders of the holding company (or any successor bymerger) by the same vote as is required by this Act and the articles of incorporation ofthe surviving corporation; and

     (b) the articles of incorporation of thesurviving corporation may be amended in the merger to change the classes and series ofshares and the number of shares that the surviving corporation is authorized to issue;

     (7) the directors of the corporationbecome or remain directors of the holding company on the effective time of the merger;

     (8) the shareholders of the corporationwill not recognize gain or loss for United States federal income tax purposes asdetermined by the board of directors of the corporation; and

     (9) the board of directors of thecorporation adopts a resolution approving the plan of merger.

     I. As used in this Article:

     (1) "Direct or indirect wholly ownedsubsidiary" means, with respect to any corporation, another corporation, all of theoutstanding voting stock of which is owned by the corporation or by one or more otherdomestic or foreign corporations or other entities, all of the outstanding voting stock orinterests of which is owned by the corporation or one or more of such other wholly owneddomestic or foreign corporations or other entities.

     (2) "Holding company" means acorporation which, from its incorporation until the effectiveness of a merger pursuant toSection H of this Article, was at all times a direct or indirect wholly owned subsidiaryof the corporation and whose stock is issued in the merger permitted by Section H of thisArticle.

     (3) "Participating shares"means shares that entitle the holders thereof to participate without limitation indistributions.

     (4) "Party to the merger"means:

     (a) a domestic corporation that is to bedivided into two or more new domestic corporations or into a surviving corporation and oneor more new domestic or foreign corporations or other entities pursuant to a plan ofmerger; or

     (b) a domestic or foreign corporation orother entity that is to be combined with one or more domestic or foreign corporations orother entities pursuant to a plan of merger resulting in (i) one or more survivingdomestic or foreign corporations or other entities, (ii) the creation of one or more newdomestic or foreign corporations or other entities, or (iii) one or more survivingdomestic or foreign corporations or other entities and the creation of one or more newdomestic or foreign corporations or other entities. A domestic or foreign corporation orother entity that is a party to a plan of merger that is not to be divided or combinedinto or with one or more domestic or foreign corporations or other entities is notconsidered to be a party to the merger even if shares, securities, or other property ofsuch party is to be issued pursuant to the plan of merger.

     (5) "Voting shares" meansshares that entitle the holders thereof to vote unconditionally in elections of directors.

     (6) "Shares" means, withoutlimitation, a receipt or other instrument issued by a depositary representing an interestin one or more shares of stock, or fractions thereof, solely of a domestic or foreigncorporation, which stock is deposited with a depositary.

     J. To the extent the provisions containedin Part Thirteen of this Act apply to the corporation and its shareholders at theeffective time of a merger pursuant to Section H of this Article, those provisions shallcontinue to apply to the holding company and its shareholders immediately after theeffective time of the merger as though it were the corporation, and all shares of theholding company acquired in the merger shall, for purposes of Part Thirteen, be deemed tohave been acquired at the time that the shares of stock of the corporation converted inthe merger were acquired, and any shareholder who, immediately prior to the effective timeof the merger, was not an affiliated shareholder within the meaning of Article 13.02 ofthis Act shall not solely by reason of the merger become an affiliated shareholder of theholding company.

     K. If the corporate name of a holdingcompany immediately following the effective time of a merger pursuant to Section H of thisArticle is the same as the corporate name of the corporation immediately prior to theeffective time of the merger, the shares of the holding company into which the shares ofthe corporation are converted in the merger shall be represented by the stock certificatesthat previously represented the shares of the corporation.

     L. After a merger or share exchange isapproved, and at any time before the merger or share exchange has become effective, theplan of merger or share exchange may be abandoned (subject to any contractual rights) byany of the corporations that are a party to the merger, without shareholder action, inaccordance with the procedures set forth in the plan of merger or exchange or, if no suchprocedures are set forth in the plan, in the manner determined by the board of directors.If articles of merger or exchange have been filed with the Secretary of State but themerger or share exchange has not yet become effective, the merger or share exchange may beabandoned if a statement, executed on behalf of each domestic corporation and foreigncorporation or other entity that is a party to the merger or share exchange by an officeror other duly authorized representative, stating that the plan of merger or exchange hasbeen abandoned in accordance with applicable law is filed with the Secretary of Stateprior to the effectiveness of the merger or share exchange. If the Secretary of Statefinds that such statement conforms to law, he shall, when all fees have been paid asrequired by law:

     (1) Endorse on the original and each copythe word "Filed" and the month, day, and year the filing thereof.

     (2) File the original in his office.

     (3) Issue a certificate of abandonment toeach domestic or foreign corporation or other entity that is a party to the merger orexchange.

Upon the filing of such statement by the Secretary of State, the mergeror share exchange shall be deemed abandoned and shall not become effective.

Acts 1955, 54th Leg., p. 239, ch. 64, eff. Sept. 6, 1955. Amended byActs 1967, 60th Leg., p. 1720, ch. 657, Section 9, eff. June 17, 1967.

Amended by Acts 1989, 71st Leg., ch. 801, Section 28, eff. Aug. 28,1989; Secs. B, E, G, I amended by Acts 1991, 72nd Leg., ch. 901, Section 27, eff. Aug. 26,1991; Secs. A, B, G amended by Acts 1993, 73rd Leg., ch. 215, Section 2.13, eff. Sept. 1,1993. Amended by Acts 1997, 75th Leg., ch. 375, Section 26, eff. Sept. 1, 1997.

 

(B) Reports on Form 8-K

None
**SIGNATURES**
Pursuant to the requirements of Section 13 or 15(d) of the SecuritiesExchange Act of 1934, the Registrant has duly caused this report to be signed on itsbehalf by the undersigned, thereunto duly authorized.

Gexa Gold Corporation  
By: /s/ Marcie ZlotnikMarcie Zlotnik, President
Houston, TX
Dated: June 5, 2001**************************** |
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