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Mr. Bill Grandfathered
09/11/06 7:09 PM

Inncardio, Inc (fka ICDO) RSS Feed

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Shell. OS=80,896 CEO=10K BGF=35K Float=35,896 shares Effective June 7, 2006, the Company rescinded the acquisition of Inncardio, Inc., a Delaware corporation, which occurred in February 2005. As a result of the rescission, 13,500,000 shares issued in the acquisition have been cancelled and Inncardio, Inc., a Delaware corporation, is no longer a subsidiary of the Company. Additionally, on June 15, 2006, 1,220,000 shares that were issued pursuant to a conversion of debt prior to the acquisition have been cancelled and the debt, totaling $296,304, has been reinstated on the books and records of the Company. Due to the Rescission, the Company is no longer pursuing the business operations conducted by Inncardio, Inc., a Delaware Corporation. The Company is currently searching for a new business opportunity to merge with or acquire. There can be no guarantee that the company will be successful in completing any new acquisition or merger. Additionally, contemporaneously with the rescission, Eric Ray Thatcher, was appointed to the Board of Directors and as President of the Company, and all other officers and directors of the Company have resigned. In June 2006, the Board of Directors voted unanimously to effect a 100:1 reverse split of the Company's common stock to be effective July 27, 2006. June 15, 2006, the Board of Directors consented to issue 1,000,000 shares of the Company's common stock Eric Thatcher for services rendered as sole officer and director of the Company. These services were valued at $1,000. On June 15, 2006, the Company issued 3.5 million shares in exchange for $3,500 in consideration from Business Growth Funding, Inc. As a result of the purchase, Business Growth Funding, Inc. became the controlling shareholder of the Company. No commissions were paid in connection with the sale The recapitalization will reduce on a 100 to 1 basis the issued and outstanding shares of the Company's common stock, par value $.001 per share through a reverse split or consolidation, so that shareholders will receive one (1) share of Common Stock for every one hundred (100) shares of Common Stock now held by the shareholder. In an effort to preserve shareholders in "round lots", which is of benefit to the shareholders and the Company, no certificate below one hundred shares will be reversed and no certificate greater than one hundred shares will be reversed below one hundred shares. No fractional shares will be issued in connection with such recapitalization and only fractional shares will be rounded up to the nearest whole number. This transaction is not intended to be a "going private" transaction. 13 The rights of existing shareholders will not be altered and no shareholder will be eliminated as a result of the reverse split.
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