domain - On Aug 3, MCCY had an O/S of 50 Million shares (without owning Argo Nav and without owning ECN Holdings or anything except for Effective Control Trucking).
LONGUEUIL, QC--(MARKET WIRE)--Aug 3, 2007 -- Media City Corp. (Other OTC:MCCY.PK - News) (www.ecnholding.com) President Raphael Huppe is pleased to announce that Stalt Inc. has been hired as the new Transfer Agent. Currently there are 24 million free trading shares and 26 million restricted shares. Effective Control Trucking LLC. is a wholly owned subsidiary of Media City Corp.
The legal opinion dated Sept 13 spelled out a share increase of 60,000,000 restricted shares for the intellectual property of all the entities being consolidated, plus 10,000,000 additional to Argo.
50,000,000 plus 70,000,000 = 120,000,000
However, they announced O/S after consolidation would be 125,000,000?
"Media City shall also complete the acquisition of Argo Navigation within the upcoming days with the issuance of ten million (10,000,000) restricted shares to be distributed amongst Jason Shin and key employees of Argo Navigation. With the above mentioned shares MCCY will have a total of 125,000,000 active shares.
On Oct 26 it was announced that 41,800,000 shares were being returned in exchange for options.
That meant that the total increase (since 8/3) in shares outstanding should have been 28,200,000 for a total O/S of 78,200,000 (including Argo).
Now Stalt says the number is 96,622,177. (supposedly including Argo and Lemay?)
You state that RH claims 8.3 million shares will be canceled next week (they were restricted stock from a previous shareholder?) and 3 million have been given to Claude Lemay (restricted for 2 years).
If we subtract the 8.3 million being returned from the current Stalt number (which supposedly includes Argo and Lemay), it leaves us with an O/S of 88,322,177
There is an unexplained increase of 10,122,177 shares since 8/3 is there not?
When all is said and done it's what's done that counts, not what's said.
