IRONRIDGE

[pennymonster1]

SEC Subpoena Investigating Ironridge – On December 4, 2013, the Company was served with a subpoena issued by the Securities and Exchange Commission (“SEC”) in connection with the SEC’s investigation of Ironridge Global, IV, Ltd. and/or its affiliates (collectively “Ironridge”). The subpoena demanded production of a broadly defined scope of documents related to any communications or transactions between the Company and Ironridge. The Company cooperated fully by producing responsive documents and participating in a phone interview with SEC investigators. Although the SEC declined to provide the Company with specific information regarding the nature or scope of its investigation, the Company believes that the investigation does not extend to any claim that the Company violated federal securities laws in connection with its dealings with Ironridge........that was from Velas 10K