Strategic Asset Leasing Inc (LEAS)

[ofspring]

Negative stock dividend? ????

At the time of these financial statements the Company has committed to several subsequent events to take place during the fourth quarter: On September 17, 2014, the Board of Directors voted unanimously to recommend that the shareholders approve an amendment to the Articles of Incorporation changing the name of the corporation to: STRATEGIC ASSET LEASING, INCORPORATED. Further, on that same date, the Board of Directors declared a negative stock dividend of its common stock at 1 for 500 share ratio on all active shares of common stock on a record date of September 30, 2014 and to become effective on November 4, 2014. Both actions were approved by a majority of the shareholders on October 17, 2014. The Company on October 20, 2014 filed the Electronic Notification required by the Financial Industry Regulatory Association (FINRA) and is awaiting approval of the proposed corporate actions. The negative stock dividend effectively reverses the common voting shares without affecting the overall authorized capitalization of the Company and its par value. The effect of the reverse will be to reduce the 252,000,000 common shares currently issued and outstanding to 504,000 common voting shares. The Company has taken this action to facilitate an anticipated acquisition outside the mining industry the name change better describes the expanded business profile of the Company in re such type of acquisition. The negative dividend is being recommended to better restructure the common stock of the corporation to make such an acquisition more attractive