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Friday, 08/21/2015 2:43:30 PM

Friday, August 21, 2015 2:43:30 PM

Post# of 9626
LIQUIDITY DEFICIENCY

The Company’s failure to timely file its Form 10-Q constitutes an event of default on the Company’s outstanding convertible promissory notes in the aggregate principal amount of $3.2 million. The Company does not have the financial resources to repay this indebtedness. While the Company is currently in discussions with several parties and is considering several strategic and financial alternatives that would assist in recapitalizing the Company, there are currently no firm commitments for any additional financings and no assurances can be given that the Company will be able to raise the necessary capital to continue its operations and execute its business plan.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10876599
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