As I recall, Dean originally used the B's to circumvent the AS increase back when he first maxed out the OS. He convinced a couple of people that the B's would be better than common, then refused to convert them back because he didn't have any common left...
Series B Preferred Stock. The full Board of Directors upon motion duly made, seconded and
carried unanimously, approved the established of a second class of preferred stock to be referred
to as “Class B Convertible Preferred Stock”. This class shall be allocated 150,000 shares of the
50,000,000 shares authorized in the Amended and Restated Articles of Incorporation of Quasar
Aerospace Industries, Inc., f/k/a Quasar International Holdings, Inc. The officers of the
corporation are further authorized to exchange preferred shares for common shares from existing
shareholders and to transmit said common shares to the transfer agent, Computershare, for
cancellation.
Series C Preferred Stock. The full Board of Directors upon motion duly made, seconded and
carried unanimously, approved the establishment of a third class of preferred stock to be referred
to as “Class C Convertible Preferred Stock.” The class shall be allocated 1,000,000 shares of the
50,000,000 shares authorized in the Amended and Restated Articles of Incorporation of Quasar
Aerospace Industries, Inc., f/k/a Quasar International Holdings, Inc. The “Class C Convertible
Preferred Stock” shall bear the same properties as the “Class B Convertible Preferred Stock”
shown in the preceding paragraph, except that the “Class C Convertible Preferred Stock” shall
have no voting rights.
