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Wednesday, November 23, 2011 1:00:07 PM
http://www.sec.gov/Archives/edgar/data/1376668/000125529411000748/0001255294-11-000748-index.htm
They sold off their assets of Pro Value LLC to the private company in exchange for common shares (6M to 16M) & a write-off of their $175k debt.
Also they converted the promissory note of $660k. The indebtedness may be convertible at any time (due August 12, 2012) into shares of the company at a conversion price of .05.
This makes a lot of sense, why they held off doing this until the end of the quarter. Good deal for GNAU and now I imagine we will see the pps rise. They will still see benefit and profit from owning stock in Pro Value (even though it is a private company).
All The Best
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