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SO WHAT HAPPENS TO OUR SHARES??

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macdaddyTB Member Profile macdaddyTB  
Monday, April 30, 2012 1:44:36 AM
Re: None Post # of 5837 
SO WHAT HAPPENS TO OUR SHARES??

Looking over the latest SEC filing from OICco Acq. I ( http://www.sec.gov/Archives/edgar/data/1469284/000107878212000829/posam4_posam.htm )

Lets see if I got this right.

1. Imperial Automotive Group, was incorporated on October 12, 2011 with plans to lease facilities in Springfield MO for development of its "specialty vehicles". (I'm assuming this is where Imperial Coach Builders is located)

2. IAG plans to acquire Imperial Coachworks (Coach Builders???)

3. However as of now, IAG "has been in the developmental stage since inception and has no operations to date. The Company currently does not have a means for generating revenue. Revenue and Cost Recognition procedures will be implemented based on the type of properties required and sale contract specifications."

4. IAG "has authorized a hundred million (100,000,000) shares of par value $.0001 common stock, of which 1,000,000 shares were issued and outstanding as of October 15, 2011."

5. "On October 25, 2011, management has entered into a contract with OICco Acquisition I, Inc. (hereinafter “OICco”) in which the Company exchanged forty million (40,000,000) shares of OICco common shares for 100% of the issues and outstanding shares of the Company. At the closing of the Exchange Agreement (which is contingent upon an 80% reconfirmation vote under Rule 419), the Company will become a wholly-owned subsidiary of OICco and OICco will acquire the business and operations of the Company." (Spaniak and crew will be appointed directors of OICco then.)

6. "Imperial’s lease has a rent of $2,000 per limo built in the facility and is for a term of 2 years which began on October 13, 2011. " Lease has a rent??? Can someone explain this to me, please!!!

So I'm I wrong in thinking that the only revenue we may see for ELCR is a $2,000 rent??

What happens to the 6.8 BILLION shares issued? Are we gonna have to wait until IAG acquires Imperial Coachworks? (Although on their website ( http://www.liberty-autogroup.com ) it would seem like this is already a done deal. (I have to say though I sure like the Liberty Electric Cars Website more than Imperials!!)

How much of a reverse split do you need to fit 6.8 Billion Shares into the 100 million authorized shares (that would be 1 for 6800)? Of course, the authorized shares mean nothing because they were given to OICco Acq. How did IAG have shares to issue???

Confused.



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