Good to see LCAR doesn't need to pursue "toxic" financing. Insiders still have faith in the company's prospects. From 8k filed 9/26/12:
"Pursuant to the Stock Purchase Agreement, the Company will issue a number of shares of common stock to the majority shareholder and Chairman of the Board equal $200,000 divided by average closing market price of the Company’s common stock during the three weeks preceding the date of the closing, or $0.023133 per share. Upon issuance, Maxwell will receive 8,645,533 shares of common stock resulting in a beneficial ownership of 30,512,378 shares, or 62.63%.
The following sets forth the information required by Item 701 of Regulation S-K with respect to the unregistered sale of equity securities the Company completed on September 24, 2012:
? Effective August 10, 2012, the Company entered into a Stock Purchase Agreement with Maxwell pursuant to which Maxwell agreed to purchase, and the Company agreed to sell and issue 8,645,533 shares of common stock, $.001 par value for an aggregate purchase price of $200,000. The shares issued pursuant to the Stock Purchase Agreement were issued exclusively to one person who qualified as an "accredited investor" within the meaning of Rule 501(a) of Regulation D under the Securities Act of 1933 as amended (the "Securities Act"). The shares issued are “restricted securities” under the Securities Act.
? The Company paid no fees or commissions in connection with the issuance of the Shares.The sale of the Securities was undertaken without registration under the Securities Act in reliance upon an exemption from the registration requirements of the Securities Act set forth in Section 4(2) there under. The investor qualified as an "accredited investor" within the meaning of Rule 501(a) of Regulation D. The Company did not engage in any public advertising or general solicitation in connection with this transaction, and the investor was provided with disclosure of all aspects of the Company’s business, including reports filed with the Securities and Exchange Commission and other financial, business and corporate information.
? The proceeds from the issuance of stock are to be used for the purchase of inventory."
My posts are my opinion. Do not be influenced by anything you read on any message board website unless you can confirm it.
