NGHI ~ Form 3s (5), received 04/16/2012,
http://www.otcmarkets.com/stock/NGHI/financials
10-K, period ending 12/31/2011...filed
...
PART IV - Exhibits and Financial Statement Schedules,
Note 12 – Significant Transactons
There was a significant change to the Company’s management team during the fiscal year of 2011. Upon becoming the majority shareholders of the Company, they introduced a new management team to oversee the Company’s operations. The number of directors on the Board was increased to seven.
On July 1, 2011, the Company’s Board of Directors adopted a new business strategy to engage in business activities beyond mining and, in connection with the Company’s new strategy, the Board of Directors adopted resolutions authorizing a change in the Company’s name from Nevada Gold Holdings, Inc. to Global “Hybrid Technologies, Inc.” On July 7, 2011, Far East Golden Resources Investment Limited, the holder of a majority of the Company’s outstanding shares of common stock, authorized and approved such name change by written consent.
On July 1, 2011, the Company’s Board of Directors authorized, and on July 7, 2011, the Company’s majority shareholder approved an amendment to the Company’s Certificate of Incorporation to effect a one-for-fifty (1:50) reverse stock split of the common stock, $0.001 par value per share, pursuant to which each fifty (50) issued and outstanding shares of Common Stock as of the time such amendment becomes effective (the ‘‘Split Effective Time’’), shall be combined and converted (the “Reverse Split”) automatically, without further action, into one (1) fully paid and non-assessable share of Common Stock.
However, due to a highly probable litigation brought upon by a team of minority shareholders, the name-change and the reverse-split have not been finalized as of December 31, 2011.
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