Yeah, they are friggin' scamsters!!!!!
"Reasons for the Corporate Actions.
The Board of Directors of the Company believes that the Corporate Actions (that is, the increase in authorized shares of common stock, coupled with reverse stock split), will provide us with increased flexibility in meeting future corporate needs and requirements. The Corporate Actions will provide additional authorized shares of common stock which will be available for issuance from time to time as determined by the Board of directors for any proper corporate purpose. These purposes may include future equity financings, debt conversion or stock for stock transactions in connection with a potential acquisition candidate. These matters can be accomplished without the expense and delay associated with a special shareholders’ meeting, except where required by applicable rules, regulations and laws. In evaluating whether or not to authorize the Corporate Actions, particularly as it relates to a reverse stock split, our Board of Directors took into account various negative factors associated with reverse stock splits, including;
?
the negative perception of reverse stock splits held by some investors, analysts and other stock market
participants; and
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the fact that the stock price of some companies that have implemented reverse stock splits has subsequently
declined back to pre-reverse stock split levels.
After considering the foregoing factors, the Board of Directors determined that the Corporate Actions, including the reverse stock split, is in our best interests and that of our shareholders. [REALLY, HOW?]
As stated in its quarterly and annual filings with the Securities and Exchange Commission, the Company is a “shell company” and its principal business objective for the next 12 months and beyond such time will be to achieve long-term growth potential through a combination with an existing business. The Company’s management continues to seek business opportunities that provide long term growth potential. However, as of the date of this filing, the Company has not entered into any letter of intent or formal or definitive agreements with any party, regarding business opportunities for the Company. Moreover, the Company does not anticipate that a business combination will occur at any time prior to December 31, 2018. The Company can not predict, however, that such business combination will occur on or about such date or at all, nor can the Company predict the type of business operation or terms and conditions of any such combination ."
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