ACGX.. $0.0023.. More Conv. debt recently created.. I thought they were trying to get rid of the debt that was being converted.. GEEEEZE,, Why start it all other.. ??? "This is not a public offering and if any shares are issued it will be to accredited investors with existing relationships with the company." Same Old,, Same Old.. Never give a sucker an even break..
On or around April 7, 2014 the company approved the authorization of a new series of Preferred Stock –
Series H - along with taking the proper corporate board actions. On or about April 24, 2014 the Secretary
of State of Nevada approved the certificate of designation for these Preferred Series H shares and the
Company uploaded this filing to the OTC Markets website.
The filing authorized up to 2,000,000 Preferred Series H shares to be possibly issued in the future.
This is not a public offering and if any shares are issued it will be to accredited investors with existing
relationships with the company. This may allow the company to raise future capital via equity shares
rather than through debt. It may also allow the company to potentially utilize these shares to help close
potential future mergers or acquisition opportunities if needed.
If the company sells any of these shares the investors/shareholder(s) will pay $1 per share and will receive
4% cumulative preferred shares which will include a cumulative dividend in the form of additional shares.
If the investor/shareholder decides to convert their shares into common shares after holding them for a
minimum of 1 year to cover the restricted time period the preferred shares may be converted into common
shares at a ratio equal to 70% of the average of (or a 30% discount from) the 3 lowest closing prices
during the prior 10 days.
The company will also maintain the right to buyback these shares or allow a larger future investor to
potentially buyout these preferred shares at a price equal to 120% of the original paid amount.
As of November 1, 2014 the company has sold 326,000 Preferred Series H Shares. This filing is
consistent with the company’s desire to reduce its debt and build its equity to be better position for the
future.
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