Redwood Group International (RDWD)

[scoobey-do]

Hey Sloth, Happy to hear from you. How is your new job going? Not much different here right now. Just waiting for some S3 news.

The dilution should not start until after the annual meeting, when the additional shares are voted in by Jim Bickel, IMO. (See item below) It appears that S3 doesn't need our vote any more. The market is probably taken into account that the a/s request will pass. scoob


ITEM 3.03 MATERIAL MODIFICATIONS TO RIGHTS OF SECURITY HOLDERS

On May 16, 2006, the Board of Directors approved the designation of one million shares (1,000,000) of Series C Preferred Stock, with each share of Series C being entitled to the voting equivalent of 1,000 shares of common stock. The Board of Directors subsequently authorized the issuance of one million (1,000,000) shares of Series C Preferred Stock to James Bickel, the Company’s Chief Executive Officer, as consideration for providing collateral and personal guarantee on a debt financing agreement with La Jolla Cove Investors. The shares will be returned to the Company and cancelled once the collateral is returned by La Jolla Cove Investors and the guarantee is lifted.

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