TDCP 1. I would provide the Company with $200,000 in new equity funding assuming certain conditions involving participation by others in the rehabilitation of the Company’s finances, described in # 2 below, could be met. (It has been the discussions and negotiations relating to these conditions that have resulted in the absence of information to you from the Company for too long a time, for which I apologize.) I will be acquiring the stock at no discount from the current trading price.* (As previously reported, neither I nor the any of the board members receive, or have in the past received, any cash compensation from the Company.)
*For technical reasons, I may be issued convertible preferred shares in exchange for my $200,000 investment rather than common shares, though convertibility would be subject to there being sufficient authorized common shares. In any event, I have entered into an agreement with the Board of Directors that I will not sell any Company shares for one year without the unanimous consent of the Board.
2. All debt held by Board members would be converted to equity. Additional amounts of accounts payable would be converted in whole or in part to equity to the greatest extent achievable. Amounts not converted would be paid or converted into long term notes.
I am pleased to announce that the conditions to my funding of my commitment to invest an additional $200,000 in the Company have largely been satisfied. Remember TPAC
