Senticore (SNIO)

[RonnieD]

i do have a concern here - in the new share count. Even though the Preferred cannot be converted for one full year by law. I can understand why convertible preferred would be implemented to reach the 97% voting total, but 20 mil x 400 = 8 billion shares if they went all-out a year from now. "Each share of Convertible Preferred Stock has the right to convert into 400 shares of common stock, $.001 par value, of the Registrant (the "Senticore Common Stock"), assuming that the authorized common stock of the Company is increased to permit such conversion, and the right to vote on an "as converted" basis with each share of Senticore Common Stock. As a result of the transaction, the IHT Stockholders will have voting control of the Registrant, amounting to approximately 97.7% of the total combined voting power of the Registrant"
As a result of the acquisition, the Registrant will have 181,145,154 shares of common stock issued and outstanding, and 20,000,000 shares of Convertible Preferred Stock issued and outstanding. ( yes, but how many Preferreds will eventually be converted ?? )
http://biz.yahoo.com/e/060608/snio.ob8-k.html