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Friday, January 29, 2016 12:50:51 PM
1.To authorize the board of directors of the Company to amend its Certificate of Incorporation to effectuate a one-for-one hundred (1:100) reverse stock split (“Reverse Split”) of the Company’s issued and outstanding shares of common stock, par value $0.00001 per share (“Common Stock”).
OUTSTANDING SHARES AND VOTING RIGHTS
As of the record date of October 30, 2015 (the “Record Date”), the Company's authorized capitalization consisted of 5,000,000,000 shares of Common Stock, of which 4,300,023,776 shares were issued and outstanding. Each share of Common Stock entitles its holder to one vote on each matter submitted to the shareholders. However, because shareholders holding a majority of the voting rights of all outstanding shares of common stock as of the Record Date have voted in favor of the foregoing action by resolution dated as of the Record Date, no other shareholder consents will be solicited in connection with this Information Statement.
Shareholders of record on the Record Date will be entitled to receive this notice and Information Statement.
Pursuant to Rule 14c-2 under the Securities Exchange Act of 1934, as amended, the action described herein will not be implemented until a date at least 20 days after the date on which this Information Statement has been mailed to the shareholders. The Company anticipates that the amendments discussed above will be effected on or about the close of business of January 26, 2016.
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