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Sunday, September 11, 2016 8:02:34 PM
"On July 5, 2016, our Board of Directors and majority shareholders, believing it to be in the best interests of the Company and its shareholders, approved authorizing the board of directors of the Company, in their discretion, to amend the articles of incorporation of the Company (the "Amendment") to effect a reverse stock split (the “Reverse Split Proposal”) of the Company's issued and outstanding common stock (the “Common Stock”) between a range of not less than one-thousand for one (1,000:1) and not more than twenty-five thousand for one (25,000:1), or if at all, at any time prior to March 31, 2017."
"There are certain risks associated with a reverse stock split, and we cannot accurately predict or assure the reverse stock split will produce or maintain the desired results (for more information on the risks see the section below entitled “Certain Risks Associated with a Reverse Stock Split”). However, our Board believes that the benefits to the Company and our shareholders outweigh the risks and recommends that you vote in favor of granting the Board the discretionary authority to affect a reverse stock split."
"Increase in the Number of Shares of Common Stock Available for Future Issuance - By reducing the number of shares outstanding without reducing the number of shares of available but unissued Common Stock, a reverse stock split will increase the number of authorized but unissued shares."
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