Intl BioChemical Industries Inc fka IBCL

[GGraessle]

invest in kids - here is the gist of the reason for the R/S.
I bolded the section that cuts to the chase. In other words Hick's shares.

It is taken from the pre proxy 14-a.

 
 PURPOSE AND EFFECT OF PROPOSED REVERSE STOCK SPLIT 
  
          The purpose of the Reverse Stock Split is twofold. First, at May 30, 
 2003 we had an aggregate of 100,000,000 shares of our common stock issued and 
 outstanding, which represents all of our currently authorized shares of common 
 stock. Under the terms of the outstanding shares of our Series B Convertible 
 Preferred Stock and Series C Convertible Preferred Stock, upon their conversion 
 we are obligated to issue approximately 4,010,893 shares of our common stock, 
 giving effect to the Reverse Stock Split. We do not have sufficient authorized 
 but unissued shares of our common stock available for issuance upon the 
 conversion of either series of preferred stock, or for future issuances, 
 including in the event we issue shares of our common stock in connection with 
 future equity capital raises. Other than the shares of common stock issuable 
 upon the conversion or exercise of presently outstanding securities, and any 
 shares which may be issued in the future in connection with capital raising 
 activities, we do not have any present plans to issue additional shares of our 
 common stock. 

http://www.sec.gov/Archives/edgar/data/1059623/000116169703000315/pre14a.txt