Ultra Data Systems (fka UDTA)

[53chevy]

From the 8K:

"Upon completion of the Share Exchange, there were 45,034,840 shares of Ultradata common stock issued and outstanding. In addition, there were three series of Ultradata convertible preferred stock issued and outstanding, which can be converted into 539,959,296 common shares, yielding a total outstanding on a fully-diluted basis of 584,994,136 shares."

From the 8K, the preferred share count is 5M, convertible to the 540M illustrated above. (Series B, C & D, the bulk of which resides with the new company)

"Ultradata is authorized to issue 50,000,000 shares of Common Stock, $.01 par value per share, of which 45,034,840 shares are outstanding."

Of the total, 260M (44.5%)are owned by the officers and directors of the company, but according to the 8K, the company reserves the right of redemption:

"Section 5. Redemption. At any time after August 31, 2007, the Corporation shall be entitled to redeem the shares of Series D Convertible Preferred Stock by giving written notice to the registered holders thereof not less than 15 nor more than 60 days prior to the redemption date."

What I cannot decipher from the 8K are the restrictions on when the officers can convert preferred to common. Typically, there is a 2yr restriction, but I cannot find such clarification in the 8K.

From what I can make out from the 8K, the float at this time appears to be 17.5M shares...

"(G) There shall be issued and outstanding 17,548,665 shares of Ultradata common stock"

But I'm not sure of the correlation, JMHO