Digital Descriptor Systems, Inc. (fka DDSI)

[Minddoc7]

Here you go:
http://news.moneycentral.msn.com/ticker/article.aspx?Feed=PR&Date=20061222&ID=6299864&Sy....

Shareholders Approve Digital Descriptor Systems, Inc. Proxy

SEA GIRT, N.J., Dec. 22 /PRNewswire-FirstCall/ -- Digital Descriptor Systems, Inc. (Pink Sheets: DDSI) - an industry leader in the development of Homeland Security and other commercial security-related products - today announced that at a Special Meeting of stockholders held December 19, 2006, the Company's stockholders approved a one-for-500 reverse stock split and a change in the Company's name to "Allied Security Innovations, Inc." In addition, they ratified the adoption of the 2006 Incentive Stock Option Plan.


Recent investing newsAt Forbes: U.S. Consumers Perk UpAt Forbes: Best Big Companies: Cheap TechAt Forbes: BA Hamstrung By Pea SouperAt Forbes: Toying With Bullish Options PlaysAt Forbes: Sneak Peek: Hannah Clark On Chief Executives
"We are pleased with the majority support for our plan as described in the proxy," stated Anthony Shupin, CEO of DDSI. "An overwhelming majority of shareholders are behind our plan to grow our company. By adopting the Stock Incentive Plan, management is enabled to reward employees for significant contribution and outstanding performance. The name change, to 'Allied Security Innovations, Inc.' will provide a better market understanding for what we do. The approval for the reverse split enables us to re-position the company in the stock market, while allowing us to fulfill our obligations. The key to our success in the long term remains with our ability to increase our revenue, while controlling costs."

As reported, the total shares voted were 13,650,152,352. For Proposition 1 (Stock Incentive) votes "FOR" tallied 6,281,390,783; Votes "AGAINST": 1,121,419,104 with 219,680,918 abstaining. For Proposition 2 (Name change) votes "FOR" tallied 13,314,548,299; Votes "AGAINST": 294,549,444; and for Proposition 3 (Reverse Split) votes "FOR" equaled 11,542,081,354; Votes "AGAINST" 2,087,843,177 with 20,227,824 abstaining.

"We have had a clear indication from our shareholders that they approve of the management of our company, its objectives and our strategy," remarks Michael Pellegrino, CFO. "We have taken a positive first step toward a strong future."