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Tuesday, February 23, 2021 4:15:48 PM
We recently completed an acquisition of 9430075 Canada Ltd. and issued to the shareholders of that company 1,000,000 shares of Series C Preferred Stock, which shares collectively have 70% voting power.
These shareholders, whose interests may differ from other stockholders, have the ability to exercise significant control over us.
They are able to exercise significant influence over all matters requiring approval by our stockholders, including the election of directors, the approval of significant corporate transactions, and any change of control of our company.
They could prevent transactions, which would be in the best interests of the other shareholders.
THEIR INTERESTS MAY NOT NECESSARILY BE IN THE BEST INTERESTS OF THE SHAREHOLDERS IN GENERAL.
What kind of company gives 70% control of their destiny to others who may have their own interests at heart and not those of the company?
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