Avalon Technology Grp (fka AVLN)

[PCola77]

Here's a better explanation in my opinion. From this link: http://www.sec.gov/Archives/edgar/data/1300662/000101489706000085/proguard8k103006.txt

How you can read the filing from yesterday and think that it means the deal was completed is beyond me. The $300,000 was released from the escrow to Proguard because the option term expired.


"On July 5, 2006 holders of eighty-seven (87%) percent of the
Registrant's issued and outstanding Common Stock collectively granted
an option to Worldwide Security Acquisitions, LLC, to purchase a
minimum of Two Million (2,000,000) shares and a maximum of Two Million
Three Hundred and Fifty (2,350,000) shares of the issued and
outstanding restricted stock of the Registrant at an exercise price of
One ($1.00) Dollar per share. The option transaction was reported as
Item 8.01 Other Events, in the Registrant?s Current Report on Form 8-K
dated July 5, 2006 incorporated herein by reference.

On October 27, 2006, the parties to the option transaction agreed to
amend the operative terms of the arrangement, extending the term for
exercise of the option granted to 5:00 P.M., EST on January 29, 2007,
and increasing the Optionee?s nonrefundable deposit against exercise of
the option from Twenty Five Thousand ($25,000.00) Dollars to Three
Hundred Thousand ($300,000.00) Dollars. On October 25, 2006, the
Optionee deposited the additional sum of Two Hundred Twenty Five
Thousand ($225,000.00) Dollars in the escrow originally established on
July 21, 2006 bringing the total, nonrefundable deposit in the
transaction to Three Hundred Thousand ($300,000.00) Dollars. All other
terms of the option transaction were unchanged."