Premier Products Group Inc (PMPG)

[Steve1978]

Effective July 7, 2022, Old Sawmill Partners, LLC, the Security Holder over an aggregate of 51 shares of Series B Preferred Stock of PREMIER PRODUCTS GROUP, INC. (the “Company”), representing 100% of the issued and outstanding shares of Series B Preferred Stock of the Company, filed a default for non-payment of the underlying Promissory Note and took ownership of all 51 of the shares of Series Preferred Stock previously held by Wilford Hicks and Edward Y Lee, jointly. The table below show who beneficially owns 100% of the Company’s issued and outstanding shares of Series B Preferred Stock.

Each one (1) share of the Series B Preferred Stock has voting rights equal to (x) 0.019607 multiplied by the total issued and outstanding Common Stock and Preferred Stock eligible to vote at the time of the respective vote (the ”Numerator”), divided by (y) 0.49, minus (z) the Numerator. For the avoidance of doubt, if the total issued and outstanding Common Stock eligible to vote at the time of the respective vote is 5,000,000, the voting rights of one share of the Series B Preferred Stock shall be equal to 102,036 (0.019607 x 5,000,000) / 0.49) — (0.019607 x 5,000,000) = 102,036). This formula means that the holder of 51 shares of our Series B Preferred Stock holds the majority “control block” and is able to exercise significant control over all matters requiring stockholder approval, including the election of directors and approval of significant corporate transactions. This could delay or prevent an outside party from acquiring or merging with our Company even if our other stockholders want it to occur.

As a result of the July 7, 2022 transaction, Old Sawmill Partners, LLC owns Preferred Stock representing voting rights of 51% of the issued and outstanding shares of Common Stock, thus holding majority control. 

The following table sets forth, as of today’s date, certain information regarding the beneficial ownership of the shares of Common Stock by: (i) each person who, to the Company’s knowledge, beneficially owns 5% or more of the shares of Common Stock and (ii) each of the Company’s directors and “named executive officers.” As of July 7, 2022, there were 397,949,425 shares of Common Stock issued and outstanding.

https://sec.report/Document/0001477932-22-004901/