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PLKC Form 8-K 6/13/07 Revised Letter of Intent with Pluginz

June 13, 2007 Form 8-K

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On June 11, 2007, we entered into a Revised Letter of Intent with Pluginz, LLC with respect to our acquisition of 100% of the capital stock of Pluginz, Inc. and Plugin Stores, Inc., which together comprise the Pluginz business (collectively “PLUG”). The closing date will be 14 days from the date of this Revised Letter of Intent, unless mutually extended in writing, at which time we will enter into a definitive agreement with PLUG. This Revised Letter of Intent replaces the Binding Letter of Intent between us and PLUG entered into on March 29, 2007.

Under the terms of the Revised Letter of Intent, we agreed to effect a 1:150 reverse split of our common stock and cancel all outstanding shares of preferred stock prior to closing. In addition, we agreed to purchase 100% of the capital stock in PLUG for 15,000,000 post-split restricted shares of our common stock.
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