cmkxman, read this from EYII filing...these shares are yet to be sold, except for those they already dumped>>>>
This offering relates to the sale of common stock by certain persons who are, or will become, our stockholders. The selling stockholders consist of:
· Cornell Capital Partners, which intends to sell up to an aggregate amount of 431,894,379 shares of common stock, which includes 307,831,701 shares underlying convertible debentures and 124,062,678 shares underlying warrants. From June 23, 2006, the date the accompanying registration statement was declared effective by the Securities and Exchange Commission, through May 1, 2007, this selling shareholder has converted $335,756 of convertible debentures into 60,082,679 shares of our common stock.
· TAIB Bank, B.S.C., which intends to sell up to an aggregate amount of 171,031,292 shares of common stock underlying convertible debentures. From June 23, 2006, the date the accompanying registration statement was declared effective by the Securities and Exchange Commission, through May 1, 2007, this selling shareholder has converted $222,401 of convertible debentures into 42,507,176 shares of our common stock.
· Certain Wealth, Ltd., which intends to sell up to an aggregate amount of 136,800,408 shares of common stock underlying convertible debentures. From June 23, 2006, the date the accompanying registration statement was declared effective by the Securities and Exchange Commission, through May 1, 2007, this selling shareholder has converted $177,705 of convertible debentures into 33,968,604 shares of our common stock.
· Rajesh Raniga, our Chief Financial Officer, who intends to sell up to 250,000 shares issued pursuant to a Consulting Agreement.
Common Stock Offered 739,976,079 shares
Offering Price Market price
Common Stock Outstanding
Before The Offering (1) 399,648,955 shares
Common Stock Outstanding
After The Offering (2) 1,139,625,034
