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Wednesday, June 20, 2007 10:52:29 AM
The following company EBIG is in the same business as Redwood Capital and is trading for $0.08 per share. The company was formed in June 2005 and started trading on the OTCBB on June 4, 2007.
Financial info for three months ended March 31, 2007:
Revenue $0.00 and loss on operations $161,960.
CEO’s salary is $240,000 per year
The company has two employees
Number of shares outstanding 98,429,392 as of April 20, 2007
The following is from SEC filings:
GENERAL FORM FOR REGISTRATION OF SECURITIES
OF SMALL BUSINESS ISSUERS
Under Section 12(b) or 12(g) of the Securities Act of 1934
EASTBRIDGE INVESTMENT GROUP CORPORATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Plan of Operations
The Company will focus on providing financial services to clients in China during the first twelve months of operation. These services will focus on assisting the clients in becoming public companies in various U.S. stock markets, providing merchant banking services and performing joint ventures with our partners. In return, we will receive cash fees and stock equity from the services rendered. Since we are a finance service company, we do not expect to require a large staff. The fees from our merchant banking services and joint venture income are expected to be sufficient to support our day to day expenses in the second half of 2007.
The Company will maintain offices in both the United States (Phoenix, Arizona) and China (Beijing). Initially, the company will begin with two employees, Keith Wong, the company’s CEO and President and Norm Klein , the company’s CFO and COO. As the company grows, by adding new clients in China, we will expand each office with additional employees to service our clients and comply with accounting and legal requirements for our corporation.
Effective the fourth quarters of 2006, all the debts owed to officers, Keith Wong and Norm Klein, have been converted to equity through a board resolution. The conversion rate was determined at $0.30 of debt for 4.1 shares of EastBridge stock. The Company issued 1,655,077 shares to Keith Wong and 473,333 shares to Norm Klein. The shares issued to Keith Wong and Norm Klein are restricted securities. Prior to this conversion, the loans from the officers carried an interest rate ranging from 12% to 18%, and matured in one year. The loans were overdue. The total debt owed to Keith Wong and Norm Klein as of December 31, 2006 was $638,523 and that amount was converted to stock.
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