Reverse Split Round Up Share Plays

[joelegs]

For Otto if you're playing MERH:

From Def 14c:

The corporate actions involve one (1) proposal (the “Proposal”) providing for the following:

To approve the adoption of a reverse stock split of the Company’s common stock in a ratio of one (1) new share for every twenty (20) existing shares of common stock outstanding. There will be no change to the authorized shares of common stock of the Company and any fractional shares will be rounded up. No shareholder who currently has 100 or more shares will be reduced below 100 shares.

THE BOARD OF DIRECTORS HAS APPROVED, AND HOLDERS OF NOT LESS THAN A MAJORITY OF THE 11,920,804 SHARES OF COMMON STOCK OF RECORD AT THE CLOSE OF BUSINESS ON MAY 31, 2007 (THE “RECORD DATE”) HAVE CONSENTED IN WRITING TO THE PROPOSALS, INCLUDING A PRINCIPAL SHAREHOLDER WHO HOLDS SHARES WITH VOTES WHICH REPRESENT IN EXCESS OF FIFTY PERCENT (50%) OF THE COMPANY’S TOTAL VOTING INTEREST ENTITLED TO VOTE ON THE PROPOSALS. THESE ACTIONS ARE EXPECTED TO BE TAKEN NOT LESS THAN TWENTY (20) DAYS FROM THE MAILING OF THIS INFORMATION STATEMENT, OR AS SOON THEREAFTER AS PRACTICABLE.

j/k