FYI ICNR doing 1/500 r/s
ONE-FOR-FIVE HUNDRED REVERSE STOCK SPLIT
OF THE COMPANY’S OUTSTANDING COMMON STOCK
The Board of Directors has approved a resolution to effect a one-for-five hundred (1:500) reverse split of our issued and outstanding shares of common stock (the "Reverse Stock Split"). The Board of Directors has set the close of business on the twentieth day following the mailing of this Information Statement to the shareholders as the date on which the Reverse Stock Split will become effective. Each share of common stock issued and outstanding immediately prior to that effective date will be reclassified as and changed into one-half of one share of common stock.
The principal effect of the Reverse Stock Split will be to decrease the number of outstanding shares of common stock. At the time of the approval of the Reverse Stock Split by the shareholders on June 12, 2007, we had 52,820,458 shares outstanding, which number will be reduced to approximately 105,641 as a result of the Reverse Stock Split (assuming that no post-Reverse Stock Split shares of Common Stock are issued in lieu of fractional shares and assuming that no additional shares have been issued or retired subsequent thereto). The respective relative voting rights and other rights that accompany the common stock will not be altered by the Reverse Stock Split, and the common stock will continue to have a par value of $.001 per share. Consummation of the Reverse Stock Split will not alter the number of our authorized shares of common stock, which will remain at 300,000,000.
Reasons for the Proposed Reverse Stock Split
The Reverse Stock Split is being proposed to position the company for any future business or opportunity. Management believes that the current number of shares outstanding is too large to compensate any one individual or group bringing a new business venture or opportunity to us and create a stable market for the common stock if such a market should thereafter develop.
