Flexpower Inc. (FLXP)

[ratso1]

1. There are 10,000 authorized preferred shares. Of that, 2,000 have been issued as Class B Preferreds. The remaining 8,000 are unissued (well, at least as far as we know...). The remaining 8,000 unissued preferreds are not defined at this point.

2. The statement today is that he will sell those shares back to the company. The price wasn't revealed. Here's a question I have regarding that treatment of the preferreds as compensation...why not just write a performance based contract, and give him a check when those conditions are met? Why give him a preferred share that gives inordinate power to just a couple individuals, when all he wants is a paycheck? Does that make sense?

3. I suspect the OS, AS, float, and everything else is soon to be changed. Good luck.