carlita / stargrazer - you're both missing a key point of the PR.
>>The company has raised money and completed acquisitions through shareholder loans (primarily John H. and Lora Beebe), and unsolicited, private Reg D offering to 11 accredited investors. The bulk of the accredited investors in the unsolicited Reg D offerings have requested to receive their shares in restricted preferred stock in lieu of common shares. <<
it seems most of the reg d shares are/have been/will be converted to restricted preferred.
restricted preferred can't convert to common because of their restriction, and, as we outlined, would be unlikely to be converted to common after that because there simply isn't enough common authorized to handle all the possible series C preferred conversions.
my interpretation of these PRs is that we'll see a separate trading class of the preferred securities in the future - maybe PHGIP or something to that nature.
>>Additionally, as with any security, the Board of Directors can elect to register the Series C preferred shares as a separate class of securities with the Securities and Exchange Commission in the future.<<
so when discussing this, keep in mind we're talking about restricted preferred shares and not restricted common as you both have incorrectly stated. =)
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