(1) Does not include all of the shares issuable upon exercise of the warrants owned by MPF, or the shares issuable upon conversion of the non-voting shares of Series A Preferred Stock owned by MPF. The terms of the warrants do not permit the holder to exercise the warrant if it would cause any of Mercator Momentum III, MPF or MAG to beneficially own more than 9.99% of the Issuer’s outstanding common stock. MPF and MAG each beneficially owns 9.99% with only 139,000 shares of common stock issuable upon exercise of the warrants included here. The terms of the Series A Preferred Stock do not permit those shares to be converted if, following the conversion, any of Mercator Momentum III, MPF or MAG would beneficially own more than 9.99% of the Issuer’s outstanding common stock. Since each of MPF and MAG beneficially owns 9.99% as of the date of this Schedule, none of the shares of Series A Preferred Stock owned by MPF is currently convertible.
The Company’s securities are immediately eligible for quotation in the Pink Sheets, an electronic quotation service for securities traded over-the- counter, effective with the open of business on March 22, 2007. The Company's common stock may, in the future, also be quoted on the Over-the-Counter Bulletin Board maintained by the NASD, provided that a market maker in the common stock files the appropriate application with, and such application is cleared by, the NASD. The Company anticipates disclosing further trading venue information for its common stock once such information becomes available.
Before you criticize a man, walk a mile in his shoes. That way, if he gets angry, he's a mile away and barefoot.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.