On May 12, 2008, the Board accepted demand for conversion of a $250,000.00 convertible promissory note held by The Brooklyn Group, Inc., issued on March 27, 2003 (the “Note”). The Note was an obligation of TAC which was assumed by the Company pursuant to the share exchange with TAC. The Note, which bore no interest, provided for conversion, at the holder’s option, of the principal amount owing on the Note into common stock of the Company at the conversion price of $0.01 per share. The conversion of $250,000.00 of principal on the Note resulted in the issuance of 25,000,000 shares of common stock of the Company, which was issued as unrestricted in accordance with Rule 144 of the Securities Act. http://pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=14988
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