EcoloClean Industries (ECCI)

[loveismyreligion]

Massive share dilution and a reverse split are definite possibilities coming very soon (within six months) IMO...they are going to go VERY close to three billion shares issued and in order to pay Royis, Adams, the new guy, and anyone else past deferred salaries over the past few years. I predict Royis has already set up a "legally justified advantage" a.k.a. a scam as he is going to do a reverse split and keep and his preferred shares that will be convertible into 30,000,000 shares AFTER they do a massive reverse split first, then he will justify it legally, and/or based on unpaid compensation or loans due him, if he needs to IMO. They may even start issuing all officers and employees this new preferred stock Royis owns to protect all of management from dilution while the common shareholder gets severely burned.

The scam in my opinion (IMO)is to bleed shareholders through exorbitant officer salaries and SGA expenses (their salaries)...I think they will issue more preferred shares with the same clause to protect at least Royis, if not all of management.

ITEM 10. Executive Compensation

The following sets forth the compensation of the officers of the Company in the year ended December 31, 2005.

Summary Compensation.

The following table sets forth the compensation paid by the Company during fiscal year 2005 to its officers. This information includes the dollar value of base salaries, bonus awards and number of stock options granted, and certain other compensation, if any.

Table 1.
Securities
Underlying
Name and Position Year Salary Bonus Options/SARs

Royis Ward 2005 $120,000(1) -0- 1,000,000
Director, President

Michael Ward 2005 -0- -0- 1,000,000
Sec/Treas., Director


Notes:

(1) As of December 31, 2005, the cumulative amount of unpaid officer salary was $437,500 and is included in accounts payable and accrued expenses of our financial statements.

http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=4417838


Nine Months Ended
September 30, 2005 September 30, 2004
Officer's Salary 90,000 90,000
Selling, General and Administrative 904,772 1,389,016

http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=4035039


CERTIFICATE OF DESIGNATION
(Pursuant to NRS 78.1955)

Certificate of Designation Form Nevada Profit Corporations (Pursuant to NRS 78.1955

1. Name of Corporation: Ecoloclean Industries, Inc.

2. By resolution of the board of directors pursuant to a provision in the articles of incorporation this certificate establishes the following regarding the voting powers, designations, preferences, limitations, restrictions and relative rights of the following class or series of stock.

RESOLVED: That the Company is authorized issue One Million (1,000,000) Shares of 2007 Series A Preferred Shares with each preferred share having One Hundred
(100) votes per share at any meeting of the shareholders where votes are submitted and will be convertible into common shares

Thirty (30) shares of Common Stock for each (1) share of Preferred stock at the election of the holder. The common shares, into which the Series "A" Preferred shares are convertible, will not be subject to any future reduction in the number underlying common shares into which these preferred shares are convertible by virtue of any reverse stock splits or recapitalizations.

3. Effective date of filing: March 1, 2007

4. Officer Signature:
/s/ Royis Ward


http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=5006053