vc....
I guess a Reverse Split of any type is possible. That one seems to relate to some kind of settlement agreement. One thing is, the possibility of having the TA in house and seeing who owns shares, may go a long way on what happens here. If they have enough of the shares they need, no change. If they are not getting the shares they need, maybe they Reverse Split it, who knows. They did it with Xcorporeal and it worked out for all shareholders.
They were already owners of over 20% of the shares o/s before the breakout. My guess its up to 40-50% now. If that's the case, there is no need to change the share structure.
From your Jan 2007 link:
Our primary purpose in considering a reverse stock split is to reduce the amount of shares of our common stock outstanding to permit the issuance of 2,700,000 shares to Tom Oxley, a shareholder who exercised his right to convert a note payable to common stock, and 6,000,000 shares to our CEO, who exercised a right to exchange shares of a former subsidiary for CT Holdings' shares (the "Exchange Shares"), as well as to permit the exercise of the option to acquire 51% of our common stock issued to CITN Investment Inc. (an affiliate of our CEO) in connection with the Settlement Agreement entered into between CII and CT Holdings. The Settlement Agreement resulted in a potential change of control of the Company as previously disclosed, and the exercise of the option would result in a change of control.
I guess we just sit back and wait and see...
