Highlights of the SEC PRE 14A...
(with MY commentary)
1. Election of Directors
*The Board is soliciting the addition of Andy Reckles who is associated with Union Atlantic. Although WLGS has had prior 'difficulties' in dealing with the terms of the convertible debentures, it is my feeling that this is not a reflection upon the abilities of Mr. Reckles to perform on the WLGS Board of Directors. His credentials are quite impressive.
My vote......YES.
2. Appt. of Reuben E. Price as Independent Public Accountants
*This issue is of little signifigance in my humble opinion since most Public Accountants have the utmost scrutiny under law. I do hope that Reuben E. Price is able to break down revenues of all the operating divisions in the future.
My vote......YES.
3. Increase of Authorized Shares to 300,000,000.
*As reported by me numerous times before, this is vitally necessary in order for WLGS to proceed as a going concern. This increase will NOT cause a rapid dilution in shareholder value, as is already being discussed on other boards. WLGS must have shares available to negotiate the Business Plan for the next five years. It is extremely important for all shareholders to recognize that if this motion is not approved, WLGS will not only be in default with the Unit Investors, in addition.....
....We will not have access to the $50,000,000 funding if shares are not available for sale.
....We will not have shares available for any potential future STOCK SPLITS.
....Mr. Sonny Rath may choose to not serve on the board unless we approve these additional shares and acquire full access to the $50,000,000 funding.
My vote......YES.
4. Creation of 10,000,000 shares of Preferred Stock
*IMHO, this is the threshold of what will make WLGS a formidable company in the investment world. With Preferred Stock Certificates, funding potentially can come from much higher levels.
My vote......YES.
5. Approval of Employee Stock Option Plan
*The company proposes issuance of 7,500,000 shares for ESOP. Keep in mind that this can only happen if we approve the increase to 300,000,000 outstanding years. As I have commented before, there is nothing more vital to having the employees of a company increase their efforts toward profibility and personal future wealth than through a stock ownership plan.
My vote......YES.
MOST INTERESTING POINT ABOUT THE FILING FOLLOWS...
Most proxies that I have been involved with state the articles of the meeting and the intention of the Board of Directors. This proxy is the same in that respect and the BOD urges a Yes Vote for all above matters. HOWEVER, usually it is deemed that if an investor does not vote their proxy that it means that the BOD will assume that the investor is in agreement. This is not the case here. The proxy states that any 'non votes' will be determined to be AGAINST all articles. THEREFORE I CANNOT STRESS ENOUGH the importance of excerising your proxy and submitting it if you too wish to vote YES on the above proposals, otherwise, well......
