1 for 35 R/S and name change to Golden Gate Homes.
In addition, the Reverse Stock Split would permit the Company to issue approximately 596,351,487 additional shares of Common Stock, compared to an additional 472,302,044 shares of Common Stock that could be issued now.
After the completion of the actions described above, the Board of Directors intends to pursue the third purpose for which additional authorized but unissued shares could be used. This third purpose is a major capital raising transaction. As stated above, the Company is currently in the very early stages of attempting to raise funds.
* to change the name of the Company to "Golden Gate Homes, Inc." (the "Corporate Name Change Amendment"); and
* to effect a 1-for-35 reverse stock split (the "Reverse Stock Split") of the Company's Common Stock, $.0001 par value per share ("Common Stock"), in which every thirty-five shares of Common Stock outstanding as of the effective date of the amendment will be converted into one share of Common Stock; provided, however, that all fractional shares will be rounded up to one whole share (the "Reverse Stock Split Amendment");
