On June 15, 2004, the Company, through its wholly owned subsidiary, which owns no assets as of June 30, 2004, entered into an Agreement and Plan of Merger with a New Jersey Corporation which provides wireless security products and services. The closing is subject to a financing of five hundred thousand dollars ($500,000) to provide working capital to the merged company. In addition, the Company will issue three million dollars ($3,000,000) of Redeemable Convertible Preferred Stock to the shareholders of the wireless company and assume five hundred five thousand dollars ($505,000) of existing indebtedness. As of September 30, 2004, this transaction is still subject to closing.
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