Pick your biggest OTCBB or Pinky Scam of the Century

[SteveF]

Private Equity Funds was given 3.42 million shares as part of that PIPE in exchange for $2,736,000 in debt. That's in addition to the initial 625,000 shares given for Pak-It. Thomas Kidd isn't the only one needing to bail before the PIPE shares come off restriction. Including those PIPE shares, something like 20-25% of the 50 mill OS is due to come off restriction in the next month or two.

In connection with the acquisition of Pak-It, the Company also converted a total of $2,736,000 of debt owed to the Pak-It members and lien holders at a per share price of $0.80. The Company issued 3,420,000 shares of common stock in conjunction with this debt conversion.

http://www.sec.gov/Archives/edgar/data/1381105/000121390010000259/f8k011410_jbi.htm