Shell sold R/M....
1-Jul-2010
Changes in Control or Registrant, Change in Directors or Pr
Item 5.01 Changes of Control of Registrant
On June 30, 2010, a change of control of the Registrant occurred. Pursuant to a Stock Purchase Agreement (the "SPA"), Ralph S. Sheridan, the President and a Director of the Registrant, Paul Sonkin, the Secretary and a Director of the Registrant, and other persons each who were the beneficial owners of 10% or more of the outstanding common stock of the Registrant sold a total of 35,095,100 shares of common stock of the Registrant (the "Transactions") to eight individuals (the "Purchasers"). One of the Purchasers, David Chen-Te Yen, acquired 25,700,000 shares or approximately 71.5% of the Registrant's outstanding common stock. The total consideration paid for the shares purchased pursuant to the SPA was $450,000, which was paid from the Purchasers' own funds. Pursuant to the SPA, the Purchasers acquired an aggregate of approximately 95.6% of the outstanding voting common stock of the Registrant.
