did it happen this way or not: lots of conflicting stories here.
i dont have much paper here but if the split happened or happend i will have only 20 shares or so it appears when the computer systems work all the bugs out. I am sure the share price will be nice. BUT THE FACT remains unclear as too DID THEY? ARE THEY? WiLL THEY do this riduculous split and REALLY how is it gonna work they dont have enough shares out there to do this IMO the math does not add up
Quote:
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The closing of the transaction (the “Closing”) took place on September 30, 2010 (the “Closing Date”). On the Closing Date, pursuant to the terms of the Exchange Agreement, we acquired all of the outstanding shares of Chine Victory (the “Interests”) from the Chine Victory Shareholders in exchange for the issuance of 467,074.60209421 shares of Series M preferred stock, par value $0.001 (the “Series M Preferred Stock”) whereby each Series M Preferred Stock will be converted into 10,000 shares of our common stock (the “Conversion Shares”) automatically upon the effectiveness of the Reverse Split (as defined below) (such transaction is sometimes to referred to herein as the “Share Exchange”). After giving effect to the above described automatic conversion, the Conversion Shares shall constitute approximately 86.39% of our issued and outstanding common shares immediately after the closing of the Share Exchange (without giving effect to the Private Placement as discussed below). As a result of the Share Exchange, Chine Victory became our wholly-owned subsidiary.
