On November 3, 2010, the Company issued pursuant to a Board of Director’s resolution on October 21, 2010, an aggregate 249,870,914 shares of restricted common stock, plus an additional 66,873,600 shares of restricted common stock to be deferred for issuance at a later date, to Mr. Arne Dunhem in exchange for converting an aggregate of $95,023.35 in debt and liabilities related to short-term loans over the period November, 2007 through January, 2010 and expenses on behalf of the Company over the same period and certain compensation for management services. In addition Mr. Dunhem forgave the Company a total of $238,869.23 of accrued compensation for management services over the period November, 2007 through December, 2009. The aggregate per share conversion price was $0.0003 which was the October 19, 2010 closing trading price on the pink sheets.
With the issuance of the securities described in this Item,the total issued and outstanding shares of the Company’s common stock are 1,995,000,000 out of a total authorized number of shares of the Company’s common stock being 1,995,000,000
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