This is from the 8k just released a few minutes ago...
"On March 16, 2005 the company sold 37,500 Class A Preferred Shares to an existing shareholder at the stipulated price of $4.00 per share for gross proceeds of $150,000.
This shareholder is a business consultant with the company, is very familiar with its business and operations, and consequently the company is claiming that this transaction is exempt from registration under Section 4(2) of the Securities Act of 1933 in as much as it constitutes a transaction not involving a public offering."
I'm sure the reason that this individual bought this preferred stock at $4.00 is tied directly to how poorly things are going with the testing of the IVT..LOL...unless I'm mistaken, this preferred stock has a 12 month hold for conversion to common and is restricted....I take this as sign that things are not only NOT going poorly, but that they they going very well behind the scenes...connect the dots folks...
