Intellect Neurosciences Inc. (fka ILNS)

[TEXASOIL]

Yes read the 8K from December 17,2010 and its states very clearly that the initial conversion rate is .0025. It clearly addresses reverse splits and states the conversion rate will adjust subject to customary ant-dilution protection. .0025 is the bottom. The investors see this as a rock bottom price. It doesn't say they can convert the stock for .0025 after the R/S pps is established anywhere. A R/S of 50-1 would make the new conversion price .125 per share. That is what the 8k clearly states. So yes read the 8k and one will see that .0025 is the bottom. Insert below from the 8k is as clear.




Principal and accrued interest on the Notes will be convertible into common stock of the Company at an initial conversion price of $.0025 per share, subject to customary anti-dilution protection in the case of stock dividends, stock splits, reverse splits, reorganizations and recapitalizations and subject to full ratchet protection in the case of any sale of common stock or common stock equivalents by the Company at a price less than the then effective conversion price of the Notes.