The CEO of Falak Investments AG also serves as CEO of Rudana Investment Group AG. The foregoing subscriptions for restricted common stock were subscribed at the private placement purchase price of $5.50 per share
The first placement is to Falak Holdings LLC, a distinguished investment group from Dubai in the United Arab Emirates. Falak Holdings LLC is a diversified group in many business activities in Dubai, the Arabian Gulf and with investments in Canada, Turkey, India, the Far East and Australia.
Group Chairman, Abdulrahman Falaknaz is a prominent businessman in Dubai. He is one of the three partners building the Dubai Sports City, a multi-billion dollar real estate and sports facility development under construction. Mr Falaknaz is an Executive of various United Arab Emirates Sports Federations. He is a member of the UAE Olympic Committee and Chairman of the Dubai Cricket Council as well as Vice President of the UAE Tennis Association.
The second placement will be taken up by Capital Trust Holdings AG of Switzerland.