HDGV float only 750,000.....
On February 28, 2001, Mr. Shai Stern, 43 Maple Avenue, Cedarhurst, New York 11516, acquired 2,380,000 outstanding, restricted shares of common stock, representing 76% of the 3,130,000 issued and outstanding shares of common stock, of Hercules Development Group, Inc., a Colorado corporation (hereinafter referred to as "Hercules Development"). Mr. Stern acquired 1,190,000 shares of common stock from each of Messrs. J. Peter Garthwaite and Bradley A. Scott, who resigned as executive officers and directors of Hercules Development on February 28, 2001.
Mr. Garthwaite resigned his positions as the President, the Chief Executive Officer, the Treasurer and a director of Hercules Development and Mr. Scott resigned as the Secretary and a director of Hercules Development. Upon acceptance of these resignations, the size of the Board of Directors of Hercules Development was reduced from two directors to one director. On February 28, 2001, Mr. Stern was elected as a director to fill the vacancy in the Board of Directors created by the resignations of Messrs. Garthwaite and Scott and the decrease in the Board's size. Mr. Stern was also elected, on February 28, 2001, to the offices of President and Chief Executive Officer of Hercules Development to replace Mr. Garthwaite.
Hercules Development continues to be engaged in the business of managing real estate, with a total of approximately twenty residential properties located in Denver, Louisville and Boulder, Colorado, under management as of the date of this Current Report on Form 8-K.
