Too much to read... but Reverse split???
Upon the closing of the Share Exchange on February 14, 2011 we had a total of 14,632,553 shares of common stock and 19,200 shares of Series A Preferred Stock outstanding. Each share of common stock entitles the holder thereof to one vote on each matter which may come before a meeting of the shareholders. Shares of Series A Preferred Stock will automatically convert into shares of common stock on the basis of one share of Series A Preferred Stock for 1,000 shares of common stock immediately subsequent to the effectiveness of a planned 1-for-18.29069125 reverse split of our outstanding common stock (the “Reverse Split”). Upon the Reverse Split the 19,200 outstanding shares of Series A Preferred Stock will automatically convert into 19,200,000 shares of common stock, which will constitute 96% of the issued and outstanding common stock of the Company subsequent to the Reverse Split. Holders of Series A Preferred Stock vote with the holders of common stock on all matters on an as-converted to common stock basis, based on an assumed post 1-for-18.29069125 reverse split (to retroactively take into account the Reverse Split). For example, assuming 100 shares of Series A Preferred Stock are issued and outstanding, on the record date for any shareholder vote, such shares, would have, in aggregate, 1,829,069 votes.
Take this for what it is worth... I know nothing... Ask my wife.
