The Board believes that the Reverse Split is in the Company's best interests,
principally because it may increase the trading price of the Common Stock. The
immediate effect of the Reverse Split will be to reduce the number of shares of
Common Stock from approximately 21,667,024,425 to approximately 4,333,405 on a
fully diluted basis and from approximately 21,667,024,425 to approximately
4,333,405 such shares presently issued and outstanding.
The Company is authorized, by its articles, to issue an unlimited number of
common shares and therefore the Reverse-Split, if approved and implemented, will
have no effect on the authorized capital of the Company.
So unless something has changed in the last 2 weeks (like they talked the financiers out of the money they are owed)...it would appear to me that it will be difficult to get the debentures converted before the R/S...
http://sec.freeedgar.com/displayText.asp?ID=3592207
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