PowerLinx Inc (PWNX)

[BillBranum]

And this


Section 2(a)(3); Section 5

Where convertible securities or warrants are being registered under
the Securities Act, and such securities are convertible or exercisable
within one year, the underlying securities also must be registered at
that time, absent an exemption from registration for such conversion
or exercise (such as Section 3(a)(9) for most conversions). When no
such exemption is available and such securities are not convertible or
exchangeable within one year, the issuer may choose not to register
the underlying securities at the time of registering the convertible
securities or warrants, but the underlying securities must be
registered no later than the date such securities become convertible
or exercisable by their terms. Where securities are exchangeable
(i.e. the issuer may chose to convert the securities into other
securities), the underlying securities must be registered at the time
the exchangeable securities are registered since the entire investment
decision that investors will make is made at the time of purchase.
The security holder, by buying the exchangeable security, is in effect
also deciding to accept the underlying security.
b