02 Secure Wireless, Inc. (OTOW)

[olandug]

Just a little DD to add to the 500M share retirement information:

Someone on the forum was asking previously if the ratio of common shares returned to the treasury to preferred shares was done at a 1:1 ratio. I e-mailed Val on this subject and he replied that the exchange was 500 million shares to 5 million preferred. This jives with the published Annual Report (Information and Disclosure Statement/23 Feb 11), which states that there were only 10,000,000 preferred shares authorized, with (at the time) zero shares of preferred stock outstanding.

He also confirmed (which I think many of us knew) that he had owned 550 million shares. With this retirement he will have 50 million shares in restricted stock.


The above was originally posted by ROKSolid - Nice due diligence.