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Sunday, May 22, 2011 2:02:09 PM
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ITEM 6 4/4/11; Dividend Postponement and Transfer Agent Terms Modification;
On March 31st, 2011 the Board was informed by its transfer agent (TA), that their failure to properly file the dividend issuance notification with FINRA, would require the Company to delay its March 31st, 2011 dividend. As a result on April 4th, 2011 the Board passed a resolution charging the CEO with the responsibility of re-negotiating its entire TA service agreement. It was decided that the appointment of the next Record Date would be delayed until the TA agreement was settled. If unsuccessful, he was ordered to switch to one of the TA’s aggressively pursuing the Company’s business. It was resolved that the adjusted terms would need to include the fee structure for each specific dividend
issuance, monthly non-transactional service fees, the dividend certificate re-issuance and
restriction lift program and a “quality of service” commitment. Previous resolutions
declared that the Company would adhere to a strict but, expensive dividend issuance
schedule that called for a total of 8 dividends in 2011 alone. The feasibility of the program will rest essentially on the transfer agent expense. In order to reward our long term shareholders for their loyalty while we, as a company negotiate the recent adverse
challenges facing our business plan we intend to provide significant percentage
ownership to our shareholders by way of our dividend system.
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