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Friday, September 30, 2011 7:26:33 AM
Read the news you posted closely........
Deploy Technologies Inc., (PINKSHEETS: DPLY) announced
today that the company has changed its capital structure.
On 29 September, 2011, the Company amended Article 3 of its Articles of Incorporation to include a Class A Preferred Share, and converted 29,000,000 common shares beneficially owned by David Eppert, the Company's President and Andre Thompson, the Company's Vice President of Operations into 2,900,000 Class A Preferred Shares.
The total issued and outstanding shares of the company as of the date of this news release is, 18,173,560 Common and 2,900,000 Class A Preferred shares.
The total number of votes has not changed. Prior to the share conversion, each of the 47,173,560 common shares issued and outstanding had one vote per share for a total of 47,173,560 votes. After the share conversion, each of the 18,173,560 common shares issued and outstanding have one vote per share and each of the 2,900,000 Class A Preferred shares issued and outstanding have 10 votes per share for a total of 47,173,560 votes.
Class A shares are "preferred" over common shares.
Preferred stock usually carries no voting rights, (in this case they do) but may carry a dividend and may have priority over common stock in the payment of dividends and upon liquidation. Preferred stock may have a convertibility feature into common stock.
Do more digging, it must all be laid out in the registration. I haven't had time to look yet.
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