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Saturday, April 21, 2012 8:06:58 AM
During the nine months ended February 29, 2012, the Company issued 500,000,000 warrants to Mr. Browne, its Chief Executive as part of his employment contract dated January 17, 2012. The warrants have a strike price of $0.002 per share, vest immediately, and have a four-year term. The fair value of the warrants was determined to be $999,122 using the Black-Scholes model. No warrants have been exercised as of February 29, 2012.
Remember FLTT was making 34 million in revenue BEFORE this recent asset sale.
SWEET!
IMO Vincent Browne now would have almost 3 million FLTT shares that he can sell when it runs.
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