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Sunday, June 24, 2012 10:50:34 PM
after discussions with the Commission’s staff, it determined that the transactions as structured in the Securities Purchase Agreement could not be implemented.
S1 filings are expensive with a great deal of accounting and legal time and effort. If the company simply wanted to withdraw, there is no reason to discuss with the Commission. The fact that they were in discussions with the Commisssion indicated they wanted the transaction to proceed. When the SEC told them they could not, the company withdrew.
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