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Re: FELLER post# 27908

Tuesday, 07/17/2012 4:27:36 PM

Tuesday, July 17, 2012 4:27:36 PM

Post# of 44235
He cannot confirm anything because it has to be publicly disclosed first if they have decided to do so or not or even if they have been discussing it, so you were not going to get a direct answer to your question. Straight from the 10K:

In addition, the undersigned subscribers waived the Company’s reservation obligation to the extent such requirement is in excess of 100% required reservation of shares for conversion of principal and interest of the notes until such time as the Company either increases its authorized shares or effectuates a reverse split of its common stock but in any event no later than June 1, 2012. For purposes of clarification commencing June 2, 2012, the Company is required to have a number of shares of common stock equal to 150% of the amount of common stock to all Subscribers to be able to convert all of the notes (including interest that would accrue therein) through the Maturity Date and 100% of the amount of warrant shares issuable upon exercise of the warrants.


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