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236T568

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Re: Cowboy200009 post# 16495

Saturday, 11/03/2012 3:38:33 PM

Saturday, November 03, 2012 3:38:33 PM

Post# of 17527
SMDI owns preferred stock in PELE which is convertible into 95% of the PELE common stock outstanding.

SMDI consolidates PELE's financial statements into its own financial statements

Considering that SMDI really has no operating business, its 95% ownership in PELE pretty much makes PELE's operating business as the only business that SMDI is involved in.

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