Your float calculations are erroneous..be it false. Your only positive outcome is the issuance of preferred shares for the acquisition. If so...good to go.
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. 273,339,011 as of March 20, 2013
If management gives them all of their shares..it does not equate to 96.75% of the company's shares.... per mention... Iris Corporation Berhad for the purchase of certain assets in exchange for 96.75% of the outstanding stock of DM Products.
Not saying it is a false play..just that information available should be applied to such. If I am incorrect here...please show such.