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Tuesday, July 16, 2013 12:39:36 PM
Information <info@sitsint.com>
12:37 PM (1 minute ago)
to me
Mr. XXXXXXXX,
You should not be concern since you are correct about selling restricted shares. Mr. Bell has 200 Million control restricted shares and to remove that ledger is not easy. First it can be only remove from the Transfer agent. Transfer agent cannot remove it without following SEC rules. See link http://www.sec.gov/investor/pubs/rule144.htm
" Control securities are those held by an affiliate of the issuing company. An affiliate is a person, such as an executive officer, a director or large shareholder, in a relationship of control with the issuer. Control means the power to direct the management and policies of the company in question, whether through the ownership of voting securities, by contract, or otherwise. If you buy securities from a controlling person or "affiliate," you take restricted securities, even if they were not restricted in the affiliate's hands.
If you acquire restrictive securities, you almost always will receive a certificate stamped with a "restrictive" legend. The legend indicates that the securities may not be resold in the marketplace unless they are registered with the SEC or are exempt from the registration requirements. Certificates for control securities usually are not stamped with a legend."
When you follow the link you will see the condition of rule 144 and how restricted and control shares can be sold.
"3.Trading Volume Formula. If you are an affiliate, the number of equity securities you may sell during any three-month period cannot exceed the greater of 1% of the outstanding shares of the same class being sold, or if the class is listed on a stock exchange, the greater of 1% or the average reported weekly trading volume during the four weeks preceding the filing of a notice of sale on Form 144. Over-the-counter stocks, including those quoted on the OTC Bulletin Board and the Pink Sheets, can only be sold using the 1% measurement."
I hope this answer your question.
Regards,
Investors Relations
--Took a whole whopping 20 minutes to hear back from them.
Hope that answers your question :)
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