The Company increased its authorized shares of common stock to 1,000,000,000 shares at .001 par value and its shares of preferred stock to 15,000,000 shares at .001 par value on July 1, 2013,
The Company issued 5,000,000 shares of preferred stock at .001 to a Director on July 5, 2013 and on July 25, 2013 issued 509,601,800 shares of common stock to retire a convertible loan note dated December 31, 2009 and pay loan interest totaling $509,602.
The Company entered into an Agreement on September 20, 2013 to acquire 100% of the shares of (CJSC) Sintek, Inc. Russian Federation for the aggregate consideration of $4,300,000 payable through the issuance of 200,000,000 shares of restricted common stock at $,02 per share and as per the amendment on February 13, 2014 US $300,000 to be paid by $100,000 installments on March 15, 2014, May 15, 2014 and June 15, 2014. The stock was issued as per the stock purchase agreement between the Company and Sintek, Inc. and as permitted under Rule 144 of the Securities Act of 1933.
How convenient: These preferred shares are ready to be converted this month from 1 year ago, that is why the wait until Aug 5th for CVRG to respond. My guess is they are about to dilute these shares, hence the perfect timing buyout news! SCAM! STAY AWAY!
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