Shallow:
Please see the PRE14C dated 8/15/16 which states everything you mentioned you were looking for and even commented on this back then as some way they were planning a scam :) I've done this stuff before, I know what is going on and I am not here to cheer or bash. I'm certain we will get a ride on this company eventually. Until then it is nice to see all of the comments, thoughts and concerns.
As of the record date of July 6, 2016 (the “Record Date”), the Company’s authorized capitalization consisted of 200,000,000 shares of common stock, of which 55,300,000 shares were issued and outstanding.
The Majority Shareholders have approved an amendment to the Company’s Articles of Incorporation to increase the authorized common stock of the Company from 200,000,000 shares to 220,000,000 shares of common stock (the “Authorized Capital Increase”).
The Authorized Capital Increase
The purpose of the Authorized Capital Increase is to increase the number of shares of the Company’s common stock available for issuance by the Company for general corporate purposes, including acquisitions, equity financings and grants of stock and stock options, and other transactions under which the Company’s Board of Directors may determine is in the best interest of the Company and its shareholders to issue shares of common stock.
The Authorized Capital Increase will not have any immediate effect on the rights of existing shareholders, but may have a dilutive effect on the Company’s existing shareholders if additional shares are issued.
We are not increasing our authorized common stock to construct or enable any anti-takeover defense or mechanism on behalf of the Company. While it is possible that management could use the additional shares to resist or frustrate a third-party transaction providing an above-market premium that is favored by a majority of the independent shareholders, the Company has no intent or plan to employ the additional unissued authorized shares as an anti-takeover device.
GLTA.
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