The Board of Directors has received a proposal for financing from the Chairman of the Board of Directors to increase the borrowing limit available on the existing line of credit arrangement by $1,500,000, which will provide financing to support operations of the Company for the next twelve months. In exchange for the increase to the line of credit, the Company would be required to issue the Chairman and his spouse the option to acquire an additional 4,390,001,300 shares, having an exercise price of $0.002 per share. All of the options previously issued to the Chairman and his spouse would be repriced to $0.002 per share in order to equal the exercise price of the newly issued options. The Board of Directors believes it is prudent to increase the authorized shares of common stock at this time as it will enable the proposal for financing to be accepted.
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