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Replies to post #1135 on Southern Concepts Restaurant Group Inc (RIBS)
OMOLIVES
03/18/24 7:25 PM
#1137 RE: fink #1135
on February 28, 2024, the Board duly adopted the following resolution providing for the authorization of 10,000 shares of the Corporation’s Series C Convertible Preferred Stock (the “Series C Stock”), to be issued to Switchback Capital, LLC (“Switchback”) who holds a 50% interest in a judgment in the aggregate amount of $2,089,517 entered on May 16, 2019 by the District Court of El Paso County, Colorado Springs, Colorado(the “Judgment”), which 50% interest in the Judgment is convertible into approximately 632,169,022 shares of the Corporation’s Common Stock. The Corporation desires to issue to Switchback 10,000 shares of the Corporation’s Series C Stock convertible into 60,688,226 shares of the Corporation’s Common Stock in exchange for the satisfaction of $100,000 of the Judgment.
Upon the consummation of the transactions contemplated pursuant to an executed and delivered share exchange agreement by and between the Corporation, Ross Dimaggio, Milanion Technologies DMCC, a free zone company registered in Dubai, United Arab Emirates (“Milanion”), and Davinder Dogra, as the sole shareholder of Milanion (the “Shareholder”), each share of Series C Stock shall automatically fully convert, without any further action by the holder into one share of the Corporation’s Common Stock and the Series C that is converted will be cancelled and not be available for reissuance
I want to know what happened to the control block in here that DiMagio canceled? Who controls this shell today? I'd love to see an up to date filing. Till then I'm staying out.