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Sekrah

03/26/07 4:58 PM

#26106 RE: rrm_bcnu #26105

The number of shares were not defined in the subscription! The value of those shares were, not the number.

It's not complicated. They don't need to raise the A/S until the conversion takes place.

The gap between A/S and O/S is still the 7m+ Turek holds in preferred stock that is convertible to common shares.

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Sekrah

03/26/07 5:00 PM

#26108 RE: rrm_bcnu #26105

The A/S is at 13.5b because of the preferred stock that Turek can convert at any moment to 7b+ common. Those numbers are KNOWN.

The Subscribed Stock depends on the price they are converted at which is UNKNOWN. It's not required to raise A/S until this all takes place.