On November 07, 2007 the Board of Directors of the Company voted to effect a 30:1 reverse split of the Company’s common stock. This action was then authorized and approved by the holders of a majority of the outstanding common shares of True Product ID Inc. authorized to vote. The Board then passed a resolution to effectuate the rerse split immediately, in accordance with all applicable rules and regulations pertaining thereto.
The corporate actions taken were authorized pursuant to shareholders written consent in accordance with the provisions set forth in Section 228 of the General Corporation Law of the State of Delaware and Article I, Section 7 of the Company’s bylaws.
The Board also authorized the change in the Corporation’s Principal Executive Offices to 1615 Walnut Street, 3rd Floor, Philadelphia, PA 19103. (215) 972-1601.
On November 07, 2007 the Board of Directors of the Company has also voted to retain Rene Hamouth (Hamouth Family Trust trustee) to consult and assist the Company in market matters. The Company has authorized the issuance of three million (3,000,000) common shares post reverse split of the Company to the Hamouth Family Trust as consideration for consulting the Company regarding market matters.
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