On September 27, 2006, we acquired the assets of International Wastewater Systems, Inc., which is an operating private water treatment system company ("International Wastewater"), for 1,500,000 restricted shares of our common stock and an additional amount of 1,500,000 restricted shares of our common stock upon hitting certain benchmarks to be agreed upon. Notwithstanding this, in the event the assets of International Wastewater, after acquisition, are sold or made available in some new corporate form, the additional 1,500,000 shares will be deemed earned by the original owners of International Wastewater.
Currently, we have one employee, Larry Wilcox, our Chief Executive Officer and Chief Financial Officer. Mr. Wilcox is also employed by another company and as a result may devote work for us on less than a full-time basis. As we grow, we will need to hire full-time qualified employees. Although we have experienced no work stoppages and believe our relationships with our consultants and employee are good, we could be unsuccessful in attracting and retaining the persons needed. Neither Mr. Wilcox nor our consultants are currently represented by a labor union.
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