Pursuant to secured note dated March 26, 2007, which is due on or prior to March 26, 2008, and the related personal guarantees by certain officers and directors of the Company dated March 26, 2007, Mr. John Fife converted 11,000,000 shares of the Company’s common stock pledged by certain officers and directors into his name, of which he has sold 7,692,598 as of February 8, 2008. In addition, pursuant to indemnification agreements with the Company, the Company is obligated to reimburse the appropriate officers and directors for the number of shares that Mr. Fife converted into his name.
The company sold shares to pay off a debt. I wonder why it is going up? Any thoughts?
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