Yes that is correct. JPC is so confident in this deal that they did not sell the shell but instead are taking ownership in the post merger company. This speaks volumes.
One item of interest in today's 8K was that Componus, Inc. only paid "up to $25,000 for reimbursement of its legal fees incurred as a result of the transactions contemplated." This payment is for 89,000,000 total shares or 87.25% of the total issued and outstanding common stock of the Company. Currently, OTCBB shells are selling for $500,000 - $700,000. Do the current shareholders think they will get a better return from the sale of their stock than selling the shell outright to Componus?
Here is the current ownership of JPCI before the reverse merger announcement:
Name (1) Number of shares (2) Percent Held -------- -------------------- ------------ John C. Canouse (3) 16,395,156 66.1% Joseph C. Canouse (4) 2,274,106 9.2% J.P. Carey Asset Mang 2,257,900 9.1% Jimmie N. Carter 80,000 (5) Cache Capital (USA) L.P. 36,292 (5) Janet L. Thompson 5,118 (5)
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