SOYO Deal
On December 26, 2007 we entered into an Asset Purchase Agreement with SOYO Group, Inc. (SOYO.OB), pursuant to which, on December 28, 2007, we acquired certain assets previously used by SOYO’s VOIP division.
The purchase price for the assets we acquired, which was agreed to be $1,000,000, was paid by delivery to SOYO of 40,000,000 shares of our common stock. Immediately upon issuance, the shares issued to SOYO constituted approximately 51% of our issued and outstanding common stock and approximately 31% of our outstanding voting securities. The shares we issued to SOYO have not been registered under the Securities Act of 1933, as amended, and we are under no obligation to register the shares for resale. In addition, SOYO agreed not to sell any of the shares for a period of one year without our prior written consent and, thereafter, to limit sales to no more than 25,000 shares per day and 250,000 shares per quarter.
So if they were to sell they could not begin until Dec 27, 2008, and no more that 250K per quarter.
Again no dilution there.
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