On May 23, 2006, the Company issued 22,500,000 shares of common stock to forty-nine (49) individuals in exchange for 100% of the issued and outstanding common stock of Nucon, Inc., a Nevada corporation, in conjunction with the Merger and Plan of Share Exchange between Stafford Energy, Inc. and Nucon, Inc. The 22,500,000 shares of common stock were valued at $5,000, or $0.00022 per share. The issuance of the above securities was effected in reliance on the exemptions for sales of securities not involving a public offering, as set forth in Section 4(2) of the Act and Rule 506 promulgated thereunder. Each offeree was provided access to the financial statements and any other information of Stafford Energy, Inc. that they deemed relevant or necessary in making their respective decision to accept shares of common stock in exchange for their shares of common stock of Nucon, Inc. Each offeree was deemed to have the financial or business experience necessary to evaluate the risks associated with the share exchange.
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Provisions of state law, the Company’s articles of incorporation and bylaws may discourage, delay or prevent a change in the Company’s management team that stockholders may consider favorable. These provisions include: authorizing the issuance of “blank check” preferred stock without any need for action by stockholders; permitting stockholder action by written consent; and establishing advance notice requirements for nominations for election to the board of directors or for proposing matters that can be acted on by stockholders at stockholder meetings. These provisions could allow the Company’s board of directors to affect the investor’s rights as a stockholder since the board of directors can make it more difficult for preferred stockholders, if applicable, or common stockholders to replace members of the board of directors. Because the board of directors is responsible for appointing the members of the management team, these provisions could in turn affect any attempt to replace the current or future management team.
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