anyone see this GFYF news?GFYF: Issues 2.5B Shrs of Cmn Stk to President [delayed] Ridgeland, MS, MAY 12, 2004 (EventX/Knobias.com via COMTEX) -- GFY Foods, Inc (OTCBB : GFYF) filed an 8-K on 5/12, in which the Company reported that on 5/7, it issued 2.5 billion shares of common stock to its president, Edward Schwalb. Under the terms of the Registrant's employment agreement with Mr. Schwalb, Mr. Schwalb is authorized to maintain an ownership percentage of seventy percent (70%) of the outstanding shares of the Registrant. After this stock issuance, Mr. Schwalb owns 3,782,250,000 shares, or 62.77%, of the Company's 6,025,265,161 shares outstanding.
On May 5, 2004, the aforementioned employment agreement with Mr. Schwalb was amended to include a monthly salary of $25,000 per month. Additionally, Mr. Schwalb is due an acquisition fee of $70,000 for each acquisition that he initiates and the Company closes during the term of the employment agreement.
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