PHSL owns 49.9% common stock outstanding of IBDI which owns 27% of PMGI
From IBDI 10-K
On January 21, 2005, we acquired all of the membership interests in Media Billing, LLC, which owns 100% of the membership interests in iBill, from PHSL Worldwide, Inc. (PHSL), in exchange for 330,000 shares of our Series D convertible preferred stock, the conversion of which would result in PHSL owning 49.9% of our fully diluted common stock outstanding. In July 2005, Media Billing LLC and iBill were amalgamated into iBill Corporation
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