Replies to post #10538 on MSE Enviro-Tech Corp.(fka MEVT)

[Student86]

Interesting excerpt from 10-K:

In November 2009, MSE Enviro-Tech Corp ("MSE") assigned to the Company the rights to sell MSE's fire retardant products in the United States. In consideration for the assignment of these rights, the Company issued MSE a promissory note in the principal amount of $5,000,000.

The note bears interest at 6% per year, is unsecured, and is payable on November 16, 2011. At the option of the holder, the note can be converted into shares of the Company's common stock. The number of shares to be issued will be determined by dividing the amount of the note to be converted by $0.25.

As of March 31, 2010, the Company had 13,300,000 outstanding shares of common stock and 30 shareholders of record.

The Company is authorized to issue 70,000,000 shares of its $0.001 par value common stock and 5,000,000 shares of its $0.001 par value preferred stock.