Replies to post #7973 on El Maniel International Inc (EMLL)

[pennytradingnet]

On July 1, 2010, the Company closed on the acquisition of property and equipment of an idle oil terminal facility. See Note 3.


Effective July 26, 2010, the Company’s Articles of Incorporation was amended to increase its authorized common stock to 5,000,000,000 shares.


On August 3, 2010, the Company executed a Wrap-Around Agreement with its chief executive officer and Epic Worldwide, Inc. (“EWI”). Pursuant to the agreement, the Company issued EWI a promissory note in the amount of $1,200,000 in exchange for EWI’s assumption of certain amounts due the Company’s chief executive officer. The promissory note bears interest at 15% commencing October 3, 2010, is due August 3, 2011, and is convertible at the option of EWI in whole or in part into shares of Company common stock at a price per share equal to a “50% discount of the average three deep bid on the day of conversion”. On August 3, 2010, August 13, 2010, August 19, 2010, and September 7, 2010, the Company issued 200,000,000 shares each day (800,000,000 shares total) of its common stock to EWI pursuant to EWI conversion notices reducing the promissory note balance by $40,000, $40,000, $60,000, and $50,000, respectively ($190,000 total).


On August 6, 2010 the Company issued 2,000,000,000 shares of its restricted common stock to its chief executive officer.

At September 16, 2010, the Company has 2,892,110,000 shares of common stock issued and outstanding.