As far as we know yes. Ssparsons confirmed the info with the CEO back in May.
Also, per the last 10-Q there are 80,000,000 O/S
56,000,000 shares of its common stock are held by the founders of the Company.
In May 2010, the Company issued 10,000,000 shares of its common stock to a Director for services, these shares are restricted.
"Mr. Gronich has informed me the shares were issued to an insider, and the Rule 144 will apply for six months. However, only 1% of the outstanding shares can be sold by the insider every three months.
That would equal a distribution of only 100,000 shares every quarter."