TAEC - 1 for 20 split confirmed in today's DEF 14C:
NOTICE IS HEREBY GIVEN that the following action will be taken pursuant to the written consent of a majority of the shareholders of the Company dated April 4, 2011, in lieu of a special meeting of the shareholders. Such action will be taken on or about May 19, 2011:
1. To amend the Company’s Articles of Incorporation to effect a reverse stock split of all of the outstanding shares of Common Stock of the Company at a ratio of 1 for 20 (the “Reverse Split”).
OUTSTANDING SHARES AND VOTING RIGHTS
As of April 4, 2011, the Company's authorized capitalization consisted of 1,000,000,000 shares of Common Stock, of which 55,176,114 shares were issued and outstanding and 10,000,000 shares of Preferred Stock, of which 10,000 shares of Series A Preferred Stock and 74,000 shares of Series B Preferred Stock are issued and outstanding"
"Pursuant to Rule 14c-2 under the Securities Exchange Act of 1934, as amended, the actions described herein will not be implemented until a date at least 20 days after the date on which this Information Statement has been mailed to the shareholders. The Company anticipates that the actions contemplated herein will be effected on or about the close of business on May 19, 2011."
"Our Series A Preferred Stock is not convertible. However, we have $1,976,807 in outstanding convertible notes (including accrued interest), convertible into our common stock based on a discount to our market price. As of April 4, 2011, these notes were convertible into 19,768,067,202 shares of our common stock."
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