Replies to post #279 on GBT Technologies Inc (GTCH)

[EquityTrader]

Sorry, got to remove myself as a mod.

From 10Q
On April 5, 2011, the Company entered into a Share Exchange Agreement with H.A.M. Group Limited (“HAM”) pursuant to which it acquired 1,996 ordinary shares of Triple from HAM representing 5% of the issued and outstanding ordinary shares of Triple. After taking into account the effect of this Agreement with HAM, the Company presently owns approximately 50% of Triple. In consideration of the shares, the Company issued HAM 12,000 shares of Series A Preferred Stock and a 6% Convertible Debenture due June 30, 2011 for the amount of $600,000 (the “HAM Note”). The Series A Preferred Stock has a stated value of $100 per share and is convertible into our common stock at a conversion price of $0.30 per share representing 4,000,000 shares of common stock. Further, the Series A Preferred Stock votes on an as converted basis multiplied by three and carries standard anti-dilution rights. The Series A Preferred Stock does not carry preferential liquidation rights. The HAM Note is convertible into shares of common stock at a conversion price of $0.20 per share.