Item 3.02
Unregistered Sales of Equity Securities
On July 7, 2011, Danny Elbaz and Eran Gronich and SB Systems, (the “Sellers”) sold an aggregate of 29,040,000 shares of Common Stock to Judah Steinberger for a total of $29,513 pursuant to an Agreement for the Purchase of Common Stock (the “Agreement”). The shares represent approximately 24% of the total outstanding securities of the Company. The shares were sold without registration under Section 5 of the Securities Act of 1933 in reliance on the exemption from registration contained in Section 4(2) of the Securities Act.
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