Shareholders holding a majority of the outstanding Voting Stock have consented to and voted in favor of the following Proposals:
1. TO AUTHORIZE THE COMPANY TO SELL SUBSTANTIALLY ALL OF THE ASSETS OF ITS WHOLLYOWNED SUBSIDIARY, BULOVA TECHNOLOGIES ORDNANCE SYSTEMS LLC (the “Sale”). 2. TO AMEND THE ARTICLES OF INCORPORATION TO AUTHORIZE THE ISSUANCE OF 5,000,000,000 COMMON SHARES, AN INCREASE FROM 2,000,000,000 COMMON SHARES, AND AUTHORIZE THE ISSUANCE OF 5,000,000,000 PREFERRED SHARES, AN INCREASE FROM 2,000,000,000 PREFERRED SHARES.