Right now their is no date for a shareholder vote, but PSID did file the paperwork with the SEC to conduct a vote, and if approved, PSID could conduct a reverse split if they so chose. If PSID gains business traction, the reverse split with not be a factor, Caragol did take 18 million shares of stock instead of a 300,000 cash bonus, so things may work out just fine.
Shares were granted pursuant to the January 8, 2013 equity conversion program. Pursuant to that program Mr. Caragol converted $300,000 of deferred cash compensation owed to him into restricted shares of common stock which shares were issued at a 25% premium to the closing bid price of the Issuer's common stock on January 8, 2012. The shares were issued pursuant to the Restricted Shares Award Agreement dated January 8, 2013 and will vest on January 1, 2016.
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