On May 30th, 2012, Infrax Systems and Lockwood Technology, its wholly owned subsidiary, signed a sixty three (63) months office lease with Kalyvas Group II, LLC, of St. Petersburg, Florida. The office space is on the 3rd floor of Florida Capital Bank Building, located at 3637 Fourth Street North, St. Petersburg, Florida 33704, with said space being further described and identified as Suite 330 consisting of approximately, 3,315 square feet of office and operations space.
We were notified by Mr. Sam Talari, our acting CEO, which he plans to set up a stock purchase plan under Rule 10b5-1 for the purchase up to $500,000 of Infrax common stock at the open market. Based on Security and Exchange Commission’s rules covering insider buys and sells, Mr. Talari will disclose any purchases in a regulatory filing. The stock purchase at the open market may occur at any time and may not reach $500,000 worth of share purchases. Mr. Talari may stop the purchase at any time based on his financial ability and other related considerations.
The timing and amount of any repurchases will be determined by Mr. Talari based on evaluation of market conditions, regulatory considerations and other factors. Any open market stock repurchase activities will be conducted in compliance with the safe harbor provisions of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. A plan under Rule 10b5-1 allows an insider to purchase shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. A broker selected by Mr. Talari will have the authority under the terms and limitations specified in the plan to purchase shares on his behalf in accordance with the terms of the plan. Purchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the plan.
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