The Company has initiated an “off-shore” private offering of its common stock to investors who qualify as “Non U.S. Persons” under Regulation S of the Securities Act of 1933. The offering is for 50,000,000 shares at a price of $0.02 per share which if consummated in full would generate gross proceeds to the Company of $1,000,000.
On October 19, 2010, the Company’s directors and/or executive officers, each of whom is an existing stockholder of the Company, acquired 24,500,000 shares of the Company’s common stock for $0.02 per share generating gross proceeds to the Company of $492,000. If the private offering is consummated in full, the number of shares of common stock which would be issued in the offering would approximate 58% of the Company’s common stock then outstanding. Because the Company’s existing stockholders are purchasing shares in the offering, the Company does not anticipate that a change in control of the Company will occur.
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