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Published on August 22, 2006 |
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SEC Form 10-Q for second quarter 2006 reports first quarterly net profit in Company’s history and implementation of cost-cutting measures including :
- Executive positions of Director, CEO, President and CFO combined into single executive
position without increases in compensation
- No executive compensation paid since merger in June 2006
- Executive compensation to be provided only for quarters in which the company is profitable
- Strategic relationships established with healthcare and nutritional companies within the Company’s area of expertise reducing the need to compensate outside consultants
- Cash flow increased by profit sharing with portfolio companies
- Efforts increased to recapture improperly issued shares
- Potential dilution of share values by impending conversion of preferred stock into 8,000,000,000 common shares
- Potential distraction from primary mission resulting from reorganization efforts
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