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SEC Form 8-K Reports Plan to Execute a 200:1 Reverse Split of Common Stock and Reduction of Preferred Stock Conversion Ratio from 1:400 to 1:2
 
     
 
Published on October 18, 2006
 
     
 

As a result of the Reverse Split, the Registrant will have approximately 902,292 shares issued and outstanding, which is based on a total issued and outstanding number of shares of 180,458,487 as of September 19, 2006. In addition, as a result of the Reverse Split, the Registrant will have a public float of approximately 552,562 shares, which is based on a total public float of approximately 110,512,320 shares as of September 19, 2006. Reducing the conversion ratio of the preferred shares by a factor of 200 treats holders of Series A Convertible Preferred Stock in the same way as holders of common stock which will be converted into 40,000,000 shares of common stock, instead of the 8,000,000,000 shares that would have resulted previously.