interesting stuff
"C. Lawsuit Settled. On June 8, 1999, a lawsuit pending in Circuit Court for
Pinellas County, Florida was dismissed after a court-approved settlement in the
case. The lawsuit originated on February 9, 1998, when Robert P. Gordon, who is
an officer and director of the Company, individually filed a lawsuit against
Felcrest Trading Ltd. ("Felcrest"). On October 23, 1998, Felcrest filed a third
party complaint against the Company, VSI (the Company's subsidiary), and current
and former officers and directors of the Company and VSI and other third
parties. Pursuant to the settlement, the Company issued an aggregate of
4,402,923 shares of its common stock to Felcrest and the former officers and
directors who had indemnification claims
2
against the Company for the legal fees they incurred, while Mr. Gordon returned
4,402,923 of his shares to the Company for cancellation. Consequently, there was
no increase in the outstanding shares of common stock as a result of the
settlement. The issuance by the Company was exempt from registration pursuant to
Section 3(a)(10) of the Securities Act of 1933.
D. Escrow of Shares Pursuant to Convertible Debentures. On June 2, 1999,
Robert P. Gordon returned 7,000,000 of his shares of common stock to the Company
for cancellation to allow the Company to place an additional 7,000,000 shares in
escrow for the benefit of holders of convertible debentures. The Company is
obligated to reissue 7,000,000 shares to Mr. Gordon after the shareholders
approve an amendment to the articles of incorporation to increase the authorized
common stock of the Company."
....
Looks like the PP's want them thar shares in escrow--pronto(wonder why if no one is converting..<g>-ya right
..........
" The Company is
obligated to reissue 7,000,000 shares to Mr. Gordon after the shareholders
approve (sounds like it's a done deal) an amendment to the articles of incorporation to increase the authorized
common stock of the Company."
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