What's this stuff I hear about 1MM shares, this is what I see in the Dec 12/99 filing.
Description of Securities.
The Company's articles of incorporation currently provide that the
Company is authorized to issue 1,100,000,000 shares of capital stock, consisting
of 900,000,000 shares of common stock, par value $.001 per shares, and
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200,000,000 shares of convertible preferred stock, par value $.001 per share. As
of December 8, 1999, 67,787,788 shares of common stock were outstand ing and
135,050,000 shares of preferred stock were outstanding.
The Company is authorized to issue preferred stock from time to time,
in one or more classes or series, each class or series to have such voting
rights, designations, preferences, and relative rights as may be fixed by the
board of directors. The consent or approval of the Company's stockholders is not
required. The preferred stock may rank senior to the common stock with respect
to dividends, distribu tions in liquidation or dissolution, or both, and may
have extraordi nary or limited voting rights. In October 1998, 200,000,000
shares of convertible preferred stock were issued to Maurice W. Furlong. As of
December 8, 1999, 135,050,000 shares were outstanding.
On December 7, 1999, the Board of Directors unanimously passed a
resolution granting voting rights to the holders of convertible preferred stock.
Each share of convertible preferred stock has four votes as compared to one vote
for each share of common stock. Therefore, the holders of shares of preferred
stock have four votes as compared to the holders of common stock who have one
vote. |
