JIM, or ANYONE ELSE Can you explain what the hell is going on here?
ITEC, subject to approval by Greenland shareholders, will purchase Greenland shares that will result initially of ownership of 60% of the issued and outstanding shares of Greenland. ITEC issued a convertible note in the amount of $2,250,000 for the initial shares. Additionally, ITEC received warrants that are exercisable in stages as PEO contracts reach specified levels. When PEO contracts reach a level of $48 million annually, all warrants will have vested and can be exercised. As a result, ITEC will own an additional cumulative 30% ownership of the issued and outstanding shares of Greenland.
biz.yahoo.com
What I'm trying to figure out is, how much is ITEC going to pay for the controlling interest of GLCP
Will it be one of these figures mentioned here?
1) Based on 480,023,397 shares of Common Stock outstanding as of September 16, 2002 plus 50,000,000 warrants and/or options now exercisable for a total of 530,023,397 shares fully diluted.
(2) Including options now exercisable to purchase 4,500,000 shares of Greenland Corporation common stock at $.008 per share, and to purchase 15,150,245 shares of Greenland Corporation common stock at $.016 per share (does not include rights to receive options to purchase approximately 20,000,000 shares at .006 and does not include compensation owed Mr. Beener of approximately $250,000 which may be paid in the form of cash, stock and/or stock options).
(3) Including options now exercisable to purchase 450,000 shares of Greenland Corporation common stock at $.05 per share.
(4) Including options now exercisable to purchase 150,000 shares of Greenland Corporation common stock at $.15 per share and 450,000 shares of Greenland Corporation common stock at $.05 per share.
pinksheets.com
Then they talk about a RS, can anyone make heads or tails of whats going on here?
SSP? |
