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Technology Stocks : Timios National Corporation
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To: Glenn Petersen who wrote (4)12/4/2005 7:53:52 PM
From: Glenn Petersen  Read Replies (1) of 44
 
On October 7, 2005, CESY announced that it had closed on the sale of $1 million of its Series F Preferred Stock to Cornell Capital Partners. The preferred shares are convertible into one billion shares of CESY common when the company emerges from its status as a Business Development Corporation.

biz.yahoo.com

The conversion terms:

CERTIFICATE OF DESIGNATION OF THE SERIES F CONVERTIBLE PREFERRED STOCK (Par Value $0.01 Per Share) OF CELERITY SYSTEMS, INC.

4.1. Conversion. While the Company has elected to be treated as a BDC under the ICA, the holders of the Series F Preferred Stock shall not be entitled to convert such shares into shares of the Company's Common Stock as set forth in this Section 4. Upon termination of the Company's election to be treated as a BDC under the ICA, each share of Series F Preferred Stock shall become convertible (the "Conversion Rights"), at the option of the holder thereof, at the office of the Company or any transfer agent for the Series F Preferred Stock, into such number of fully paid and non-assessable shares of Common Stock as is determined by dividing (a) the sum of (i) $1,000,000 (the original purchase price for the Series F Preferred Stock), plus (ii) all accrued but unpaid dividends thereon by (b) the "Conversion Price" then in effect. The Conversion Price shall be equal to $0.001.

sec.gov
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