The terms of the agreement included a payment of $500,000 to be paid no later than May 31, 2006 as well as the issuance of 100,000,000 shares of non-convertible preferred stock.
NOTE 11: SUBSEQUENT EVENTS (Continued)
On January 3, 2005 the Company entered into an agreement to purchase certain assets of Promotional Containers, Inc. The terms of the agreement included a payment of $500,000 to be paid no later than May 31, 2006 as well as the issuance of 100,000,000 shares of non-convertible preferred stock. Promotional Containers, Inc. is owned by James N. Turek Sr., the Company’s president and majority shareholder.
From the 10-K
secinfo.com |
