(2) To be issued, at the sole discretion of the Registrant, as Direct Shares, or Shares underlying options granted to and to be granted, under the Visitors Services Inc. Employee Benefit and Consulting Services Compensation Plan.
REGISTRATION OF ADDITIONAL SECURITIES
In accordance with General Instruction E of Form S-8, TeleServices International Group Inc. (the "Registrant") is registering additional shares of common stock pursuant to the Visitors Services, Inc. Employee Benefit and Consulting Services Compensation Plan (the "VSI Plan"). The Registrant currently has effective registration statements filed on Form S-8 relating to the VSI Plan which registered securities of the same class as those being registered herewith: (a) prior registration statement filed with the Securities and Exchange Commission on February 20, 1997, on Form S-8 (File No. 333-22093) registered an initial 5,000,000 shares authorized to be issued under the VSI Plan; and (b) a subsequent registration statement filed October 20, 1997 (File No. 333-38263), registered an additional 5,000,000 shares authorized to be issued under the VSI Plan. The Registrant incorporates by reference into this registration statement the contents of its earlier registration statements on Form S-8 (File No. 333-22093 and 333-38263), which are made a part hereof.
On March 15, 1999, the Board of Directors of the Registrant increased the number of shares of common stock authorized to be issued under the VSI Plan from 10,000,000 to 17,500,000. The 10,000,000 previously authorized to be issued under the VSI Plan were registered in the aforementioned two prior registration statements. This registration statement registered the additional 7,500,000 shares authorized to be issued under the VSI Plan.
I don't understand either. If they're "re-stating" this plan 3/15/99 and VSI has filed for bankruptcy, why didn't they rename the plan? Or is it that simple, to just rename it?
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