Nowhere have I read that SK3 is a subsidiary of iequity
Nowhere have I read that SK3 is a subsidiary of iequity corp; only that iequity would have 60% voting power when issued 5m preferred shares of SK3 Group, which, if fully exercised after a year holding from issuance, would give iequity 60% of the O/S common, and therefore make iequity the beneficial controlling shareholder. Medical Greens is a sub of SK3 Group. Perhaps, the reference to "Subsidiary News" is meant to refer to news of SK3's subsidiary Medical Greens.
This is how the SK3 disclosure documents describe the relationship.
"On March 10, 2013, SK3 Group acquired the assets and business of Medical Greens
from iEquity Corp. for the issuance of 5 million shares of Series A Convertible Preferred
Stock ("Series A Preferred"). The Series A Preferred has voting power equal to sixty
percent (60%) of the total vote of all classes of stock entitled to vote and convertible at
any time after one year from the date of issuance into 60% of the resulting common stock
outstanding.
The Series A Preferred Share certificates have not yet been issued, but will be
issued as soon as a new Certificate of Designations (the “New Certificate of
Designations”) for the Series A Preferred Shares (replacing and superseding the current
Certificate of Designations on file with the Delaware Secretary of State under which no shares
of preferred stock were ever issued) is filed with the Delaware Secretary of State, which is
expected to be by November 15, 2013. At that time, iEquity Corp. will be the controlling
shareholder.
No person or entity holds more than 10 percent of the equity of iEquity Corp. Henry Jan is the Chief Executive Officer of iEquity Corp.
The securities were issued in reliance on the exemption provided by Section 4(2) of the Securities Act of 1933, as amended."
SK3 Group Inc. (SKTO) Stock Research Links
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