Here is a little background information about Hollund Industrial Marine. It explains some of what is going on with the company, and provides some insight into share conversions.
Date Signed: August 5, 2012
Terms of Agreement: Mr. Hayward as owner of the Tiger-Lynk technology would grant Hollund the exclusive rights to the technology for a period of ten years.
Date Signed: August 21, 2012
Terms of Agreement: North Cal Wood Products was granted the license to market, sell and operate the Tiger-Lynk technology for harvesting underwater timber.
Date Signed: October 1, 2012
Terms of Agreement: Cancellation of Shares Agreement whereby Aztek Group of Companies, Ltd. agreed to cancel 95% of their common shares currently owned in exchange for a share of the Company’s revenue equal to 0.0025% revenue share for the next Twenty (20) years.
During January 2008, HIRS entered into an agreement to acquire all rights, title and interest in the Tiger-Lynk underwater manipulator system from Aquatic Cellulose International Corp. (AQCI). The agreement with AQCI includes acquiring a mechanical arm assembly stored at AQCI’s facility in Kamloops, British Columbia.
During the quarter ended June 30, 2012, the Company and the former owner of HIRS reached
an agreement whereby, the Company agreed to reimburse the former owner for any corporate
start-up costs he incurred (approximately $720,000) from available cash surplus. As of December 31, 2012, the Company had not yet repaid such costs as operations had not yet commenced. As the Company does not anticipate repayment of such costs until after January 1, 2014, the note payable is classified as long term in the consolidated balance sheet.
Each share of Series C Preferred Stock shall be convertible, at any time, and/or from time to time,
into the number of shares of the Corporation’s common stock, par value $0.000001 per share (the
"Common Stock") equal to the price of the Series C Preferred Stock as stated, divided by the par
value of the Common Stock, subject to adjustment as may be determined by the Board of
Directors from time to time (the "Conversion Rate"). For example, assuming a $2 price per share
of Series C Preferred Stock, and a par value of $0.000001 per share for Common Stock, each
share of Series C Preferred Stock would be convertible into 2,000,000 shares of Common Stock.
Such conversion shall be deemed to be effective on the business day (the “Conversion Date“)
following the receipt by the Corporation of written notice from the holder of the Series B Preferred Stock of the holder’s intention to convert the shares of Series C Stock, together with the
holder’s stock certificate or certificates evidencing the Series C Preferred Stock to be converted.
During the quarter ended March 31, 2012, the holder of the Class C preferred shares converted [just] 45.8 shares into 45,800,000 million common shares.
During the quarter ended June 30, 2012, the holder of the Class C preferred shares converted 1,565 shares into 1,565,000,000 common shares.
During the quarter ended September 30, 2012, the holders of the Class C preferred shares converted 874 shares into 874,000,000 million common shares.
Additionally, a former shareholder of HIRS agreed to exchange 250 shares of Class C Preferred
Stock in full settlement of a $50,000 note payable.
Finally, during the quarter ended September 30, 2012, an investor purchased 300 Class C
preferred shares which required the Company to hold in reserve 300,000,000 common shares.
During the quarter ended December 31, 2012, the holders of the Class C preferred shares converted 200 shares into 200,000,000 million common shares.
As of December 31, 2012 and 2011, there were 696,841 and 354,829 shares issued and
outstanding, respectively.
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