Cat, This is what I was looking for and I think wo
Post# of 4018
Posted On: 07/29/2012 2:39:04 AM
Cat, This is what I was looking for and I think worthy of discussion.
Preferred Shares
As of December 31, 2011 and 2010, respectively the company had 10,000,000 shares of Preferred Stock, with a par value of $0.001 per share
On December 28, 2011, the Board of Directors designated the company’s Series A Preferred Stock (“Series A”) in the amount of 1,000,000 Preferred Shares. Series A bears no dividends, does not convert to any class of common stock, and is subject to redemption at the price of $0.10 per share, at the election of the company at any time and automatically upon the obtaining of financing by the Corporation in an amount of $1,000,000 or greater that, in the opinion of the board of directors, allows for the generation of a minimum of $1,000,000 in revenue. Each share of Series A Preferred Stock entitles the holder to 350 votes on all matters submitted to a vote of the shareholders. Shareholder approval was not required pursuant to Title 78 of the Nevada Revised Statutes §78.1955. The Certificate of Designation was filed with the Nevada Secretary of State and became effective on February 9, 2012. Furthermore, the board of directors approved issuance of 500,000 shares of Series A Preferred Stock each to Timothy Benjamin, Chairman, and J. Rod Martin, CEO. The Board of Directors deemed it necessary and in the best interests of this corporation to create this series of preferred stock in order to compensate the company’s chairman and chief executive officer,
(0)
(0)