Item 8.01 Other Events.
Due to the fact that the trading price of our shares of common stock has been close to or below its par value and that we are having difficulty financing our operations through the sale of equity, our Board of Directors and principal shareholders have decided to proceed with a reverse split of our common stock.
Currently, we have 847,848,705 shares of common stock issued and outstanding. As
a result of the reverse split, every 840 shares of common stock issued and
outstanding prior to the reverse split will be exchanged for one post-split
share of common stock. Our post-reverse split authorized capital will consist of
250,000,000 shares of common stock with a par value of
1
© Edgar Online, source