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 $0.001 per share and 10,000,000 shares of preferred stock with a par value of $0.001. The reverse split will have no effect on our outstanding shares of preferred stock. The proposed reverse split will be subject to regulatory approval. The record and effective date of the reverse split are to be determined.


                                       1

© Edgar Online, source Glimpses