Item 3.02 Unregistered Sales of Equity Securities.
On August 17, 2012, the Board of Directors granted a total of 3,000,000 shares
of common stock to recipients who are officers, or consultants to the Company.
The stock grants were fully vested upon grant. The recipients included: L. Bruce
Jolliff, Chief Financial Officer, who was awarded 2,000,000 shares of common
stock.
No underwriters were used for this transaction. As to this transaction, the
Company relied upon the exemption from registration set forth in section 4(2) of
the Securities Act of 1933, as amended, based upon the limited number of
recipients, their relationship to the Company, and the private nature and other
limitations of the transaction.
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