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The preferred stock is convertible into company shares at the option of the investor at $0.1432 per share and will accrue a 5% dividend until July 6, 2014. If the convertible preferred stock is converted at any time prior to July 6, 2014, the company will pay the holder an amount equal to the total dividend that would accrue on the convertible preferred stock from the conversion date through July 6, 2014, or $250 per $1 thousand principal amount of convertible preferred shares converted, less any dividend payments made with respect to such converted convertible preferred shares.

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The company noted that, 25% or approximately $340,250 of the gross proceeds will be placed in an escrow account, which amounts will be released to make the dividend and other payments. The company expects the offering to close on or before July 3.

The preferred stock is convertible into company shares at the option of the investor at $0.1432 per share and will accrue a 5% dividend until July 6, 2014.

If the convertible preferred stock is converted at any time prior to July 6, 2014, the company will pay the holder an amount equal to the total dividend that would accrue on the convertible preferred stock from the conversion date through July 6, 2014, or $250 per $1 thousand principal amount of notes converted less any dividend payments made with respect to the converted convertible preferred stock.

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