Item 5.07. Submission of Matters to a Vote of Security Holders.
June 5, 2014a special meeting of the Company's shareholders was held. At the meeting the following proposals were ratified by the shareholders: 1. An amendment to the Company's Articles of Incorporation to increase the authorized capitalization of the Company to 100,000,000 shares of common stock; 2. Subject to the determination of the Company's directors that a reverse split would be in the best interest of the Company's stockholders, the adoption of a reverse split of the Company's common stock. A condition of the reverse stock split is that the ratio of the reverse split will be determined by the Company's Board of Directors, provided that, in any case, the reverse split ratio will not be greater than 1-for-150. The Board of Directors may elect not to proceed with a stock split without further action by the stockholders. The following is a tabulation of votes cast with respect to the proposals: Votes -------------------- For Against Abstain Broker Non-Votes --- ------- ------- ---------------- 1. 7,445,376 185,500 31,000 -- 2. 7,445,376 185,500 31,000 -- Item 8.01 Other Events
The transaction with