The proposal to authorize the Board of Directors to effect a share consolidation, or reverse stock split, of the Company’s common shares at any time on or before July 21, 2011 at a ratio within a range of 1 for 2 to 1 for 15 as determined by the Board of Directors in its sole discretion, and if and when the reverse stock split is effected, reduce the number of the Company’s authorized common shares by the reverse split ratio determined by the Board of Directors to apply equally to the Company’s authorized common shares and increase the par value of each common share accordingly, was approved, the Company’s independent inspector of elections having reported the following final voting results: 128,119,846 votes for, 59,139,640 votes against, 3,284,287 abstentions and zero broker non-votes.
The proposal to approve the increase of the Company’s authorized share capital by the creation of an additional 300,000,000 common shares, par value $.0005 per share, was approved, the Company’s independent inspector of elections having reported the following final voting results: 112,658,332 votes for, 74,565,498 votes against, 3,319,943 abstentions and zero broker non-votes.
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