On March 5, 2014, the Board adopted and approved, effective immediately, a Certificate of Designation for a Series E Preferred Stock of the Company (the “Series E Designation”). The Certificate authorizes the designation of the Series E Preferred Stock certain changes to the existing capital structure of the Company, including the following: · The Series E Preferred Shares shall carry voting rights equal to 700 shares of common stock for each share of Series E Preferred that is issued; · The Series E Preferred Shares shall carry a liquidation preference in the event of a changes of control of the Company at the discretion of the Board of Directors, and that said shares may be convertible into common stock |