NEW GENERATION HOLDINGS INC 4
4 · NEW GENERATION HOLDINGS INC · Filed Jan 3, 2008
Insider Transaction Report
Form 4
MOT JACQUES
DirectorPresident and CEO10% Owner
Transactions
- Purchase
Series B Preferred Stock
2007-12-31+91,081→ 91,081 total→ Common Stock
Footnotes (3)
- [F1]Each share of Series B Preferred Stock is immediately and initially convertible into 10,000 shares of Common Stock of the Issuer; however the conversion is currently limited by the number of shares of the Issuer's Common Stock currently authorized for issuance. Upon stockholder approval and completion of a contemplated 1-for-10 reverse stock split of the Issuer's Common Stock, each share of Series B Preferred Stock will automatically convert into 1,000 shares of the Issuer's post-reverse split Common Stock for an aggregate of 91,081,000 shares of post-reverse split Common Stock. After giving effect to the contemplated reverse stock split and automatic conversion, the Reporting Person will own approximately 95% of the then outstanding shares of Common Stock of the Issuer.
- [F2]N/A.
- [F3]The purchase price per share of Series B Preferred Stock paid was equivalent to $2.27741. The aggregate purchase price was paid for by the exchange and extinguishment of an aggregate of $207,429 of indebtedness of the Issuer owed to the Reporting Person which amount represented all outstanding cash advances previously made to the Issuer by the Reporting Person.