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GMHB - GOURMET HERB GROWERS INC 11 years 8 months ago #1264

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Halter took control of the shell.

On October 1, 2007, Gourmet Herb Growers, Inc., a Nevada corporation (the "Company"), entered into a Stock Purchase Agreement (the "Stock Purchase Agreement"), with Halter Financial Investments, L.P., a Texas limited partnership ("Purchaser"), pursuant to which the Company agreed to sell Purchaser 11,200,000 unregistered shares of the Company's common stock for $400,000. The Stock Purchase Agreement requires, as a condition to closing, the election and appointment of the person or persons designated by Purchaser as the new officers and director or directors of the Company;

The Stock Purchase Agreement also requires the Company's Board of Directors to declare and pay a special cash dividend of $0.245 per share to the current shareholders of the Company and that the Purchaser will not participate in such dividend. The proposed dividend will be payable to shareholders of record at the close of business on October 10, 2007, with a payment date on October 12, 2007, which is subsequent to the date the required payment from Purchaser under the Stock Purchase Agreement has been received. The dividend will be payable to the Company's current shareholders who hold 1,600,000 shares of its common stock which will result in a total dividend distribution of $392,000.
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