ADVN has now become a wholly owned subsidiary of JMG, the company said adding that JMG's CEO, president and CFO Justin Yorke has resigned from these roles and the executive officers of ADVN became JMG's new executive officers.
98 newly authorised class M preferred stock to the stockholders of ADVN, each of which will automatically convert into one hundred shares of JMG common stock or an aggregate of 16,997,398 shares; JMG agreed to dispose of or spin-off its oil and gas operations; its name will change to Ad-Vantage Networks Holding Inc; and a registration statement regarding some common stock issuable upon the conversion of the shares of class M preferred, will be filed.
8% of the issued and outstanding post-merger JMG shares and the prior ADVN stockholders group own the balance about 86.
Justin Yorke resigned as JMG's Chief Executive Officer, President and Chief Financial Officer and the executive officers of ADVN became JMG's new executive officers.
98 shares of newly authorized Class M Preferred Stock to the stockholders of ADVN.
Upon effecting (i) the increase in the authorized number of shares of JMG common stock and (ii) the reverse stock split, each share of Class M Preferred issued to the ADVN stockholders pursuant to the Merger will automatically convert into one hundred shares of JMG common stock, or an aggregate of 16,997,398 shares.