Stockholders approved the Board's authority to effect up to two reverse stock splits with an aggregate ratio ranging from 1-for-2 to 1-for-199. The number of authorized shares of common stock was increased from 200,000,000 to 1,000,000,000 shares. Stockholder action by written consent in lieu of a meeting is now permitted. David E. Lazar's Series AA and Series AAA Convertible Preferred Stock is convertible into 111.0 million shares of common stock, representing approximately 96.4% of the total common stock currently outstanding on a fully diluted basis. Jerome Jabbour and Matthew McMurdo were elected as directors, while Mark Gilbert and Michael Newman resigned, resulting in David E. Lazar's nominees constituting a majority of the nine-member Board. These corporate actions are intended to facilitate a planned strategic transaction involving an investment in or acquisition of an operating business.