Sight purchased 384,610 Shares at $0.65 per share, for an aggregate purchase price of $250,000, in a private placement transaction with the Company on October 22, 2009. Sight used personal funds to acquire the Shares.
Item 4. Purpose of Transaction
On October 22, 2009, the Company made a series of private placements of Shares to raise sufficient equity capital in order to enable the Company to remain solvent and continue as a going concern. The Company sold an aggregate of 4,165,765 Shares, which resulted in gross proceeds of $2,707,750 to the Company before deducting transaction expenses. Sight acquired the Shares for investment purposes in connection with the Company’s series of private placements.
Other than as described herein, at the present time, Sight has no definitive plans and has not made any formal proposals relating to the acquisition of additional securities of the Company or the disposition of securities of the Company. In addition, Sight has no plans and has made no proposals that relate to or would result in:
(a) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Company or any of its subsidiaries;

(b) a sale or transfer of a material amount of assets of the Company or any of its subsidiaries;

(c) any change in the present Board of Directors or management of the Company, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the Board;

(d) any material change in the present capitalization or dividend policy of the Company;

(e) any other material change in the Company’s business or corporate structure;

(f) changes in the Company’s charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Company by any person;

(g) causing the Shares to be delisted or cease to be authorized for quotation on the NASDAQ or to be eligible for termination of registration under Section 12 of the Exchange Act, or any other similar action.