Ann: $12m Placement Secured and $3m Priority Offer Underwritten, page-95

There are no shares in escrow. Nobody had to vote to release them. They were automatically released from escrow at the expiration of the period specified in the IPO. These shares were owned by the founders and any proceeds from their sale would flow back to the founders (owners of the shares), just like if we sold our shares and we received the proceeds. There was some suggestions by the board that they might sell their shares to help fund SAS, but that would entail them handing over their own money to the company following the sale of their shares. Obviously, if the funds ended up with SAS, it would have most likely been in the form of a loan from the founders with some sort of terms surrounding them being paid back.