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SHARE CAPITAL
9 Months Ended
Sep. 30, 2011
SHARE CAPITAL [Text Block]

NOTE 5 – SHARE CAPITAL

On February 1, 2011, in connection with a Unilateral Liability Release entered into on December 15, 2010 pursuant to which the claimant agreed to release the Company jointly and severally from any claims relating to a claim made by a former director for unpaid amounts, the Company issued 1,000,000 shares of common stock with a fair value of $119,200 in full settlement of the claim.

In March 2011, in connection with three settlement agreements, the Company issued 863,999 shares of common stock in settlement of $87,434 owed with respect to outstanding accounts payables.

In July 2011, the Company issued 317,755 shares of common stock to settle obligations totalling $39,289 incurred pursuant to the terms of two consulting agreements.