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Monday, January 23, 2012

Accumulating LIVE in the low $3's for a hold

New CEO is taking $1 salary. Effective as of January 20, 2012, the Company appointed Jon Isaac to serve as its President and Chief Executive Officer. Mr. Isaac was previously appointed to the Company's Board of Directors on December 12, 2011. Although the Company has not entered into a written employment agreement with Mr. Isaac as of the date of this filing, he will be paid an annual salary of $1 for his services as President and Chief Executive Officer and also be eligible to receive bonuses in such forms and amounts as may be determined by the Company's Compensation Committee in its sole discretion.

Mr. Isaac, 29, is founder of the Isaac Organization and head of Isaac Capital Group, a privately held investment company. In that capacity, Mr. Isaac has closed a variety of multi-faceted real estate transactions, including transactions involving the U.S. federal government and publicly traded companies. Mr. Isaac also has experience in aiding publicly traded companies in implementing turnarounds and in raising capital. Mr. Isaac studied economics and finance at the University of Ottawa, Canada. Read Filing

His firm just bought a 17% stake. Read Filing

The filing says this is why : Item 4. Purpose of Transaction
ICG acquired the Shares to change the composition of the Issuer’s board in the belief that the Issuer and its shareholders would benefit from the diversification of the Issuer’s business. ICG intends to diversify the Issuer’s business, and may seek suitable acquisition candidates through acquisition, merger, reverse merger or other suitable business combination method and/or to restructure the Issuer into a holding company by merger into a subsidiary.

This is the fund's website : Isaac Fund Website

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