Common Shares & Preferred Shares Held *,**	Ownership %	Warrants & Options	Fully Diluted %
Management & Consultants	22,465,039	44%	13,569,394	56%
Outside Shareholders	27,817,863	56%	996,948	44%
TOTAL	50,282,902	100%	13,266,056	100%

*Institutional investors own ~48%, some of which is included in Management
**Preferred shares are essentially non-voting common shares, with no divided and no additional rights.