Loans4Less.com, Inc. Chairman & President, Steven M. Hershman (as beneficial owner) redeemed 27,500 Shares of Series B 6.75% Convertible Preferred Stock at $0.70 per share. The proceeds of $19,250 were used to repay a Shareholder Loan Receivable in the same amount.
As of June 30, 2008 there are 172,500 shares of Series B Preferred Stock outstanding as held by the Steven M. Hershman Revocable Trust.