I share you frustration with this stock. The increase shares are a result of previous financings.See Below.
PRELIMINARY PROSPECTUS SUBJECT TO COMPLETION, DATED MAY __, 2007
EYI INDUSTRIES INC.
739,976,079 SHARES OF COMMON STOCK
This Prospectus relates to the sale of up to 739,976,07
9 shares of EYI Industries
’ common stock by certain persons, who are, or will become, stockholde
rs of EYI Industries
. From June 23, 2006, the date the accompanyi
ng registrati
on statement was declared effective by the Securities and Exchange Commission
, through May 1, 2007, the selling shareholde
rs have sold 131,058,45
9 shares of EYI’
s common stock out of 739,976,07
9 shares registered
THE OFFERING
This offering relates to the sale of common stock by certain persons who are, or will become, our stockholders. The selling stockholders consist of:
| | · | Cornell Capital Partners, which intends to sell up to an aggregate amount of 431,894,379 shares of common stock, which includes 307,831,701 shares underlying convertible debentures and 124,062,678 shares underlying warrants. From June 23, 2006, the date the accompanying registration statement was declared effective by the Securities and Exchange Commission, through May 1, 2007, this selling shareholder has converted $335,756 of convertible debentures into 60,082,679 shares of our common stock. |
| | · | TAIB Bank, B.S.C., which intends to sell up to an aggregate amount of 171,031,292 shares of common stock underlying convertible debentures. From June 23, 2006, the date the accompanying registration statement was declared effective by the Securities and Exchange Commission, through May 1, 2007, this selling shareholder has converted $222,401 of convertible debentures into 42,507,176 shares of our common stock. |
| | · | Certain Wealth, Ltd., which intends to sell up to an aggregate amount of 136,800,408 shares of common stock underlying convertible debentures. From June 23, 2006, the date the accompanying registration statement was declared effective by the Securities and Exchange Commission, through May 1, 2007, this selling shareholder has converted $177,705 of convertible debentures into 33,968,604 shares of our common stock. |
| | · | Rajesh Raniga, our Chief Financial Officer, who intends to sell up to 250,000 shares issued pursuant to a Consulting Agreement. |
| Common Stock Offered | 739,976,079 shares |
| | |
| Offering Price | Market price |
| | |
| Common Stock Outstanding Before The Offering (1) | 399,648,955 shares |
| | |
| Common Stock Outstanding After The Offering (2) | 1,139,625,034 |
| | |
| Use Of Proceeds | We will not receive any of the proceeds from the sale of stock by the selling stockholders. See “Use of Proceeds.” |
| | |
| Risk Factors | The securities offered hereby involve a high degree of risk and immediate substantial dilution and should not be purchased by investors who cannot afford the loss of their entire investment. See “Risk Factors” and “Dilution.” |
| | |
| Dividend Policy | We do not intend to pay dividends on our common stock. We plan to retain any earnings for use in the operation of our business and to find future growth. |
| | |
| Over-The-Counter Bulletin Board Symbol | EYII |
| (1) | Based on shares outstanding as of May 1, 2007. |
| (2) | Assumes that all 739,726,079 shares, which are offered under this Prospectus, pursuant to the conversion of convertible debentures and the exercise of warrants are issued. |
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