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Advanced Materials Group (fka ADMGQ) RSS Feed

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Created
02/24/10
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Advanced Materials Group, Inc.

Business: Mfgs. & Markets Flexible Components

Address:
2364 Merritt Drive, Suite A
Garland, TX 75041
469 246-4100

Employees: 66

Assets: $7,117,711

EIN: 33-0215295

SIC Codes: 3086

Auditor: Fei-Fei Catherine Fang, CPA

Bankruptcy Case Summary
Bankruptcy Date: 7/2/2009
Case Number: 09-16529
Action Type: 11
District: California - Central
Filing City: Santa Ana, CA
Judge: Theodor Albert
Counsel for Debtor
Shulman Hodges & Bastian LLP
Leonard M. Shulman
26632 Town Centre Drive, Suite 300
Foothill Ranch, CA 92610
949 340-3400

Company Officers
Timothy R. Busch, Chairman of the Board
Ricardo G. Brutocao, C.E.O.
Martin A. Lehman, Interim President
William G. Mortensen, President & C.E.O. (Former)

Company Description
Advanced Materials Group, Inc. develops, manufactures and markets various products from a raw material base
of flexible components. It converts specialty materials, including foams, foils, fabrics, non-woven paper products,
needle felts, films and adhesive composites into components and finished products. The Company offers non-skid
surgical instrument pads and applicators for medical use; soap impregnated surgical prep kit sponges; protective
units for arthroscopic and orthopedic instruments; printer cartridge inserts and inking felts; automobile insulators;
water and dust seals for automobiles, computers, printers and HVAC systems; filters for trucks, computers and
electrical humidifiers; sound attenuation foam and foam/fabric composites for cushions and padding in helmets and
soft luggage and other consumer products. It also manufactures private label products for medical accounts,
including electrosurgical grounding pads, sponges, neck braces, knee pads and other specialty products.

Company Securities
Common Stock (Ticker/CUSIP: ADMG); Traded: OTC: 12,346,026 shares of outstanding as of 5/01/2009
$0.001 par value

Security Ownership
Dito Caree LP, Dito Devcar LP, Plus 4 LLC and Richard H. Pickup, 24.42%; Gregory J. Spagna, 7.33%;
Timothy R. Busch and the Lenawee Trust, 21.14%; N. Price Paschall, 2.63%; Maurice J. DeWald, 0.85%;
William G. Mortensen, 2.12%; John Sawyer, 0.47%; Ricardo G. Brutocao, 4.78% (As of 5/30/2008)
 

 

Bankruptcy Case Dismissed 12/29/2009

30 million Authorized Shares

OS - 12,346,026 as of May 1, 2009

 

 

Pink Sheets.com//Filings:

 

http://www.otcmarkets.com/pink/quote/quote.jsp?symbol=admgq#getFilings

 

Here is the reason for their Bankruptcy to begin with:  http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=6651390

On or about June 2, 2009, the Chairman of the Audit Committee of the Company Board of Directors and the Company’s Chairman of the Board received an anonymous tip pursuant to the Company's whistleblower policy which alleged that there may have been financial irregularities at the Company.  Following a preliminary investigation, on June 8, 2009, the Audit Committee and full Board of Directors of the Company determined that restatements of the Company’s consolidated financial statements for the fiscal year ended November 30, 2008 and for the interim quarterly periods ended May 31, 2008, August 31, 2008, and February 28, 2009 were necessary. Accordingly, the reports the Company filed on Form 10-KSB for the fiscal year ended November 30, 2008, and on Form 10-Q for the quarters ended May 31, 2008, August 31, 2008, and February 28, 2009 with the United States Securities and Exchange Commission (“SEC”) should no longer be relied upon.

 

Current CEO:

 

Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
 
On June 7, 2009, the Company’s Board of Directors unanimously determined to terminate William G. Mortensen’s appointment as President and Chief Financial Officer of the Company.
 
On June 7, 2009, the Company’s Board of Directors appointed Marty Lehman, age 60, as the Company’s Interim President effective June 7, 2009, replacing Mr. Mortensen.  Mr. Lehman will be in charge of overseeing the Company’s day-to-day operations and will report to the Company’s Board of Directors.  Prior to joining the Company, Mr. Lehman was semi-retired and served as a consultant for several privately held companies.  From 1993 to 2005, Mr. Lehman served as the Chairman of the Board, Chief Executive Officer and President of Entronix International, an electronics remanufacturing, manufacturing, refurbishing and reverse logistics company specializing in cellular and appliance products headquartered in Rogers, Minnesota.  Mr. Lehman holds a Bachelor of Science Business Administration degree in Marketing from the University of Minnesota.
 
Mr. Lehman’s employment with the Company is “at will” and he will be paid an annual base salary of $120,000.  Mr. Lehman will also be eligible to participate in the Company’s standard employee benefits programs.  The Company has not entered into a formal employment agreement with Mr. Lehman at this time.
 
The Company’s Board of Directors has not yet initiated the search for a replacement Chief Financial Officer but expects that such search will commence within the next 30 days.
 
 

 WEDB (MM)onboard now specializes in capital investment and recapitalization/BUYOUTS

 

Law Suit #2 against Easy Industries:

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=6690564

Item 1.02

Termination of a Material Definitive Agreement

On January 22, 2008, Advanced Materials Group, Inc. (the “Company”) entered into a License Agreement (the “License Agreement”) with Easy Industries, LLC for its Miss Oops line of women’s problem-solving fashion and accessory products. On June 29, 2009, the Company received notice from Easy Industries, LLC of its intention to terminate the License Agreement. The Company disputes and intends to contest the basis for such termination.

 

 

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