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Chase Packaging Corp (CPKA)

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Last Post: 5/20/2019 1:12:36 PM - Followers: 24 - Board type: Free - Posts Today: 0

Prior Business Operations

The Company was established in July of 1993 as a wholly-owned subsidiary of Dawson Geophysical Company (“Dawson” and formerly known TGC Industries, Inc.). On July 30, 1993, the Company purchased certain assets of Union Camp Corporation’s packaging division for a purchase price of approximately $6.14 million. The assets purchased included substantially all of the business of weaving and constructing Saxolin Ò paper mesh and polypropylene plastic mesh bagging material for agricultural and industrial applications and substantially all of the properties related to Union Camp’s packaging division. The properties acquired by Chase consisted of Union Camp’s plant facilities located in Portland, Oregon, and Idaho Falls, Idaho, and all machinery, equipment, and inventories connected with these facilities.

The Company experienced losses from 1994 through 1997, and in 1997 the Company’s secured lender decided not to renew the Company’s operating line of credit. The Company’s Board of Directors therefore determined that it was in the best interest of the Company and all of its creditors to liquidate in an orderly fashion.

Effective July 21, 1997, the Company sold its operations at Idaho Falls, Idaho, to Lockwood Packing Corporation (“Lockwood”). The assets sold included substantially all of the Company’s equipment, furniture, fixtures, and other assets located in the Idaho Falls, Idaho, facility for a total of $75,000. In addition, the Company sold inventory from the Idaho Falls operation to Lockwood for $255,000. The proceeds from these sales were used to reduce the Company’s loan balance with its lender.

On July 25, 1997, the Company notified its creditors by mail that the Company would begin an orderly liquidation of all of its remaining assets, outside of a formal bankruptcy or receivership proceeding, in a manner intended to maximize the asset values. The Company retained the firm of Edward Hostmann, Inc. to assist the Company in such liquidation which was completed during 1997.

Post-Liquidation Operations

Since 1999, the Board of Directors has devoted its efforts to establishing a new business or engaging in a merger or other reorganization transaction.

The Company closed a private placement of 13,334 units (the “Units”) on September 7, 2007. Each Unit was sold for $150 and consisted of: one share of Series A 10% Convertible Preferred Stock ($100 stated value) convertible into 1,000 shares of the Company’s common stock (the “common stock”); 500 shares of common stock; and 500 five-year warrants, each warrant exercisable for one share of common stock at $0.15 per share. Gross proceeds from the offering were $2,000,100, expenses of the offering were approximately $38,000, and net proceeds were approximately $1,962,000.

The Company is reporting that effective on December 31, 2018, the Company successfully completed a voluntary early conversion of its outstanding Series A 10% Convertible Preferred Stock to common stock. As a result, the Company no longer has any of the Preferred Stock outstanding.

The board of directors authorized the Company to offer to the preferred stock holders the opportunity to convert the preferred stock to common stock at the rate of $0.085, a 15% discount from the $0.10 stated conversion price. Each preferred stock holder accepted the offer, and 36,589 shares of preferred stock were converted to 43,045,897 shares of common stock, effective on December 31, 2018. The board of directors believes that this more simplified capital structure makes the Company a more attractive merger candidate, although there can be no assurances that any such transaction will be available or will occur or, if it were to be approved by the board of directors, that the stockholders of the Company would vote in favor of the transaction.

$CPKA Reverse Merger at work!

New board directors added per latest 8k! Auditor changed recently. Serious business coming in! 
John A. Forbes, has been a director of Patrick Industries, INc since 2011. A billion dollar market cap NASDAQ stock.
PATK Marc C Neilson - http://accretivesandiego.com/about/ Mark also serves on the Board of Directors of Supreme Industries, (a $200 Million publicly-traded manufacturer of truck bodies and specialty vehicles)

 


 
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CPKA News: Quarterly Report (10-q) 05/02/2019 12:17:10 PM
CPKA News: Statement of Changes in Beneficial Ownership (4) 04/15/2019 11:19:11 AM
CPKA News: Statement of Changes in Beneficial Ownership (4) 04/15/2019 11:18:53 AM
CPKA News: Statement of Changes in Beneficial Ownership (4) 04/15/2019 11:18:32 AM
CPKA News: Statement of Changes in Beneficial Ownership (4) 04/15/2019 11:17:34 AM
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#53  Sticky Note Oh, the new director - John A. Forbes, hispeedsoul 04/03/19 09:11:17 PM
#81   Geez. The spread is huge. Seems like a mistake. hispeedsoul 05/20/19 01:12:36 PM
#80   105K on the .10 bid. Loading going on here bonedaddy77 05/16/19 11:15:46 AM
#79   Ask at .14 now. hispeedsoul 05/16/19 10:03:12 AM
#78   Interesting buying today here between .10-.11 bonedaddy77 05/15/19 03:20:45 PM
#77   Yea someone wanted to load over 200k shares Jerm17 05/15/19 01:16:28 PM
#76   Some volume coming in. hispeedsoul 05/15/19 01:04:10 PM
#75   10k net operating loss carry forward for federal Femto99 05/02/19 12:27:41 PM
#74   Also serves as motivation for success doncamel 04/16/19 01:21:33 PM
#73   I agree. They award share right now because Femto99 04/16/19 01:21:09 PM
#72   Its bullish to me. Will be adding. doncamel 04/15/19 06:00:36 PM
#71   Each of the six directors were issued 300,000 Enterprising Investor 04/15/19 05:09:10 PM
#70   John A. Forbes (director of PATK )never bot Femto99 04/10/19 10:56:07 AM
#69   I think the price is not going back anymore! Femto99 04/09/19 03:02:30 PM
#68   Form 3 submitted on 5th and he made Femto99 04/09/19 03:02:02 PM
#67   Nice intro! Femto99 04/09/19 02:43:49 PM
#66   I averaged up this morning. Looking very good! Femto99 04/09/19 10:15:24 AM
#65   Tic toc doncamel 04/09/19 09:05:23 AM
#64   Yes! Open Market Purchase. Direct Ownership. Special Situations 04/09/19 06:28:01 AM
#63   Form 4 for our new director Forbes John Femto99 04/08/19 07:05:46 PM
#62   Form 3 out on Forbes John A, very speedy! Femto99 04/05/19 09:18:19 PM
#61   SEC "Form 5" x 4 Special Situations 04/05/19 03:10:41 PM
#60   I agree! Femto99 04/04/19 11:35:52 AM
#59   “Exit strategy” does not necessarily mean “sell”. Enterprising Investor 04/04/19 11:17:53 AM
#58   Might be something bigger than just the insiders exiting. Femto99 04/04/19 11:12:37 AM
#57   Exit strategy is now in the works. Enterprising Investor 04/04/19 10:42:37 AM
#56   Looks very good! Shares are locking up! Femto99 04/04/19 09:58:54 AM
#55   Reverse Merger coming! Special Situations 04/04/19 08:40:47 AM
#54   This is going to be a very serious Femto99 04/03/19 09:37:26 PM
#53   Oh, the new director - John A. Forbes, hispeedsoul 04/03/19 09:11:17 PM
#52   8K out. 2 new directors added. hispeedsoul 04/03/19 09:06:16 PM
#51   They pay very little to their officers. I Femto99 03/27/19 12:10:51 AM
#50   10-k out. I notice all the board members Femto99 03/27/19 12:09:14 AM
#49   I think I am done buying. 500k order Femto99 03/01/19 02:04:05 PM
#48   Yeah, but people lose money in the market Phaedrus77 02/28/19 11:35:05 AM
#47   Private placement raised $2 million in 2007. Enterprising Investor 02/26/19 11:18:09 PM
#46   isn’t the company’s book value just 1.3 cents Phaedrus77 02/26/19 07:36:37 PM
#45   Opportunistic for buyers like me. Enterprising Investor 02/26/19 04:10:00 PM
#44   The selling is desperate. Femto99 02/26/19 02:54:23 PM
#43   You have been here for a while Femto99 02/25/19 11:07:33 AM
#42   Agreed! Femto99 02/25/19 11:06:35 AM
#41   The change of auditor and conversion of prefered Femto99 02/25/19 11:05:31 AM
#40   I believe a merger is ready, from last 10q Femto99 02/25/19 11:04:48 AM
#39   Members of the private placement group need to Enterprising Investor 02/22/19 03:17:38 PM
#38   Warrants to purchase 6,909,000 shares at $.15 are Enterprising Investor 02/22/19 03:12:59 PM
#37   Outstanding shares should now be 58,582,172. Enterprising Investor 02/22/19 03:08:32 PM
#36   Voluntary Conversion of Series A 10% Convertible Preferred Enterprising Investor 02/22/19 03:02:24 PM
#35   In with you! Femto99 02/22/19 02:57:24 PM
#34   $CPKA: $0.075s going..... loving it already makinezmoney 02/22/19 12:55:53 PM
#33   CPKA just checked their filings. $700K+ cash and funnyG986 02/22/19 12:39:52 PM
#32   $CPKA: In on $CPKA here at $0.05 makinezmoney 02/22/19 12:39:22 PM
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