CURRENT BUSINESS INFORMATION:
Wulf International Ltd. (formerly Wulf Oil Corporation) has developed a plan to provide construction of low cost and low priced houses in the Philippines and has financed its efforts through the sale of its stock, both common and preferred. The Company has sold stock in private transactions for cash and issued stock to consultants for services rendered. The Company is working towards obtaining the rights to begin construction on low cost housing project for the Republic of the Philippines.
The Company's wholly owned subsidiary, Specialized Financial Services, Inc., d/b/a SFM Mortgage Company (SFM), is a mortgage banker in the home real estate market operating primarily in Texas. Its offices are in Bedford, TX in the Dallas/Ft. Worth metropolitan area. As a mortgage broker it closes loans using "warehouse" lines of credit with financial institutions and then sells those loans to "permanent" lenders, generally within two weeks.
HISTORICAL BUSINESS INFORMATION:
The Company was incorporated in Colorado in 1973. The Company was organized as an oil and gas exploration and operated as an oil and gas exploration entity until 1992. In 1992, the Company became inactive and ceased filing reports with the SEC but retained its status as a registered company.
In April 1998, the Company formed a joint venture with a Republic of the Philippines Company, Amin and Sons Corporation (ASC), for the purposes of participating in a socialized low cost housing project for the Republic of the Philippines. The Company owns an 70% interest and ASC owns a 20% interest in this joint venture, which is registered and organized under the laws of the Republic of the Philippines, under the name Warisan Group. Taticbilt, a Philippines company qualified as a builder of low cost housing, owns a 10% interest in the project.
Subsequently, Warisan Group formed a joint venture with the Southern Philippines Development Authority (SPDA), a government owned and controlled corporation. The name of this joint venture is SPDA-Warisan Joint Venture (SWJV) and it is owned 70% by Warisan and 30% by SPDA. Wulf therefore has a net 49% interest in this Joint Venture.
The SPDA Board of Directors, in January 2001, formally approved the 1,000,000 homes low cost housing project and the Company began proceeding with other governmental approval steps.
On April 30, 1999 the Company acquired all of the issued and outstanding shares of Specialized Financial Services, Inc., d/b/a SFM Mortgage Company (SFM). The shareholders of SFM received 7,500,000 shares of the Company's common stock. Thus, SFM became a wholly owned subsidiary of the Company. SFM is a mortgage banker in the home real estate market operating primarily in Texas.
In October 2001 the Company formed a new division to enter into oil, gas, and mining projects internationally. This new division was created to utilize geological and geophysical data on gold deposits in the Philippines to prepare applications for mining exploration permits mainly offshore in the northern Philippines and onshore gold deposits and other metals in Mindanao. The Company's new division also studied the extensive coal deposits in Mindanao, the site for the Company's 1 million home low-cost housing project.
On March 12, 2002, the Company announced a joint venture agreement to build 1 million houses in Pakistan. The Company announced the agreement with Habib Khan of Pakistan and Search International of Dubai. The Company will have 40% equity interest in the joint venture, which is called the Aashiana Joint Venture.
On August 27, 2002, the Company executed an Agreement with C. Lee Bruner, Jr. of Grand Prairie, Texas to incorporate and register a mortgage banking and brokerage company in the Republic of the Philippines. The purpose of this new company is to provide mortgage funding for the buyers of the one million new homes expected to be built by the Southern Philippines Development Authority-Warisan Group Joint Venture (Joint Venture) for low-income families in the Southern Philippines. The Company is a partner and equity owner in this Joint Venture.
Bruner agreed to incorporate, register and obtain the necessary license for a mortgage brokerage and mortgage banking entity in the Republic of the Philippines, subject only to (I) a determination that such entity is permissible under Philippines law and (ii) that the Philippines Home Guaranty Corporation, acting for and on behalf of the Republic of the Philippines, will provide said entity with full Sovereign guarantees of repayment of both principal and interest on all of the Joint Venture mortgages. All related expenses will be paid by Bruner.
In return for the exclusive nature of the relationship between Bruner and the Company, Bruner agrees to pay to the Company twenty-five percent (25%) of the Net Revenues accruing from the mortgage financing of the houses built by the Joint Venture. Net Revenues are defined as gross revenue less all related costs except management fees, salaries, rent, travel and other overhead expenses which are excluded.