History of Cavalcade Sports.
The Company was originally organized as a business corporation under the laws of the State of Delaware on July 22, 1997 as Tren Property Corp. The Company was an inactive company with no significant assets or operations.
On July 22, 1997, a Gemma Global, Inc. was formed by Mr. Edward Litwak under the laws of the State of Nevada, an inactive company whose sole assets were licenses granting Gemma Global, Inc. the right to use the trademarks Jennifer Gucci and Gemma Gucci for the design, manufacture and sale of an inexpensive line of women?s' shoes. At the time of incorporation, Mr. Litwak assigned the License Agreements to Gemma Global, Inc. in exchange for all 10,000 shares of the corporation's Common Stock.
On January 1, 1998, Mr. Litwak exchanged his 10,000 shares of the Gemma Global, Inc. Common Stock for 10,000 shares of the Company?s Common Stock. As a result of that stock exchange, Gemma Global, Inc. became a wholly owned subsidiary of the Company.
On February 23, 1998, the Company amended its Certificate of Incorporation to change its corporate name to Gemma Global, Inc.
On February 28, 1998, the wholly owned subsidiary, Gemma Global, Inc. (Nevada), was merged with and into Gemma Global, Inc. (Delaware), leaving the Delaware Corporation as the surviving entity.
On March 5, 1998, Articles of Incorporation were filed for a new Gemma Global, Inc. in the State of Nevada as the Company?s wholly owned subsidiary formed solely to redomesticate Gemma Global, Inc. (Delaware) in Nevada.
On April 21, 1998, Gemma Global, Inc.(Delaware) was merged with and into Gemma Global, Inc., (Nevada), and as a result, Gemma Global, Inc. was redomesticated in Nevada.
During the period from March of 1998 through March 1999, the Company sought to develop a shoe manufacturing, sales and distribution business. Although the Company had License Agreements to manufacture and market women's shoes, the Company was unable to secure the financing necessary to initiate operations.
In March 1999, the Company's management determined that the Company did not have the financial resources to develop the planned shoe business. The Company began to seek additional and/or alternative businesses for the Company. Discussions with various potential investor groups and acquisition candidates commenced, although nothing specifically materialized.
During March, 1999, the Company, then still named Gemma Global, Inc., determined that it would change its business plan and restructure itself as a holding company, to acquire various businesses and entities, without limitation as to business purpose or scope, and to finance, manage and grow such acquisitions with the intent to distribute such businesses, in whole or in part, upon their reaching of maturity. The Company entered into negotiations with a potential investor group, which included the restructuring of the Company and the abandonment of the shoe apparel business. Certain members of the Company's management and consultants who had sought to develop the shoe business wished to continue its development, although in March, 1999, the shoe business had no operations or material assets and was in default under the terms of License Agreements.
To accomplish such restructuring and to allow those members of management and the outside consultants who wished to continue developing the shoe apparel business, the Company (a) authorized the organization of a subsidiary named Global Group International, Inc. which was formed in Nevada on March 23, 1999 to receive the Company's inactive shoe apparel business segment and (b) changed its own name to Pioneer2000, Inc., a name selected by the potential investor group. The Company designated a series of preferred stock for the newly formed Global International, Inc. called the 1999- Global Group Series in preparation for a distribution of the shoe apparel business segment to the holders of the preferred stock. The designation provided that the preferred shares were convertible into 855,000 shares of Common Stock of Global Group International, Inc. The shares of the preferred stock were distributed to designate members of the Company's management and consultants. At the time of the distribution of the preferred stock, the shoe business's liabilities exceeded its assets, had no operations and were in default under terms of the License Agreements for non-payment of the minimum annual royalties.
The potential investor group did not pursue its investment in the Company and the Company ceased operations until September 1999, at which point Cavalcade of Sports Network, Inc., a company formed under the laws of the state of New York presented the Company with an opportunity to redirect its efforts.
At a Company Directors meeting in September of 1999 the Company?s Board resolved that it was the Company?s best interest, and in the best interest of the shareholders, to enter the nostalgic sports entertainment business.
On December 17, 1999, the Company amended its Articles of Incorporation to change the name to Cavalcade of Sports Media, Inc., and on December 22, 1999, Cavalcade of Sports Network, Inc., a New York corporation, was merged with and into the Company, leaving Cavalcade of Sports Media, Inc., the Nevada corporation, as the survivor. A mirror Certificate of Merger was filed in New York on December 30, 1999.
Subsequent to the Company's decision to enter its current business, the holders of 1999-Global Group Series of Preferred Stock elected to convert their 855,000 shares to Common Stock of Global International, Inc. in September, 2000. At the time of the conversion and disposal of the shoe business segment, the segment had liabilities in excess off its assets and had no operations and continued to be in default under the terms of the License Agreements. As a result of the conversion, the Company's interest in Global Group International, Inc. was reduced from 100% to zero.
In March of 2001, the Company signed a consulting agreement with Robert Bubeck and Tom O'Donnell, both of whom possess substantial experience with, and contacts in, the television network distribution business, and they will assist the Company in obtaining subscribers for the vintage sports television network.
As of March 8, 2001, the Company had acquired approximately 480 hours of nostalgic content, all considered to be in the public domain, and have transferred much of that content to Beta-SP format for broadcasting. By year-end 2001, the Company projects that its content holdings will exceed 4,500 hours. It is the Company's objective to ultimately acquire and transfer 10,000 hours of nostalgic content for ongoing broadcasting. Although the Company will offer sports footage of almost every variety, the Company will have a strong emphasis on popular sports, such as baseball, football, basketball, hockey and boxing.
On July 29, 2002 the Company announced the acquisition of Cineports.com, Inc., a company developing an international film library for worldwide digital distribution. The acquisition signals the Company's further development as a diversified programming and entertainment company. The acquisition was accomplished by the merger of Cineports.com, Inc. with a wholly owned subsidiary of the Company, a company primarily involved in the distribution of nostalgic sports content, including the development of a digital cable network chronicling the history of sport.
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