OTCDD

[xxrayeyes]

Interesting company. Worth a look.

business summary

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CURRENT BUSINESS INFORMATION: US Global Aerospace, Inc., formerly Caring Products International, Inc., is an aerospace research, development and engineering company that owns certain intellectual property rights and patents pending relating to a proprietary cockpit security door, which is known as the Guardian(TM) Anti-Ballistic Panel Cockpit Security Door.

The Guardian(TM) Door was developed with the intent to comply with the requirement, promulgated by the Federal Aviation Administration (FAA) in the aftermath of the September 11 terrorists attacks, that all U.S.-registered commercial transport airlines must install a reinforced cockpit door, such as the Guardian(TM) Door, by April 9, 2003. There are currently approximately 6,500 U.S.-registered commercial transport-type aircraft that will need to have a reinforced cockpit door installed by the 2003 deadline in order to meet the FAA regulation.

The Guardian(TM) Door is made of a lightweight, anti-ballistic panel designed specifically for aerospace applications. Subject to its receipt of the necessary supplemental type certificate (STC) from the FAA, the Company intends to manufacture and sell the Guardian(TM) Door to the aerospace and defense industries. A STC is a certificate issued when an applicant has received FAA approval to modify an aircraft from its original design. The STC approves not only the modification but also how that modification affects the original design. The Company anticipates that its Guardian(TM) Door will be the first reinforced cockpit door to receive an STC from the FAA.

HISTORICAL BUSINESS INFORMATION: The Company, a Delaware corporation, resulted from a series of corporate reorganizations and related transactions. First West Canada Capital Corporation (FWCC) was incorporated under the laws of the Province of British Columbia on December 6, 1984.

On December 20, 1993, FWCC renounced its original jurisdiction of incorporation and became a Wyoming corporation. On December 23, 1993, FWCC merged into FWCC Merger Corp., a wholly owned subsidiary of FWCC, which was incorporated in the State of Delaware on December 7, 1993. Prior to the merger, which effected the reincorporating of FWCC as a Delaware corporation, FWCC was an inactive corporation.

On November 4, 1992 the Company was incorporated under the laws of the State of Delaware as Old Caring Products. On December 30, 1993, Old Caring Products merged with and into FWCC Merger Corp., and FWCC Merger Corp. became the surviving corporation. In connection with this merger, the then existing officers and directors of FWCC Merger Corp. resigned, the then existing officers and directors of the Company became the officers and directors of FWCC Merger Corp. and the name of the surviving entity was changed to Caring Products International, Inc.

The Company primary business until 2001 was designing a line of proprietary urinary incontinence products with disposable liners which were sold under the Rejoice brand name in the U.S., Canada, and to a lesser extent, Europe. Due to a lack of funding necessary to support full retail distribution in chain stores and hospitals, the Company announced in January 1999 that it would evaluate all of its strategic options, including sale of the Company, merging the Company's assets with another company, or seeking new investment in the Company from financial investors. The Company closed its marketing offices in 1999 and began to liquidate its remaining inventory. The Company discontinued its adult incontinence business operations in 2000. The Company is now solely seeking other business opportunities for the Company. On March 31, 2001, the Company received an equity investment which resulted in a change in control of the Company's Board of Directors. The Company does not anticipate that it will re-enter the adult incontinence business.

On March 29, 2001, the Company authorized an increase in the authorized number of shares of common stock of the Company to 100,000,000. Additionally, the Company authorized a 100:1 reverse stock split.

On March 30, 2001, the Company consummated a private placement of 90,000 shares of its common stock to Raymond A. Bills, a previously unaffiliated accredited investor. Mr. Bills paid $250,000 in consideration for the issuance. After giving effect to the transaction and the 30,563 previously issued and outstanding shares of common stock, Mr. Bills is the beneficial owner of approximately 74.6% of the Company's common stock and now has the ability to exercise control over the Company's affairs.

April 10, 2002 the Company filed an S-8 registering 5,000,000 shares of common stock for 2001 Employee Stock Compensation Plan.

On May 14, 2002, USDR Aerospace, Ltd. (Aerospace) entered into an agreement with the Company to assign certain of its Intellectual Property to the Company for consideration of $10, and a promise to pay a royalty of 3.5% on all of the Company's sales until Aerospace has received a total of $15 million and a royalty of 1% of all of the Company's sales thereafter until all patent rights of the Intellectual Property have expired.

May 21, 2002 the Company acquired 100% ownership of USDR Global Aerospace, Ltd. (USDRGA), a privately-held company. To acquire USDRGA, the Company issued 20,000,000 restricted, unregistered shares of its common stock, which resulted in a change of control of the Company. The existing officers and directors of the Company have resigned, and the officers and directors of USDRGA will be the new officers and directors of the Company. As soon as practical, the Company will change its name to USDR Global Aerospace and will commence trading on the OTCBB under a new symbol.

June 20, 2002, the Company's wholly-owned subsidiary, USDR Global Aerospace, Ltd. (collectively with the Company) entered the final stage of the approval process for certification of its Guardian(TM) Anti-Ballistic Panel Cockpit Security Door under the new Federal Aviation Administration (FAA) regulations. The Company has recently received certification satisfying FAA Decompression (Windshield-Bird-Strike) Regulations and is currently in phase five of the FAA certification process.

July 25, 2002, USDR Global Aerospace, Inc.'s proprietary Guardian(TM) Anti-Ballistic Panel Cockpit Security Door has been selected for installation in DHL Airways' DC8 cargo aircraft. DHL, an air cargo industry leader, is anticipating the need to comply with broadening FAA flightdeck security regulations, initially enacted only for passenger-carrying aircraft.

July 26, 2002, the Company filed an S-8 registering 5,000,000 shares of common stock for 2002 Consultant Stock Plan.

August 12, 2002, the Company's wholly-owned subsidiary, USDR Global Aerospace Ltd., is developing products for a broad range of applications based upon its proprietary nano-denier G-Lam(TM) ultra light weight anti-ballistic material. G-lam material has excellent dielectric properties and unlike Aramid fibers such as Kevlar has very low moisture regain. Applications include direct replacement fairings for helicopters that provide high levels of ballistic protection with no weight penalty, anti-ballistic radomes for airborne, military and law enforcement applications that offer radar transmission transparency and ballistic protection, light weight XO skeletal body armor for the future soldier initiative, portable blast containment units, turbine engine containment systems, and anti-ballistic enhanced aircraft thermal/acoustical insulation blankets.

On August 28, 2002, the Company approved an amendment to its Certificate of Incorporation to change the name of the company from Caring Products International, Inc. to US Global Aerospace, Inc.

On September 11, 2002 Caring Products International Inc.'s wholly owned subsidiary USDR Global Aerospace, Ltd. and Globus Aviation 2001 Ltd. concluded an agreement with El-Al Israel Airlines to install USDRGA's patent-pending Guardian(TM) Anti-Ballistic Panel Cockpit Security Door on El-Al's 747-200B aircraft.

October 4, 2002, Caring Products International, Inc. changed its name to US Global Aerospace, Inc. and its trading symbol to USGA.

October 29, 2002, US Global Aerospace, Inc. acquired the Nanosil(TM)treatment technology through an exclusive license agreement with Moose River Consulting, Inc. Nanosil(TM) is a proprietary super hydrophobic surface modification process that produces surfaces that are designed to repel water completely. Nanosil(TM) actually modifies the chemical structure of the polymer surface on a nano-scale (molecular level). Atoms of silicon are incorporated into the molecular structure at key points to change the electrical nature of the polymer material. Using this method, the water repellancy can be "tuned" for optimum performance.

October 30, 2002, US Global Aerospace, Inc. is developing a super radome initially focused on both the commercial and military aircraft markets. The goal of the super radome is to join the durability and strength of USGA's proprietary G-Lam(TM) derived nano-fiber technology with the super-hydrophobic surface modification properties derived from USGA's nano-scale surface modification process ("Nanosil(TM)"). The super radome is expected to be bird and impact resistant while also providing superior radar transmissivity. Nanosil(TM) is designed to reduce or eliminate rain sheeting which can virtually blind today's advanced weather radar systems. USGA is developing ballistic resistant versions of the super radome for military applications. These radomes are expected to provide integral armor protection to the aircraft's fragile nose mounted radar equipment and reduce the threat of ballistic penetration of the flight deck area. Several military transport aircraft are the immediate focus for this application.

November 26, 2002, US Global Aerospace, Inc. introduced the "Save A Gunner" (S.A.G.(TM)) Turret Armor System for mounting on high-mobility military, police and security vehicles.

MISCELLANEOUS BUSINESS INFORMATION: As of September 30, 2002 the company had an accumulated deficit of $3,879,759 and total stockholder's deficit of $2,160,505.




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