Nice find and very interesting. Not a big fan of that for obvious reasons, but considering the A/S was 500mil, O/S 400mil, and the float peanuts, hopefully it's just needed for acquisitions and such. The CEO does, or did, own around 80% of the outstanding shares.
From the May 31 filings, it sounds like the new company is an oil company that's already in operations and currently working.
"Recently in May 2012 the majority interest of the Company was
purchased by Riverside Development Management, Inc., which is a private corporation
engaged in oil and gas exploration and drilling."
They also state they will be partnering with a turbine energy company and water treatment plant. Maybe the partnership will involve shares.....sounds like it could be a big job.
"Our company is an oil drilling company that
has been organized to pursue oil-drilling projects throughout the United States. Currently we
are engaged in a project located in Wyoming, which involves us partnering with a turbine
energy company, a water treatment plant that will deploy their most recent technology to treat
and purify water on the drill site and the State of Wyoming."
Nonetheless....great find and thanks for sharing. Who knows what this turns out to be but I'm in for the gamble :)
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