That strategy pursued to it's end will give you total ownership of the company.
Not Really: The people who run these things usually like to keep a controlling interest. i.e. they will sell 49% of the stock. This allows for an easy method of cleaning the shell and doing it again.
Change the name, do a 1000 to one reverse split and away you go. Issue a 100,000,000 shares (of the new stock) to a third party (usually in exchange for debt forgiveness) and you are off again on your way to riches.