SAO LUIS MINING Inc. (OTC:SAOL)
Industry: Utilities
Sao Luis Mining Inc., formerly Mighty Mack USA Ltd., markets, manufactures and wholesales hydrocarbon absorbents and environmental remediation products. The Company develops marketing and distribution outlets for its products through established retail and wholesale distributors throughout the country. The Company was organized in 1996 to engage in all aspects of business consulting and information retrieval. In June 1999, the Company and Oxford Financial Holdings merged. The merger was treated as a reverse acquisition for accounting purposes, with the Company as the acquirer and Oxford Financial Holdings, Ltd. as the acquiree. The Company changed its name to Mighty Mack USA, Ltd. From its original date of incorporation until its transaction with the Company had no activities and carried no inventories or accounts receivable. Also, during this period, the Company carried on no operations and generated no revenues. The Company focuses on manufacturing, disseminating and developing efficient and cost-effective solutions to worldwide environmental pollution problems. The Company is committed to the development, manufacture and distribution of higher quality absorbent technology, developed from recycled, renewable, agricultural waste materials. In addition, the Company is committed to the implementation of cost effective, efficient solutions to industrial environmental problems. The Company manufactures and distributes a line of 12 oil absorbents and associated products made from non-toxic agricultural waste. These absorbents and associated products are used for the remediation of hydrocarbons and acids and effectively absorb and bioremediate oil, grease and antifreeze, turning hazardous hydrocarbons into safe, clean byproducts. The Company's subsidiary, was incorporated in November 1998. The technology it is utilizing has been prevalent since its inception in the early 1990s. The products and technology have been used in the United States, as well as in many foreign countries where it has been utilized in numerous industrial and governmental applications. Product Services Co., Inc., a Mississippi-based company, originally developed the technology which the Company is now utilizing. Product Services Co. developed and patented a process utilizing a by-product that was, at the time, considered a waste material, from an agricultural processing plant. The resulting technology yielded a chemically modified cellulose fiber material with greater absorption and hydrocarbon bio-remediation properties than the calcined clay products then and currently on the market. Further development led to the on-site application of the technology for hydrocarbon bio-remediation of contaminated soil. Product Services manufactured and distributed this technology in the United States and in other countries. The Company acquired the defined assets of Products Services Co., Inc. in 1999, subject to final payment and currently has patent usage rights and the rights to manufacture and sell certain proprietary products associated with the assets used to manufacture and develop this technology. Upon full payment pursuant to the agreement, the full consideration of which has not yet been fully paid to Product Services Co., the Company will have obtained title to the patents, raw materials, equipment, and other assets of Product Services Co. The Company has not been able pay the purchase price to date, but has received an extension until July 1, 2000 to make this payment. The Company plans to raise funds in a private placement or find a loan to pay the $3 million purchase price, but has no definitive plans at the present time. The Company's goal is to gain brand name recognition and product confidence in the global retail and industrial markets for its environmental remediation and hydrocarbon absorption products and to develop and manufacture ecologically sound and cost-effective solutions to industrial/environmental problems. The Comapny plans to focus on retail and industrial sales of its products and to establish a network of manufactu
As Of: 10/07 00:00 ET
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