The corporate shell of THK has gone through a number of incarnations. It was originally incorporated in 1987 as North Star Petroleum, Inc. It completed a public offering in August of 1988. The company was engaged in the exploration, development and production of oil and gas on a joint venture basis with other partners.
In 1990, the company exited the oil and gas business, changed its name to Gemstar Enterprises, Inc. (GMSE), and entered the real estate business. In 1993, the company sold all of its assets and went dormant.
On July 12, 1997, the company acquired Safe Equipment Corporation and Roli Ink Corporation in a transaction that was accounted for as a reverse merger. According to the company’s 10-K for the year ending December 31, 1997, Roli Ink was organized “for the purpose of manufacturing and selling water based printing inks to industrial printers.” Safe Equipment was engaged in the business of providing asbestos abatement services.
The name of the company was changed to CGI Holding Corporation on July 3, 1998.
On March 4, 1999, the company acquired Salle International, a manufacturer of candles.
On November 13, 2000, the company sold the assets of Roli “Ink for approximately $2.2 million. On October 5, 2001, the company sold the assets of Salle, now known as Trifinity, for $200,000 in cash and the assumption of approximately $1 million in liabilities. On September 1, 2002, the company sold the assets of Safe Equipment of minimal consideration.
On March 21, 2001, the company acquired World Mall, Inc., a company that provided search engine enhancement services under the name of KeyRanking.com, for 6,186,515 shares. After the acquisition, there were 16,512,573 shares outstanding. |
