Done before with failure.Damsonite. 1983.
secinfo.com
WHY USA Financial Group, Inc. (the "Company") was incorporated in Nevada
on January 6, 1983 as Triam, LTD. ("Triam") for the purpose of marketing a
newly discovered gemstone called Damsonite. Triam's sole shareholder at
inception was a Utah corporation named Black Butte Petroleum, Inc. ("Black
Butte") which was founded on September 30, 1980, for the purpose of acquiring
mineral properties and interests. Prior to its formation of Triam, Black
Butte conducted business for three years beginning with a public offering of
15,000,000 shares of its common stock at an arbitrarily determined price of
$.01 per share. The offering closed with $150,000 in gross proceeds on
November 20, 1980, and was made only to residents of Utah in reliance upon the
exemption from registration provided for under Section 3a(11) of the
Securities Act of 1933. The offering was also registered with the Utah
Securities Division. Black Butte purchased various mining leases and interests
in the State of Utah with the offering proceeds.
On March 4, 1983, in preparation for a contemplated merger with Black
Butte, the Company amended its Articles increasing its capitalization from
25,000,000 shares authorized, par value $0.001, to 100,000,000 common shares
authorized par value $0.001. The Company completed its merger with Black
Butte on March 7, 1983 which included the conversion of each of the 19,500,000
outstanding shares of Black Butte into 19,500,000 shares of the Company, the
dissolution of Black Butte, and the return to the Company's treasury of the
750,000 shares issued to Black Butte at the Company's inception. The terms of
the merger were arbitrarily determined with its main purpose being a change of
domicile. On March 29, 1983, the Company amended its articles expanding its
business purpose. The Company failed to file its Articles of Merger with the
State of Nevada until November 9, 1999.
From the completion of its merger in 1983 until approximately 1990, the
Company continued with its expanded business purposes which included the
holding of mining leases in the Cottonwood Canyons in Utah, interests in
drilling programs in Wyoming and Oklahoma, and the marketing of Damsonite
gemstones and a counterfeit bill detector. The Company also acquired
additional mining claims, distribution rights for Hawaiian commemorative
coins, investment stock in various Utah-based enterprises, an inventory of
historical books, and a lease/purchase of recreational/resort property in
Midway, Utah. In the late 1980s, the Company's operations proved unprofitable;
its then president took other full-time employment, and the Company ultimately
became inactive in 1990. |
