ITEM 1. DESCRIPTION OF BUSINESS
A. Business Development and Summary
BIFS Technologies Corporation (f/k/a BioFiltration Systems, Inc.), hereinafter
referred to as the "Company", was incorporated on December 17, 1992, as a "C"
corporation under the laws of the state of Florida. The Company is authorized
to issue 800,000,000 shares of its common stock, $.00001 par value per share. As
of March 16, 2001, the Company has 519,320,716 shares issued and 505,820,716
outstanding. The Company is currently traded on the National Daily Quotation
Bureau Pink Sheets and intends to become listed on the OTC Bulletin Board as
soon as all listing requirements are met.
For the period from inception (December 17, 1992) to March 2000, the Company has
been in a development stage. During this time, management has been engaged in
business planning activities and obtaining capital.
The Company currently operates two reporting segments. The first is the
Pollution Control Systems Group and the second is the Internet Technology Group.
The Company began with only the Pollution Control Systems Group in 1992.
The Company has recognized the need to expand its management capabilities. In an
effort to consolidate the executive level management functions and to establish
an organizational platform that provides for the achievement of its existing and
planned business objectives, the Company reorganized its Biofiltration and Beach
Access.Net subdivisions into a functional reporting structure. The new corporate
structure contains an Administrative Services Division, an Environmental Systems
Division, an Information Systems Division, and a Technology Development Division
and centralizes these functions under the corporate headquarters in Sarasota,
Florida.
The Company's Environmental products will be distributed through the Environment
Systems Division, while the SWOMI products will be distributed through the
Information Systems Division. The Technology Division will be responsible for
Research and Development and the Administrative Services Division will be
responsible for accounting, finance, etc.
Mr. Jim Feiler, Director, has been appointed as Managing Director of the
Environment Systems Division. The Company is focusing on filling the Managing
Director of Information Systems position next, with the other two key positions
to follow. In the interim, the Myrtle Beach operation reports to the CEO, Mr.
Keyser. Additionally, Dr. Campbell is acting as the Director of Technology
Division and an outside consultant is performing the accounting and reporting
tasks of the Administrative Services Division. |
