Company: DURO ENZYME PRODUCTS INC
Ticker: DEPI
Form Type: 10KSB
Filing Date: Thu Dec 26 14:20:00 EST 2002
PLANNED FUTURE OPERATIONS
The Company's Board of Directors has decided to change the business of the Company and effective as of September 27, 2002 decided to review the acquisition of its wholly owned subsidiary Bruden Steaming and Vac Truck Services Ltd. ("Bruden"). Subsequent to the Balance Sheet date the board of Director's reviewing the financial statements and financial performance of Bruden decided to dispose of Bruden.
The Company is currently reviewing its licensed technology agreements with 529473 B.C. Ltd. but has not made any decisions as to the future on this particular business.
EMPLOYEES
As of December 10, 2002, the Company had seven consultants. Of those consultants, 3 were classified as executive officers, two as administrative personnel, and two sales and marketing. The Company's consultants do not belong to a collective bargaining unit, and the Company is not aware of any labor union organizing activity. The Company believes its future success will depend in large part on its continuing ability to attract, train and retain skilled technical, sales, marketing and customer support personnel.
ITEM 2. DESCRIPTION OF PROPERTY
The Company's principal executive offices are located at 20436 Fraser Highway, Langley, British Columbia, V3A 4G2, CANADA. There it leases approximately 12,000 square feet at a monthly rate of US$14,624 from Brampton Holdings Ltd. The Company is continuing on a month to month basis. The Company is currently negotiating with the new landlord for a new lease.
The Company's Board of Directors has decided to change the business of the Company and effective as of September 27, 2002 decided to dispose of its wholly owned subsidiary Bruden. The Company is currently reviewing its licensed technology agreements with 529473 B.C. Ltd. but has not made any decisions as to its future plans regarding this business.
The Company has been negotiating with new business partners on several new business lines but no formal agreements have been reached.
THE COMPANY DEPENDS UPON A SMALL NUMBER OF KEY PERSONS TO IMPLEMENT ITS BUSINESS PLAN, AND THE LOSS OF ANY OF THEM MAY AFFECT ITS BUSINESS OPERATIONS.
The Company is dependent on several key consultants to implement its business plan, and the loss of any of them may affect the Company's ability to provide the required quality of service and technical support necessary to achieve and maintain a competitive market position. There is no assurance that these key employees and consultants will continue to manage the Company's affairs in the future. The Company has not obtained key man insurance with respect to any of its consultants.
The following individuals were directors and executive officers of the Company on September 30, 2001:
Robert L. Jackman Director, President and Treasurer
Dean Branconnier Director and Vice President
Chad Burback Director and Secretary
The following individuals were appointed as Director's and executive officers of the Company:
Perry Smith Director (January 30, 2002)
David Kirske CFO (January 30, 2002) - (Resigned March 11, 2002)
James C. Florio Director, Chairman (March 19, 2002) - (Resigned August 29, 2002)
Ralph Petruzzo Director (May 22, 2002)
Larry Gold Director (July 23, 2002) - (Resigned October 22, 2002)
pinksheets.com |
