Tulsa World 7/6/97 - Company History
tulsaworld.com
Company Injects Idea Into Syringe Market By Becky Tiernan World Staff Writer 7/6/97
Maxxon may not have been able to stand in the batter's box if not for a Canadian mining company. To raise the funds necessary to develop, produce and market the syringe, Maxxon, in a reverse takeover, merged with Vancouver-based Cerro Mining Co. in May.
"Cerro was a public company that had just begun trading. Its original company charter required that it go into mining, but they chose the worst time in history to go into the mining business," explained Robinson, who was an adviser to Cerro.
"They said, `What are we going to do?' And I said, `Well, you're not going to go into the mining business because nobody's going to buy stock in a mining company,' " Robinson said. Desai Robinson, his wife, introduced Robinson to Mabie through her position with Allied Capital Corp.
"The mining company provided liquidity for Maxxon's shareholders," Robinson said. More importantly, it injected Maxxon with publicly traded stock that could be used as currency to purchase additional market niche medical companies and products.
"There's always a better way of doing something. And many times, it's the smaller company that will initially bring these out," said Mabie. "We intend to acquire smaller companies and their products."
That strategy is the basis for Maxxon's recent acquisition of Tulsa-based Ives Health Co., a five-year-old company that produces 58 separate homeopathic health care products. When the deal is finalized later this month, Ives will become a wholly-owned subsidiary of Maxxon.
"Maxxon can do for me in one year what would have taken me five to 10 years to do," explained Keith Ives, president of Ives Health Co. "Now we can go public and reach the national and even international markets with our preventive health care and weight loss program."
Maxxon also is in negotiations to purchase three other companies. "Two are medical device companies that have products that would be compatible with the safety syringe and one does different types of testing for different types of diseases," said Mabie. "All are innovative and represent a better way of doing things."
Maxxon Inc. is a public company that employs 11 people. It is traded under MXON on the NASDAQ OTC bulletin board. The company has 3.78 million shares outstanding with a float of 475,000 shares. Its two-month high was $6 on May 16. Its two- month low was $2.50 on April 16. Average price is $5 per share. |
