Description of Business:
CNH Holdings Company, a Nevada corporation (the
"Company"), was incorporated in Delaware on April 15, 1987, under the name of
I.S.B.C. Corp. The Company subsequently changed its name first to Coral
Companies, Inc., and then to CNH Holdings Company. Domicile was changed to
Nevada in 1997.
On June 15, 1998, the Company entered into a reorganization agreement (the
"Southport Reorganization Agreement") with Southport Environmental and
Development, Inc., a Nevada corporation ("Southport Environmental" or "SEDI"),
and the shareholders of Southport Environmental pursuant to which the Company
acquired all of the outstanding proprietary interest of Southport Environmental
and 1/3rd of the outstanding proprietary interest of NORM Services, Group, Inc.
("NORM"), in a share for share exchange which resulted in Southport
Environmental becoming a wholly owned subsidiary of the Company, NORM becoming a
minority owned subsidiary of the Company and the shareholders of Southport
Environmental acquiring control of the Company through their share ownership.
The Company issued 6,000,000 common shares and 200,000 shares of the Class A:
10% Dividend Bearing Preferred Stock in the exchange. Pursuant to the
Reorganization Agreement, the existing director, Mr. Paul M. Lionti, resigned
and the Company appointed Messrs. Larry V. Tate, Gerald Pybas, H. Paul Estey, E.
Robert Barbee and Terry McFarland as directors. Mr. Tate was then appointed
Chief Executive Officer, Mr. Pybas President, and Ms. Helen Wallace Treasurer.
Southport Environmental was incorporated on June 1, 1998, and is involved in the
exploration for and development of oil and gas properties. It had acquired,
prior to the Southport Reorganization Agreement, oil and gas properties with a
remaining cost basis of $144,146 from two individuals, Messrs. Tate and Pybas,
solely in exchange for SEDI stock. Messrs. Tate and Pybas were the sole
shareholders of SEDI at June 15, 1998.
NORM was originally formed as a Texas limited liability company on February 26,
1997, and commenced operations in May, 1997. NORM is involved in the remediation
of naturally occurring radioactive and waste materials along the gulf coast of
Texas and Louisiana. NORM became a corporation on July 21, 1998.
On August 7, 1998, NORM acquired all of the partnership assets and liabilities
of NSG Rentals, a Texas general partnership in exchange for common stock. The
operations of NSG Rentals are now a division of NORM. NSG Rentals commenced
operations on March 4, 1998, renting and servicing oil field equipment. Two of
the three equal partners in NSG Rentals were Messrs. Tate and Pybas. Also on
August 7, 1998, the Company acquired the remaining outstanding interests of NORM
which it did not then own in a tax free reorganization, issuing 450,000 shares
of common stock in exchange.
Oct. 8 /PRNewswire/ -- CNH Holdings Company, Inc.
(OTC Bulletin Board: CNHH) announced today, the formation of a wholly owned
subsidiary, Telenergy Communications, Inc. ("Telenergy"). Telenergy designs,
supplies and services advanced communications solutions for application in the
global energy and energy services industries. Telenergy's customized
solutions incorporate various, existing communications technologies and
platforms and are designed to keep its customers on the forefront of
"connectivity." The Telenergy Mission
Telenergy's mission is to be the leader in the specialized energy
communications market and to create a sustainable competitive advantage over
its rivals. Market leadership and a sustainable advantage is achieved through
Telenergy's commitment to continually add the most value for its customers.
Telenergy adds the most to customer value by designing, supplying, and
servicing superior quality communications solutions at the lowest deliverable
costs. To achieve its goals and missions, Telenergy has developed a strategic
plan focused upon: 1) identifying applications challenges in niches of the
energy and energy services industries, 2) developing solutions which exceed
the standards of such needs, 3) favorably procuring hardware and software
platforms from the highest quality sources in the industry, 4) providing the
solutions to customers at the lowest deliverable cost, and 5) servicing our
customers' needs on an ongoing basis. Identifying Challenges
The Information Revolution has had limited impact on certain segments of
the energy and energy services industry. Informational asymmetries exist
because operational demographics limit the functionality of current
communications and networking applications. As part of the Telenergy
strategy, delivering superior quality solutions first requires proper
identification of the operational demographics which limit the functionality
of an application. Telenergy's principals cumulatively possess over 100 years
of experience in the energy and energy services industry. They have
witnessed, experienced and are intimately familiar with the challenges facing
the industry. Only with such understanding may the true nature of the
challenge be identified. Developing Solutions
Only after specific challenges have been properly identified may Telenergy
develop appropriate solutions. Telenergy solutions are flexible enough to be
designed for either single applications or for an entire market niches. By
incorporating "state of the art" technologies and maintaining excellence in
technical proficiencies do Telenergy solutions successfully conquer
challenges. Integrating various technologies into user friendly platforms
enables Telenergy customers to fully integrate their most remote operations
with the greatest of ease. It is in such a fashion that Telenergy will
successfully exceed the rigorous challenges of the market.
Platform Procurement
The Telenergy philosophy of customer satisfaction demands that platform
suppliers adhere to rigorous quality standards. Only suppliers which adhere
to such standards are included on Telenergy's "List of Acceptable Suppliers."
Current suppliers on the list include: 3Com Corporation, Aspen Technologies,
Cisco Systems, Hughes Network Systems, Lucent Technologies, Motorola, Nortel,
Oracle, and Qaulcomm. Providing Solutions at the Lowest Deliverable Cost
Telenergy is positioned to be the solutions provider with the lowest
deliverable cost in the industry. From design to implementation to service,
Telenergy delivers its solutions to the customer on the best available terms.
By maintaining a flat organizational structure, Telenergy remains flexible and
adaptable to its environment, and responsive to its customers. Customer value
is further enhanced through the elimination of hierarchical inefficiencies and
tight controls on the organization's cost structure. With a streamlined
organization focused on efficiency and quality, unnecessary costs are avoided
and the savings passed on to the customer. Customer Service
Telenergy is committed to the on-going effectiveness of its solutions for
the customer. After Telenergy tailored solutions are installed, they are
monitored from the technical support office to identify potential problems
before they happen. Monitoring for potential problems allows Telenergy to
eliminate most events which would normally cause an interruption in customer
service before occurrence. Of course, some problems will be outside of
Telenergy's control. In these instances, Telenergy's technical support staff
stands ready to field customer problems and provide remedies on a moment's
notice. In this fashion, Telenergy can guaranty 99.7% reliability of most
installed solutions. Putting It All Together
Telenergy anticipates unveiling its first customized communications
solution during November, 1999. This solution will bring the full force and
power of secure, multi-platformed communications networking to the oil and gas
exploration and production industry. This niche market is currently suffering
from high degrees of information asymmetry and is displaying and abundant need
for customized solutions. Current global demand for communications solutions
in this niche market is estimated at $70 to 100 million for 1999, with annual
growth rates expected to exceed 15% through 2004. Telenergy does caution,
however, that the growth of oil and gas exploration and production
communications market is highly cyclical and volatile and that actual market
demand and growth rates may vary substantially from estimates.
Oct. 15 /PRNewswire/ -- CNH Holdings Company, Inc.
(OTC Bulletin Board: CNHH) announced today, the 100% acquisition of Bolton
Energy Services, Inc. (BES), an exclusive agent for the rental of the
Teledrift line of products and services in the oil and gas exploration and
production industry. BES generated total, un-audited revenues of
$268,992 for the year ending December 31, 1998 and $187,408 through
September 30, 1999. The acquisition, completed in stock and cash, has an
estimated value of $130,000 and could immediately add to annual per share
earnings. BES is the exclusive agent for the rental of the Teledrift line of
products and services in several regions of the world including, East Texas,
the Texas coast of the Gulf of Mexico, and all regions of Africa outside of
Egypt. BES's current list of customers includes, Exxon, Texaco E&P, Marathon
Oil Company, Nabors Drilling, Pennzoil Exploration and Production Company, and
Coastal Oil and Gas Corporation.
David Bolton, President of Bolton Energy Services, Inc., stated, "This is
a great deal for both Bolton Energy Services and CNH Holdings. This deal
comes at a time when Bolton Energy Services is expanding globally in the
energy rental tool business and CNH is in a position to further our reach and
growth. Now our immediate goals are to add other products and services which
complement our existing lines and add value for our customers and to extend
our reach into other areas of the world." Mr. Bolton will continue in his
executive capacities and will serve on the Board of Directors of CNH Holdings
Company. For further information, visit Bolton Energy Service's website at
www.boltensr.com.
Jerry Pybas, President of CNH Holdings Company, stated, "This is an
acquisition which offers CNH excellent prospects for future growth and
contains several other advantages. First, we believe that the Teledrift line
of products has superior quality and adds great value for its customers.
Second, we add to our revenue base without the burden of maintaining inventory
or assets. Finally, we believe synergistic opportunities exist between Bolton
Energy Services and the sales forces in our other subsidiaries."
Teledrift, Inc., based in Oklahoma City, is a manufacturer of wireless
drift indicators for use on drilling rigs. Teledrift instruments speed the
drilling process by providing almost instantaneous surface recordings of
drilling hole deviations. By providing faster deviation surveys, the need for
wire-lining is reduced, which, in turn, reduces drilling time and enhances
safety on drilling rigs. The unit is a rugged stainless steel mechanical
device which measures well-bore angle and transmits the information to an
electronic recorder via mud pulse telemetry. The first patents on mud pulse
telemetry were issued for the Teledrift instrument, thus making it the
original "Measurement While Drilling" (MWD) instrument. |
