Dow Jones Description
Element 21 Golf Company (the Company,E21,we,us or terms of similar meaning) was
originally formed as OIA, Inc., a Delaware corporation, in 1986. In 1992, the
Company changed its name to Biorelease Corp., and was engaged in the business of
biotechnology from 1992 through 1995. From mid-1995 through September 2001, the
Company sponsored a number of early-stage ventures. In June 2001, the Company
changed its name from Biorelease Corp. to BRL Holdings, Inc.
Effective November 9, 2001, we acquired 100% of the outstanding common stock of
AssureTec Systems, Inc., a Delaware corporation (Systems), in a stock-for-stock
transaction. We issued 6,354,000 shares of restricted common stock and converted
outstanding options to acquire 4,750,000 shares of Systems common stock into
options to acquire 4,750,000 shares of the Companys common stock.
On April 1, 2002, we exchanged 2,852,000 shares of Systems common stock that had
been issued in connection with the Systems acquisition for 5,704,000 shares of
our common stock, from substantially all the founders and consultants from whom
our interest in Systems was initially acquired. In addition, options to acquire
4,750,000 shares of our common stock then held by these individuals were
cancelled. As a result of these transactions and the issuance of additional
shares of Systems to employees upon the exercise of stock options, our ownership
of Systems decreased to 34.2% of Systems as of June 30, 2003.
Presented by American Express