Midnight Holdings Group Inc.

• Public
• US

Dow Jones Description

The Company initially was incorporated as DCUSA, Inc. under the laws of Delaware on April 28, 1988, organized as a "blind pool," meaning that it had no business plan of its own but was organized to acquire or merge with an active business. Initially the Company was a wholly-owned subsidiary of Family Health Systems, Inc. which held 3,000,000 shares of the Company's Common Stock. Pursuant to a Registration Statement which was declared effective on August 2, 1988, the 3,000,000 shares were distributed as a dividend to approximately 900 Family Health Systems, Inc. stockholders, effectively spinning-off the Company as an independent entity. In early 1993, the Company entered into a relationship with Richard Szymanski who, on April 9, 1993 assigned his recently filed Patent Application for an "Emergency Reserve Battery" to the Company in exchange for 15,000,000 shares of the Company's Common Stock. As a result, Mr. Szymanski owned approximately 82% of the Company's then issued and outstanding Common Stock. On June 1, 1993 the name of the Company was changed to its present name, "ReDOX Technology Corporation."

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