CURRENT BUSINESS INFORMATION: Osprey Gold Corporation plans to produce economically valuable minerals from the mineral properties it currently controls, and from mineral properties that it may acquire in the future. The Company has specialized in acquiring and consolidating large, advanced exploration-stage properties with near-term production potential and future growth through exploration discoveries. The Company's acquisition and development emphasis is focused on properties containing gold and other strategic minerals located in Canada.
HISTORICAL BUSINESS INFORMATION: The Company was incorporated in March 1995 under the name of Truco, Inc. and was to engage in the business of manufacturing, selling and marketing a product described as the "Belt Wallet." However, soon thereafter the Company elected not to proceed with its intended business objective of marketing and selling the "Belt Wallet" but instead elected to change its focus to the area of developing proprietary technology and services using smart and remote memory cards and wireless and land-line networks in the fields of commerce, publishing, and network-based systems. The Company entered into a licensing agreement for the exclusive right to market and manufacture a technology known as the "ARCard, ARCommerce Reader, ARCinternet Computer", and its application programming bundled together as the "ARCommerce Kit" as a way of doing business over the Internet. On March 22, 1996, the Company changed its name to "Web Tech Incorporated".
Subsequently, on November 30, 1996, in an effort to diversify its product and manufacturing base, the Company acquired all the issued and outstanding shares of Geo-Ram, Inc., a Texas corporation, by issuing 6,000,000 shares of the Company's common stock to the shareholders of Geo-Ram, Inc. Geo-Ram, Inc. was in the business of manufacturing geophysical equipment which included a new drill bit, the "Duckbill Bit", designed to implant explosive charges and geophones for seismic surveys in harsh and environmentally fragile geographic areas known as transition zones. On March 18, 1997, the Company changed its name to "Cynergy, Inc."
However, the Company was neither able to (1) successfully develop and market the "ARCommerce Kit", or (2) provide any further funding for the growth and development of the geophysical equipment business. Consequently, the Company did not continue its licensing of the "ARCommerce Kit" and further, on March 24, 1998, the Company entered into a Recission Agreement with the shareholders of Geo-Ram, Inc. whereby the shareholders of Geo-Ram, Inc. returned the 6,000,000 shares that the Company issued in connection with the November 30, 1996 acquisition.
On September 22, 1999, the Company (1) entered into an Agreement and Plan of Merger with Mercantile Factoring & Credit Corp. (formerly known as Advanced Medical Technologies Research Corp.), a Nevada corporation (the "Merger"), (2) changed its name to "Mercantile Factoring Credit Online Corp."("MFCO"), (3) effected a reverse stock split of the Company's issued and outstanding shares of common stock on a basis of one new share for every 17.784 old shares, and (4) elected four new directors to the Company's board of directors (the "Board"). The Merger became effective upon the filing of the Articles of Merger on September 29, 1999.
In February 2000, the Company determined that the then intended business of MFCO (to provide an Internet web-site where (1) borrowers could post their offers to borrow money secured by pledged collateral (primarily accounts receivable and real estate), and (2) lenders could competitively bid to supply the money, with the competition being in the form of the amount of money the lender was willing to lend and the interest rate at which the lender was willing to supply the money), would be difficult to initiate. Further, the Company determined that in certain countries in which the Company had intended to offer its services, the costs of complying with banking laws and regulations would be prohibitive. The Company therefore decided to seek to enter into another business.
In October 2000, the Company contemplated changing its business strategy so as to design, manufacture, market, and sell over the Internet women's intimate apparel. In connection with such business strategy shift, the Company changed its name to Incitations, Inc. As a result of the downturn in the marketplace at the end of 2000 and the beginning of 2001, the Board elected not to proceed with its then intended business objective.
On April 22, 2003, Betty North purchased a majority of the issued and outstanding shares of the Company. This was followed by a 1-for-50 reverse srock split and name change to Osprey Gold Corporation.
