Background

The Company’s name was changed, effective November 2, 2005, from Ruby Mining Company (”Ruby”) to Admiralty Holding Company (the “Company” or “AHC”). The Company conducts its business principally through an operating subsidiary, Admiralty Corporation. Pursuant to a Plan and Agreement of Share Exchange implemented in 2001 (the “Share Exchange Agreement”), the shareholders of Admiralty became the principal shareholders of Ruby and Admiralty then became and remains today a wholly-owned subsidiary of the Company. The Company was incorporated under the laws of the State of Colorado in 1971. Admiralty was...