Prior to its acquisition of the assets and development stage business of Carbon Recovery Corporation on September 22, 2006, the Company had been a shell corporation since approximately December 15, 2005. A history of the Company prior to September 22, 2006 follows this discussion of its current business.

With the acquisition of (i) the assets and (ii) the development stage business from Carbon Recovery Corporation, the business of the Company became that of Carbon Recovery Corporation prior to the Closing. That business was, and continues to be:

(i) the construction of plants to exploit certain technology for decomposing petroleum-based materials by subjecting them to variable frequency microwave radiation at specifically selected frequencies for a time sufficient to at least partially decompose the materials;

(ii) the design, manufacture and sale of machinery and equipment units, embodying the technology and focused on specific applications; and

(iii) the sub-licensing of third parties to exploit that technology.

The technology was the property of a company called Mobilestream Oil, Inc., whose assets were also acquired by the Company (on December 31, 2006).