General
Kent
Financial Services, Inc. (“Kent” or the “Company”), a Delaware corporation
formed in 1980, operates primarily through its subsidiaries.
Cortech,
Inc .
Kent,
through its wholly-owned partnership Asset Value Fund Limited Partnership
(“AVF”), owns approximately 52% of Cortech, Inc. (“Cortech”). Cortech, a
publicly traded company, is currently seeking to redeploy its assets into
an
operating business. All of Cortech’s assets, excluding its portfolio of
pharmaceutical patents, are invested in cash and United States treasury bills.
Cortech is consolidated in the accompanying financial statements.
In
November 2005, Dr. Qun Yi Zheng was named President of the Company and of
Cortech. From 1995 through 2005, Dr. Zheng was with Pure World, Inc. (“Pure
World”), a publicly traded company and leading manufacturer of natural products.
Dr. Zheng was President of Pure World from January 2004 until it was sold
in
July 2005. Under Dr. Zheng’s operational leadership, Cortech intends to pursue
business opportunities in China, Eastern Europe and the United
States.
Kent
Educational Services, Inc. (“KES”)
KES
is a
wholly-owned subsidiary of Kent that has a 60% controlling interest in The
Academy for Teaching and Leadership, Inc., (“The Academy”). The Academy, headed
by Dr. Saul Cooperman, a former Commissioner of Education in the State of
New
Jersey, offers educators high quality programs designed to dramatically improve
themselves, their students and their schools. KES and The Academy are
consolidated in the accompanying financial statements.
Employees
As
of
February 28, 2006, the Company and its wholly owned subsidiaries had six
employees. These employees devote such time to the Company as required, however,
they are not full-time employees of the Company.
