Kent Financial Services (KENT) - Description of business
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.
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.