The Company has one subsidiary, Ingenium Capital B.C. Ltd., a wholly owned subsidiary incorporated under the laws of British Columbia. That subsidiary is currently in a process of being dissolved by the BC Registrar of Companies. The mineral claim it owned, known as the Glove Claim comprised of a twenty unit grid claim block with an area of 400 hectares and located in the Pass Creek area 20 kilometers north of Grand Forks, British Columbia, Canada, has been abandoned by the Company.
On December 8, 2005, Mr. William Asselstine, the former majority stockholder, the former president, secretary, treasurer, and director of the Company, entered into a Stock Purchase Agreement (the "SPA") with Mr. Ted Kozub. Under the terms of the SPA, Mr. Asselstine sold to Mr. Kozub an aggregate of 5,000,000 shares of the common stock of the Company, representing approximately 67.5% of the Company's then current outstanding shares of common stock, effective December 12, 2005. As a result of the SPA, Mr. Asselstine agreed to resign as director, president, secretary and treasurer of the Company and to appoint Mr. Haukeland and Mr. Kozub as directors of the Company. Mr. Kozub was appointed president, secretary and treasurer of the Company effective as of the closing of the purchase and sale pursuant to the SPA. The changes to the board of directors of the Company became effective on December 19, 2005.
