Business Description
ADMIRAL FINANCIAL CORP. ("ADMIRAL"), an inactive corporation, is currently
seeking to recapitalize the Company in order to resume its prior activities with
respect to the acquisition and investment in interest-earning assets and specialty
real estate, as well as other new lines of business, as yet unidentified.
Admiral is presently conducting virtually no business operation, other than
its efforts to effect a merger, exchange of capital stock, asset acquisition,
recapitalization, or other similar business combination (a "Recapitalization")
with an operating or development stage business which Admiral considers to have
significant growth potential. Admiral currently receives no cash flow. Admiral
anticipates no capital infusions prior to effectuating a Recapitalization. Until
such time as Admiral effectuates a Recapitalization, with the exception of certain
other professional fees and costs for such a transaction, Admiral currently
expects that it will incur minimal future operating costs.
%
1.15%