Yacht Finders, Inc. was incorporated in Delaware on August 15, 2000 as Sneeoosh
Corporation. On October 20, 2000 the company filed an amended Certificate of
Incorporation to change the name to Snohomish Corporation. On April 15, 2003
the company filed a subsequent amendment to change the name to Yacht Finders,
Inc. Yacht Finder’s Inc. business plan was to create an online database
for public buyers and yacht brokers to interface immediately with each other
while capturing the benefits of targeting a larger market. On November 6, 2007,
the Company discontinued its prior business and changed its business plan. The
Company’s business plan now consists of exploring potential targets for
a business combination through the purchase of assets, share purchase or exchange,
merger or similar type of transaction
The Company’s current business plan is to seek, investigate, and, if
warranted, acquire one or more properties or businesses, and to pursue other
related activities intended to enhance shareholder value. The acquisition of
a business opportunity may be made by purchase, merger, exchange of stock, or
otherwise, and may encompass assets or a business entity, such as a corporation,
joint venture, or partnership. The Company has limited capital, and it is unlikely
that the Company will be able to take advantage of more than one such business
opportunity. The Company intends to seek opportunities demonstrating the potential
of long-term growth as opposed to short-term earnings.
The Company’s principal shareholders are in contact with broker-dealers
and other persons with whom they are acquainted who are involved in corporate
finance matters to advise them of the Company’s existence and to determine
if any companies or businesses they represent have an interest in considering
a merger or acquisition with the Company. No assurance can be given that the
Company will be successful in finding or acquiring a desirable business opportunity,
given that limited funds are available for acquisitions, or that any acquisition
that occurs will be on terms that are favorable to the Company or its stockholders.
The Company’s search is directed toward small and medium-sized enterprises
which have a desire to become public corporations and which are able to satisfy
or anticipate in the reasonably near future being able to satisfy, the minimum
asset and other requirements in order to qualify shares for trading on one of
the OTC or NASDAQ Markets or a stock exchange (See “Investigation and
Selection of Business Opportunities”). The Company anticipates that the
business opportunities presented to it may (i) be recently organized with no
operating history, or a history of losses attributable to under-capitalization
or other factors; (ii) be experiencing financial or operating difficulties;
(iii) be in need of funds to develop a new product or service or to expand into
a new market; (iv) be relying upon an untested product or marketing concept;
or (v) have a combination of the characteristics mentioned in (i) through (iv).
The Company intends to concentrate its acquisition efforts on properties or
businesses that it believes to be undervalued. Given the above factors, investors
should expect that any acquisition candidate may have a history of losses or
low profitability.
The Company does not propose to restrict its search for investment opportunities
to any particular geographical area or industry, and may, therefore, engage
in essentially any business, to the extent of its limited resources. This includes
industries such as service, finance, natural resources, manufacturing, high
technology, product development, medical, communications and others. The Company’s
discretion in the selection of business opportunities is unrestricted, subject
to the availability of such opportunities, economic conditions, and other factors.
Any entity which has an interest in being acquired by, or merging into the
Company, is expected to be an entity that desires to become a public company
and establish a public trading market for its securities. In connection with
such a merger or acquisition, it is highly likely that an amount of stock constituting
control of the Company would be issued by the Company or purchased from the
current principal shareholders of the Company by the acquiring entity or its
affiliates. If stock is purchased from the current shareholders, the transaction
is very likely to result in substantial gains to them relative to their purchase
price for such stock. In the Company’s judgment, none of its officers
and directors would thereby become an “underwriter” within the meaning
of the Section 2(11) of the Securities Act of 1933, as amended. The sale of
a controlling interest by certain principal shareholders of the Company could
occur at a time when the other shareholders of the Company remain subject to
restrictions on the transfer of their shares.
It is anticipated that business opportunities will come to the Company’s
attention from various sources, including its principal shareholders, professional
advisors such as attorneys and accountants, securities broker-dealers, venture
capitalists, members of the financial community, and others who may present
unsolicited proposals. The Company has no plans, understandings, agreements,
or commitments with any individual for such person to act as a finder of opportunities
for the Company.
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