Business Description
The Company is a Texas corporation which, prior to 1998, was engaged in the
specialty packaging business, primarily as a supplier of packaging products
to the agricultural industry. During 1997, the Company commenced an orderly
liquidation of its assets which was completed in 1997. At present, management
of the Company is seeking to secure a suitable merger partner wishing to go
public or to acquire private companies to create investment value for the Company.
The Company was established in July of 1993 as a wholly-owned subsidiary of
Dawson Geophysical Company ("Dawson" and formerly known TGC Industries,
Inc.). On July 30, 1993, the Company purchased certain assets of Union Camp
Corporations packaging division for a purchase price of approximately $6.14
million. The assets purchased included substantially all of the business of
weaving and constructing Saxolin Ò paper mesh and polypropylene plastic
mesh bagging material for agricultural and industrial applications and substantially
all of the properties related to Union Camps packaging division. The properties
acquired by Chase consisted of Union Camps plant facilities located in Portland,
Oregon, and Idaho Falls, Idaho, and all machinery, equipment, and inventories
connected with these facilities.
The Company experienced losses from 1994 through 1997, and in 1997 the Companys
secured lender decided not to renew the Companys operating line of credit.
The Companys Board of Directors therefore determined that it was in the best
interest of the Company and all of its creditors to liquidate in an orderly
fashion.
Effective July 21, 1997, the Company sold its operations at Idaho Falls, Idaho,
to Lockwood Packing Corporation ("Lockwood"). The assets sold included
substantially all of the Companys equipment, furniture, fixtures, and other
assets located in the Idaho Falls, Idaho, facility for a total of $75,000. In
addition, the Company sold inventory from the Idaho Falls operation to Lockwood
for $255,000. The proceeds from these sales were used to reduce the Companys
loan balance with its lender.
On July 25, 1997, the Company notified its creditors by mail that the Company
would begin an orderly liquidation of all of its remaining assets, outside of
a formal bankruptcy or receivership proceeding, in a manner intended to maximize
the asset values. The Company retained the firm of Edward Hostmann, Inc. to
assist the Company in such liquidation which was completed during 1997.
%
