Carnegie Development, Inc [ESCU]

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Company Overview

This Company was originally incorporated in the State of Delaware in February 1988 under the name Technicraft Financial, Ltd. In October 1991, the Company changed its name to LBM-US, Inc. (LBM). Pursuant to an agreement effective August 1994, LBM acquired all the assets and liabilities of GK Intelligent Systems, Inc., a Texas corporation, in exchange for 6,758,920 shares of LBM common stock which were issued to Gary F. Kimmons and his family partnership. The remaining 963,275 shares of LBM common stock then outstanding were retained by the former shareholders of LBM in transaction treated for accounting purposes as a reverse merger. On April 3, 2002, the Company effectuated a 1-for-10 reverse split of its common stock.