BarMaster, International
An investment group had funded Condiment Master, a developmental corporation, which had been spun off of BarMaster, International. BarMaster made liquid dispensing equipment for use in bars and soda fountains and had been a successful manufacturing firm for a number of years. Condiment Master's product was that management's concept to dispense ketchup and mustard for hamburger chains, etc. It was decided that a re-combination with the former parent company would allow a second round of financing to the benefit of stockholders in both firms.
I was asked to prepare the BarMaster and Condiment Master financials for the 3 year history necessary for a S-1 or Reg. D offering. Unfortunately, after examination, the firm did not have a profitable recent history, despite the management's and outside auditor's presentation of results. The new President, brought in to correct the management problems, and I sold the BarMaster company to IMI Cornelius (an international conglomerate). We also arranged for a purchase for Condiment Master, but a product royalty holder prevented the sale from consummating. Condiment Master went out of business.