Chase Packaging Corp (OTC: WHLT)

Chase Packaging Corp is a corporation that was established in July 1993 as a wholly owned subsidiary of Dawson Geophysical Company, formerly known as TGC Industries, Inc. In July 1993, the company purchased certain assets of Union Camp Corporation's packaging division for a purchase price of approximately $6.14 million. This acquisition gave the company the ability to supply packaging products to the agricultural sector. Prior to 1998, Chase Packaging Corp operated in the specialty packaging business, primarily as a supplier of packaging products to the agricultural industry.

Historically, the company generated revenue by selling its specialty packaging products to agricultural producers, including items such as bags, containers, and other protective packaging used in farming operations. During 1997, the Company commenced an orderly liquidation of its assets which was completed in 1997. Effective July 21, 1997, the Company sold its operations and completed liquidation during 1997. After completing the liquidation, the company ceased its packaging operations and has not generated revenue from product sales since that time. Since 1999, the Board of Directors has devoted its efforts to establishing a new business or engaging in a merger or other reorganization transaction. At present, Chase Packaging Corp is considered a shell company under the Exchange Act and its management is actively seeking a suitable merger partner, either to go public or to acquire private companies, in order to create investment value for shareholders.

Before liquidation, Chase Packaging Corp participated in the niche market of specialty packaging for agricultural applications, competing with other manufacturers that supplied similar protective packaging to farmers and agribusinesses. The company's focus on tailored packaging solutions allowed it to serve specific customer needs within the agriculture sector. As a shell company, Chase Packaging Corp does not maintain an active operating position in the specialty packaging industry or any other sector and currently has no ongoing manufacturing or commercial activities. Since 1999, the Board of Directors has devoted its efforts to establishing a new business or engaging in a merger or other reorganization transaction.

During its operational years, the company's customers were primarily agricultural producers and related agribusinesses that required packaging for products such as seeds, fertilizers, and harvested goods. The company served agricultural producers and related agribusinesses, relying on its specialty packaging offerings to meet the demands of the farming community. The company's customer base consisted of entities involved in the production, handling, and distribution of agricultural inputs and outputs.