As of September 1, 2011, NorWesTech, Inc., a Delaware corporation (the “Company”) became a non-operating public shell company. Our assets primarily consist of cash and certain intellectual property assets, and our primary focus is to seek an acceptable operating company with which we can complete a business combination. Prior to September 1, 2011, we were a provider of specialty reference laboratory services to the pharmaceutical and diagnostics industries. The Company was incorporated in Delaware in May 1996. The Company’s wholly-owned subsidiaries are Bio-Newco, Inc. (formerly known as Pacific Biomarkers, Inc., a Washington corporation), Newco Tech, Inc. (formerly known as PBI Technology, Inc.), a Washington corporation, and BioQuant, Inc., a Michigan corporation. All material intercompany balances and transactions have been eliminated in the accompanying consolidated financial statements. All references in this report to “we,” “our,” “us” or similar expressions are to the Company and its wholly-owned subsidiaries.
It appears that the company is on its way to completnig a reverse merger with Grandparents.com due to the following December 30, 2012 Update:
On December 30, 2011, NorWesTech, Inc. provided a $500,000 bridge loan to Grandparents.com, LLC, secured by a first priority security interest in all of the assets of Grandparents.com, LLC. We entered into this secured loan in connection with a non-binding letter of intent to acquire substantially all of the business and assets of Grandparents.com, LLC (as discussed in Item 7.01 below). The purpose of this loan is to provide bridge loan financing and working capital to Grandparents.com, LLC in advance of negotiation and closing of a definitive acquisition agreement. We currently are targeting the end of February 2012 for completion and closing of the Transaction.
Grandparents.com is the premier online destination for America's 70 million active, involved grandparents. The site helps grandparents foster connections with their grandchildren and their adult children through multigenerational activity ideas, expert advice, toy and gift recommendations, recipes from leading chefs, tips for family travel, health and finance features, and more. Our users also have access to a range of tools, including groups, discussions, photo sharing, city guides, and a recipe finder.
Members of our Grandparents.com Benefits Club have access to discounts and incentives specially selected for America's 120 million grandparents, Boomers, and seniors. They can use these offers every day to save on restaurants, clothes, and vitamins, and they can take advantage of exclusive deals on hotels, cruises, auto rentals, theme park trips, theatrical productions, and financial services. Members can share their benefits with up to four extended family and household members.
