History
A tiny Nevada mining shell turned fabric-technology merger candidate, then, after the deal collapsed, became a blockchain company buying early-stage crypto projects with newly issued shares.
2014-2015: A mining shell
The company began as Oaxaca Resources Corp., a newly incorporated Nevada shell run by sole officer and director Jose Montes. Its only asset was an option on an unexplored mineral claim. In June 2014 it filed to sell 1,700,000 shares at $0.0075 each, raising at most $12,750. The record for 2015 is quiet.
2016-2017: The Garmatex deal
In March 2016 the company signed a letter of intent for a reverse merger with Garmatex Technologies, a private British Columbia fabric-technology company. Garmatex shareholders would end up controlling the combined business. Devon Loosdrecht replaced Mike Gilliland as sole officer and director. A definitive agreement followed in April, offering Garmatex holders about 25.7 million shares.
In August 2016 the company renamed itself Garmatex Holdings Ltd. and made a 12.5-for-1 forward split, lifting shares outstanding from about 2.65 million to about 33.2 million. In March 2017, instead of completing the merger, it licensed Garmatex's fabric technology (including the T3, Bact-Out and CoolSkin brands) in return for cancelling about CAD$954,000 Garmatex owed it. This gave the company its first real business and ended its shell status.
The merger still failed. The agreement was terminated effective September 15, 2017. Loosdrecht sold his 46% stake for $5,000 to James Bregani, who held it in trust for his son Robert, already a creditor of the company, and resigned. Geologist Lawrence Stephenson became sole officer and director.
2018: A blockchain pivot
In February 2018 the board approved a 100-for-1 reverse split, cutting shares outstanding from about 38.4 million to roughly 384,000, and renamed the company Evolution Blockchain Group Inc. In April it paid for two crypto purchases with restricted shares, meaning shares that cannot be freely resold at first. It bought the Drivecoin project, a platform for buying, selling and financing cars, from Stockbridge Inc. for 10,000,000 shares. Later that month it bought Gamebitcoin, a gaming token with related apps, from 10604496 Canada Corporation for 26,400,000 shares. Together these were far more shares than the roughly 384,000 outstanding after the split.
By 25 April 2018 the company had dropped both mining and fabric technology. It was a blockchain asset buyer, with Stephenson as sole director. The company has reported doubt about its ability to continue operating throughout its history, with cumulative losses of $1.01 million as of the year ended April 2017.
Written from the 9 story beats below (2014 to 25 Apr 2018), which come from the company's own announcements and filings.