Action Industries, Inc.: A New Ghetto Company, 1968-01-01 - 1969-12-31

Item — Box: 285, Folder: 24

Identifier: CAC_CC_026_3_285_24_0020

Staff Only

Action Industries, Inc.: A New Ghetto Company

The text describes the formation of Action Industries, a company that will be owned by Project Action, a nonprofit organization. The company will be capitalized with 500,000 shares of Class B common stock, which will entitle the holder to elect a majority of the Board of Directors and to make major shareholder decisions. The company plans to use normal channels such as advertising and referrals to bring its services to the attention of the public, but will also make use of special marketing channels and techniques to attract business from groups that Project Action typically communicates with. The company expects to raise $500,000 through the sale of preferred stock, and plans to use 60% of the funds raised for purchasing equipment and physical improvements, with the remaining 40% going towards working capital.

Dates

1968-01-01 - 1969-12-31

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