Golf Rounds.com, Inc. (the Company) was incorporated
in 1968 as a Delaware corporation and is also authorized to conduct business in New Jersey and Georgia. Until the fourth quarter
of fiscal 1992, the Company was engaged in the wholesale distribution of aluminum alloys, steel and other specialty metals under
the name American Metals Service, Inc. In the fourth quarter of fiscal 1992, the Company liquidated its assets and did not conduct
any business operations until May 1999. In May 1999, the Company acquired the assets of PKG Design, Inc., the developer
of two (2) sports-related Internet websites: golfrounds.com and skiingusa.com. In connection with the acquisition of these
websites, the Company changed its name to Golf Rounds.com, Inc.
In August 2001, the Company determined to cease operations
of its golfrounds.com and skiingusa.com websites since continued maintenance of these websites was not a productive use of the
On September 19, 2003, the Company and its wholly owned
subsidiary, DPE Acquisition Corp. (formed on September 2, 2003), entered into an agreement and plan of reorganization and
merger with Direct Petroleum Exploration, Inc. (DPE), which was not consummated. The Company continues to maintain
the subsidiary for use in any other potential future acquisition. This subsidiary is currently inactive and has no operations.
The Companys current business plan is primarily to
serve as a vehicle for the acquisition of or merger or consolidation with another company (a target business). The
Company intends to use its available working capital, capital stock, debt, or a combination of these to effect a business combination
with a target business which management believes has significant growth potential.