Ownership of the Company by Mark I. Mayfield was expanded in April 2002 to include Dr. Roy D. Gaul and Sidney Kulek. The principal objective of the Company to develop special purpose vessels for offshore oil and gas operations was inadequately financed to match trends and circumstances in that industrial sector. The Company was reorganized in 2011 with sufficient investment capital to perform model tests for validation of an independent development by Dr. Gaul and Blue Sea Corporation of a system for wind energy conversion. Emphasis of the Company was shifted in 2012 in favor of a separate and commercially more attractive development for ocean wave energy conversion. The Company is without physical assets or financial liabilities other than an obligation to Blue Sea Corporation for partial payment against revenue that may be accrued for the use of its SavRot technology. Proprietary intellectual properties for innovative ship and system designs are part of the Corporate background that is expected to be of great value in respect to commercialization of SavRot-Wave.
Strength of the Company is resident in the scope of its activities and the qualifications of its principal personnel that are Shareholders. Sidney Kulek has a 40-year association with Dr. Gaul embracing management and operational functions ranging from manned submersibles to technology development for antisubmarine warfare. Brian H.H. Eccles is a naval architect with considerable design and project management experience in concert with Dr. Gaul. Gerald W. Taylor, technological entrepreneur and owner of several successful businesses, has a substantial working relationship with Dr. Gaul and is expert in welding technology. Dr. Pieter Wybro, P.E., initiated and eventually sold a substantial engineering company with extensive experience in design and development of deep ocean offshore platforms. He contributed to the early stages of developing SavRot technology for patent. Vincent L. Gaul has over 20 years experience with process control in major refineries and developed performance evaluation techniques for SavRot. Travis R. Short, president and owner of Horizon Shipbuilding in Bayou La Batre, Alabama, has expanded on the vision of his father to provide a competitive construction facility and premier business asset that will be used for initial production of SavRot systems. The business, operational, technical and financial backgrounds of the two remaining Shareholders augment the diverse combination of credentials and experience necessary to commercialize SavRot technology applied to ocean wave energy conversion.