SMG Indium Resources Ltd. (OTCQB: SMGI) was formed under the laws of the State of Delaware on January 7, 2008. Since inception, SMG’s primary business purpose has been to stockpile indium, a specialty metal that is being increasingly used as a raw material in a wide variety of consumer electronics manufacturing applications. In December 2013, our Board of Directors authorized management to sell our entire stockpile in 2014 based on prevailing market conditions. SMG sold all of the indium held by December 31, 2014.
After determining and evaluating its strategic options, the Board of Directors concluded that the acquisition (reverse acquisition) of MG Cleaners, a Texas based oilfield services company, is a good strategy and that our stockholders will have an opportunity to participate with the future oilfield and MG business. SMG’s sole operations are currently those of its wholly-owned subsidiary MG Cleaners LLC.