Effective February 12, 2009, French Peak Resources changed its name to Confederate Motor Company and took its stock public. At the same time, Matt Chambers, Confederate's founder, replaced Ruth Shepley as the company's CEO. Formerly the owner of a quick printing company, a full service hair salon and a video dating company, the 64-year-old Shepley presided over French Peak as Sole Director, CEO, CFO and secretary from October 7, 2008 until last week. During that time, French Peak enjoyed a net income for 2008 of $129,800, a considerable improvement over it's 2007 net loss of $450,100. From what we understand, this new Confederate Motor Company will continue to be based in either Delaware or New York, NY. We're not sure.
Operating under the new name, Confederate Motor Company will "assume and operate Confederate's hand-crafted motorcycle business as its sole business" presumably dropping French Peak Resource's goal of "locating and developing copper exploration properties in British Columbia." There are currently 4.9 million shares in Confederate Motor Company outstanding at a value of $4.75 a share, giving the company an estimated market cap of $23.3 million.
via Confederate, Real Pennies, Edgar Online