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  • Portfolio Companies
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    VT Dutch Services, Inc.

    VT Dutch Services, Inc.
    became
    Bay Peak 5 Acquisition Corp.
    became
    Trunkbow International Holdings Limited

    Company Formation

    VT Dutch Services, Inc. (the “Company”) was incorporated in Arizona on September 3, 2004 as a wholly owned subsidiary of Visitalk Capital Corporation (“VCC”). The Company was formed as part of the implementation of the Chapter 11 reorganization plan (the “Visitalk Plan”) of visitalk.com, Inc. (“Visitalk.com”). The Visitalk Plan was deemed effective by the Bankruptcy Court on September 17, 2004 (the “Effective Date”). On September 22, 2004, Visitalk.com was merged into VCC, which was authorized as the reorganized debtor under the Visitalk Plan. The Final Decree closing the Visitalk.com case was entered by the Bankruptcy Court on July 28, 2006.

    Merger History

    Bay Peak 5 Acquisition Corp.

    Trunkbow International Holdings Limited

    On August 28, 2008, shareholders authorized adopting the Company’s current name of Bay Peak 5 Acquisition Corp. (see Note 10). Also on August 28, 2008, shareholders ratified a one-for-seven reverse stock split (the “Reverse Split”) (see Note 4). The Reverse Split did not impact the Plan Warrants (see Note 6). All information and common stock share and per share amounts presented in these financial statements reflect the effect of the Reverse Split and change of domicile.

    On July 28, 2008, pursuant to Stock Purchase Agreements (“SPAs”), the Company sold 5,971,898 shares of common stock to two parties unaffiliated with the Company (the “Purchasing Shareholders”) for a total payment of $51,000, or approximately $.008 per share (the “Change of Control Transactions”). On August 29, 2008, the SPAs were approved by the shareholders at a special shareholders’ meeting and all the closing conditions of the SPAs were met. After the Change of Control Transactions, including the impact of the Master Settlement Agreement (see Note 3), these newly issued shares represented 85.5% ownership of the Company. One of the parties, Bay Peak, LLC (“Bay Peak”), has contacts with various companies and individuals in Asia, in particular China. Cory Roberts, the managing member of Bay Peak, was appointed to the Company’s Board of Directors and elected President in conjunction with the Change of Control Transactions.

    On August 31, 2008, Bay Peak LLC, a merchant bank focusing on transaction with Chinese companies, acquired control of VT Dutch Services, Inc. Immediately thereafter, the Company executed a 1:7 reverse split. This "reverse" did not effect the company's outstanding warrants.

    On February 11, 2010 Bay Peak 5 Acquisitions Corp. acquired Trunkbow International Holdings, Ltd. Prior to obtaining additional funding the Company executed a 1:4 reverse split. Before the funding the combined company had about 21,250,000 common shares outstanding. The new funding was at $2.00 per share and consisted of a private placement and a warrant exercise.

    About Trunkbow International Holdings, Ltd.

    Trunkbow is a leading provider of technology platform solutions that enable telecom service providers to deploy mobile value-added service applications for their subscribers in the People's Republic of China. The company's solutions may be generally classified into two categories: mobile value-added service technology platforms and mobile payment solutions. In 2009, Trunkbow began rolling out its mobile payments platform initially throughout the province of Shandong carriers and plans similar deployments throughout multiple provinces.

    Press Releases

    VeriFone Invests in Chinese Mobile Payments Company (February 11, 2010) (This link will take you to a different website.)

    Merriman Curhan Ford Acted as Lead Placement Agent in Trunkbow's $22.5 Million Private Financing (February 11, 2010) (This link will take you to a different website.)

    Chinese Mobile Payment Company Raises $22.5M in Reverse Merger (February 24, 2010) (This link will take you to a different website.)

    Trunkbow files Form 10 (PDF)

    Trunkbow files S-1 (10/14/2010) (PDF)