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Description of Business
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Master Glazier's Karate International, Inc., a Delaware corporation
incorporated on March 22, 1993 (the"Company") manages and operates two (2)
Master Glazier Karate Centers (the"Karate Centers") located in Pennsylvania. The
Company was formed to acquire and operate several companies engaged in the
martial arts instruction service business.
Until March 1997, the Company operated seven (7) Karate Centers one (1)
directly and six (6) through wholly owned subsidiaries. During the two year
period following the Company's initial public offering in 1993, the Company
pursued an aggressive expansion program. The Company long believed that by
increasing the number of students and overall revenues it would reduce its
overhead costs per student. This would enable the Company to operate profitably.
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