CHASE PACKAGING CORP - Quarter Report: 2011 June (Form 10-Q)

Table of Contents

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

 

x      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2011

 

OR

 

o         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                    to                   

 

Commission File Number: 0-21609

 

CHASE PACKAGING CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

(Registrant’s telephone number, including area code): (732) 741-1500

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  x  No  o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  x  No  o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.  Yes  x  No  o

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

 

 

Table of Contents

 

- INDEX -

 

		Page(s)
PART I	Financial Information:
ITEM 1	Financial Statements:
	Condensed Balance Sheets — June 30, 2011 (Unaudited) and December 31, 2010	1
	Condensed Statements of Operations (Unaudited) - Cumulative Period During the Development Stage (January 1, 1999 to June 30, 2011) and the Six and Three Months Ended June 30, 2011 and 2010	2
	Condensed Statements of Cash Flows (Unaudited) - Cumulative Period During the Development Stage (January 1, 1999 to June 30, 2011) and the Six Months Ended June 30, 2011 and 2010	3
	Notes to Interim Condensed Financial Statements (Unaudited)	4
ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	7
ITEM 3	Quantitative and Qualitative Disclosures About Market Risk	8
ITEM 4	Controls and Procedures	8
PART II	Other Information	9
EXHIBITS INDEX		9
SIGNATURES		11
EXHIBITS

 

Table of Contents

 

PART I.  FINANCIAL INFORMATION

 

Item 1.  Financial Statements.

 

CHASE PACKAGING CORPORATION

(A Development Stage Company)

CONDENSED BALANCE SHEETS

 

		June 30, 2011			December 31, 2010
		(unaudited)
- ASSETS -
CURRENT ASSETS:
Cash and cash equivalents		$	1,526,091		$	1,581,989
TOTAL ASSETS		$	1,526,091		$	1,581,989
- LIABILITIES AND SHAREHOLDERS’ EQUITY -
CURRENT LIABILITIES:
Accounts payable and accrued expenses		$	15,512		$	1,388
TOTAL CURRENT LIABILITIES		15,512			1,388
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Preferred Stock $1.00 par value; 4,000,000 authorized: Series A 10% Convertible Preferred Stock; 50,000 shares authorized; 18,775 issued and outstanding in 2011 and 2010; liquidation preference of $1,877,500 in 2011 and 2010		18,775			18,775
Common stock, $.10 par value, 200,000,000 shares authorized; 15,536,275 shares issued and outstanding in 2011 and 2010		1,553,628			1,553,628
Additional paid-in capital		4,077,068			4,077,068
Accumulated deficit		(3,626,121		)	(3,626,121		)
Deficit accumulated during the development stage		(512,771		)	(442,749		)
TOTAL SHAREHOLDERS’ EQUITY		1,510,579			1,580,601
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	1,526,091		$	1,581,989

 

See notes to interim condensed financial statements.

 

1

Table of Contents

 

CHASE PACKAGING CORPORATION

(A Development Stage Company)

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

		Cumulative During the Development Stage (January 1, 1999 to			Six Months Ended June 30,						Three Months Ended June 30,
		June 30, 2011)			2011			2010			2011			2010
NET SALES		$	—		$	—		$	—		$	—		$	—
EXPENSES:
General and administrative expenses		563,850			70,350			58,736			48,140			31,520
LOSS FROM OPERATIONS		(563,850		)	(70,350		)	(58,736		)	(48,140		)	(31,520		)
OTHER INCOME (EXPENSE)
Interest expense		(8,591		)	—			—			—			—
Interest and other income		59,670			328			414			130			207
TOTAL OTHER INCOME		51,079			328			414			130			207
LOSS BEFORE INCOME TAXES		(512,771		)	(70,022		)	(58,322		)	(48,010		)	(31,313		)
Provision for income taxes		—			—			—			—			—
NET LOSS		$	(512,771	)	$	(70,022	)	$	(58,322	)	$	(48,010	)	$	(31,313	)
BASIC AND DILUTED LOSS PER COMMON SHARE					$	—		$	—		$	—		$	—
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING — BASIC AND DILUTED					15,536,275			15,536,275			15,536,275			15,536,275

 

See notes to interim condensed financial statements.

 

2

Table of Contents

 

CHASE PACKAGING CORPORATION

(A Development Stage Company)

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

		Cumulative During the Development Stage (January 1, 1999 to			Six Months Ended June 30,
		June 30, 2011)			2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(512,771	)	$	(70,022	)	$	(58,322	)
Change in assets and liabilities:
Accounts payable and accrued expenses		333			14,124			7,050
Net cash (used in) operating activities		(512,438		)	(55,898		)	(51,272		)
CASH FLOWS FROM INVESTING ACTIVITIES		—			—			—
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from convertible debt		56,500			—			—
Proceeds from private placement/exercise of stock warrants		5,500			—			—
Capital contribution		8,000			—			—
Proceeds from private placement		1,962,358			—			—
Cash dividends in lieu of preferred stock		(5,490		)	—			—
Net cash provided by financing activities		2,026,868			—			—
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		1,514,430			(55,898		)	(51,272		)
CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD		11,661			1,581,989			1,671,574
CASH AND CASH EQUIVALENTS, AT END OF PERIOD		$	1,526,091		$	1,526,091		$	1,620,302
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Preferred stock issued as stock dividend		$	4,957		$	—		$	—
416 Private Placement Units were issued in exchange for $56,500 of convertible notes plus $5,900 of accrued interest		$	62,400		$	—		$	—
68 Private Placement Units were issued in exchange for $8,000 of stock subscriptions plus $2,200 of accrued interest		$	10,200		$	—		$	—

 

See notes to interim condensed financial statements.

 

3

Table of Contents

 

CHASE PACKAGING CORPORATION

(A Development Stage Company)

NOTES TO INTERIM CONDENSED FINANCIAL STATEMENTS

June 30, 2011

(Unaudited)

 

NOTE 1 — OPERATIONS AND BASIS OF PRESENTATION:

 

Chase Packaging Corporation (“the Company”), a Texas Corporation, previously manufactured woven paper mesh for industrial applications, manufactured polypropylene mesh fabric bags for agricultural use, and distributed agricultural packaging manufactured by other companies.

 

Since January 1, 1999, the Board of Directors of the Company has been devoting its efforts to establish a new business and, accordingly, the Company is considered to be a development stage company in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 915.

 

Management’s plans for the Company include securing a merger or acquisition, raising additional capital, and/or other strategies designed to optimize shareholder value. However, no assurance can be given that management will be successful in its efforts. The failure to achieve these plans will have a material adverse effect on the Company’s financial position, results of operations, and ability to continue as a going concern.

 

The interim condensed financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to provide for fair presentation and a reasonable understanding of the information presented. The Condensed Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this Form 10-Q should be read in conjunction with the financial statements and the related notes, as well as Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010, as amended, previously filed with the SEC.

 

In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of financial position as of June 30, 2011, results of operations for the three- and six- month periods ended June 30, 2011 and 2010, and cash flows for the six-month periods ended June 30, 2011 and 2010, as applicable, have been made. The results of operations for the three- and six-month periods ended June 30, 2011 are not necessarily indicative of the operating results for the full fiscal year or any future periods.

 

The accounting policies followed by the Company are set forth in Note 2 to the Company’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2010, which is incorporated herein by reference.  Specific reference is made to that report for a description of the Company’s securities and the notes to financial statements.

 

NOTE 2 — BASIC AND DILUTED NET LOSS PER COMMON SHARE:

 

Basic net loss per common share is computed by dividing the net loss by the weighted-average number of common shares outstanding.  Diluted net loss per share is computed by dividing the net loss by the sum of the weighted-average number of common shares outstanding plus the dilutive effect of shares issuable through the exercise of common stock equivalents.

 

4

Table of Contents

 

We have excluded 25,684,000 and 23,987,000 common stock equivalents (warrants) from the calculation of diluted loss per share for the six and three months ended June 30, 2011 and 2010, respectively, which, if included, would have an antidilutive effect.

 

NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS:

 

Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

 

NOTE 4 - 2007 PRIVATE PLACEMENT UNITS:

 

On September 7, 2007, the Company completed a private placement, pursuant to which 13,334 units (the “Units”) were sold at a per Unit cash purchase price of $150, for a total subscribed amount of $2,000,100. Each Unit consists of: (1) one share of Series A 10% convertible preferred stock, par value $1.00, stated value $100 (the “Preferred Stock”); (2) 500 shares of the Company’s common stock, par value $0.10 (the “Common Stock”); and (3) 500 warrants (the “Warrants”) exercisable into Common Stock on a one-for-one basis.

 

NOTE 5 — DIVIDENDS:

 

On November 1, 2010, the Company announced that the Board of Directors had declared a ten percent stock dividend on its outstanding Series A 10% Convertible Preferred Stock.  Shareholders of record as of November 15, 2010 received the stock dividend for each share of Series A Preferred Stock owned on that date, payable December 1, 2010.   As of November 1, 2010, the Company had 17,078 shares of Preferred Stock outstanding; the total dividend paid consisted of 1,696 shares of Series A Preferred Stock (which are convertible into 1,696,000 shares of Common Stock) with a fair value of $169,600 and $1,180 cash in lieu of fractional shares.  Due to the absence of Retained Earnings, the $1,180 of cash and $1,697 par value of Preferred Stock dividend totaling $2,876 was charged against Additional Paid-in Capital.

 

NOTE 6 — STOCK AWARDS PLAN:

 

The Company’s 2008 Stock Awards Plan (the “2008 Plan”) was approved at the Company’s annual meeting of shareholders held on June 3, 2008.  The 2008 Plan became effective April 9, 2008, and terminates on April 8, 2018.  Subject to certain adjustments, 2,000,000 shares of Common Stock may be issued pursuant to awards under the 2008 Plan.  A maximum of 80,000 shares may be granted in any one year in any form to any one participant, of which a maximum of:  (i) 50,000 shares may be granted to a participant in the form of stock options; and (ii) 30,000 shares may be granted to a participant in the form of Common Stock or restricted stock.  The 2008 Plan will be administered by a committee of the Board of Directors.  Employees, including any employee who is also a director or an officer, consultants, and outside directors of the Company, are eligible to participate in the 2008 Plan.   As of June 30, 2011, no options had been issued under the 2008 Plan.

 

NOTE 7 - FAIR VALUE MEASUREMENTS:

 

The Company adopted FASB’s ASC 820 “Fair Value Measurements” as it applies to its financial instruments, and FASB’s ASC 820 “The Fair Value Option for Financial Assets and Financial Liabilities” (including an amendment which defines fair value), which outline a framework for measuring fair value and detail the required disclosures about fair value measurements, which permits companies to irrevocably choose to measure certain financial instruments and other items at fair value. ASC 820 also establishes presentation and disclosure requirements designed to facilitate comparison between entities that choose different measurement attributes for similar types of assets and liabilities.

 

5

Table of Contents

 

Under ASC 820, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. ASC 820 establishes a hierarchy in determining the fair value of an asset or liability. The fair value hierarchy has three levels of inputs, both observable and unobservable. ASC 820 requires the utilization of the lowest possible level of input to determine fair value. Level 1 inputs include quoted market prices in an active market for identical assets or liabilities. Level 2 inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. Level 3 inputs are unobservable and corroborated by little or no market data.

 

Except for those assets and liabilities which are required by authoritative accounting guidance to be recorded at fair value in the Company’s balance sheets, the Company has elected not to record any other assets or liabilities at fair value, as permitted by ASC 820. No events occurred during the three months ended June 30, 2011 which would require adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis.

 

The Company determines fair values for its investment assets as follows:

 

Cash equivalents at fair value — the Company’s cash equivalents, at fair value, consist of money market funds and treasury bills — marked to market. The Company’s money market funds and treasury bills are classified within Level 1 of the fair value hierarchy since they are valued using quoted market prices from an exchange.

 

The following table provides information on those assets and liabilities measured at fair value on a recurring basis.

 

		Carrying Amount In Balance Sheet June 30, 2011			Fair Value June 30, 2011			Fair Value Measurement Using (unaudited)
		(unaudited)			(unaudited)			Level 1			Level 2			Level 3
Assets:
Money Market Funds		$	518,200		$	518,200		$	518,200		$	—		$	—
Treasury Bills		$	999,900		$	999,900		$	999,000		$	—		$	—
		Carrying Amount In Balance Sheet December 31,			Fair Value December 31,			Fair Value Measurement Using
		2010			2010			Level 1			Level 2			Level 3
Assets:
Money Market Funds		$	1,570,000		$	1,570,000		$	1,570,000		$	—		$	—

 

6

Table of Contents

 

Item 2.        Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

Forward-Looking Statements

 

The information in this report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  This Act provides a “safe harbor” for forward-looking statements to encourage companies to provide prospective information about themselves provided they identify these statements as forward looking and provide meaningful cautionary statements identifying important factors that could cause actual results to differ from the projected results.  All statements (other than statements of historical fact made in this report) are forward looking.  In particular, the statements herein regarding industry prospects and future results of operations or financial position are forward-looking statements. Forward-looking statements reflect management’s current expectations and are inherently uncertain.  The Company’s actual results may differ significantly from management’s expectations as a result of many factors.

 

You should read the following discussion and analysis in conjunction with the financial statements of the Company and notes thereto, included herewith.  This discussion should not be construed to imply that the results discussed herein will necessarily continue into the future or that any conclusion reached herein will necessarily be indicative of actual operating results in the future.  Such discussion represents only the best present assessment of management.  The Company assumes no obligations to update any of these forward-looking statements.

 

Results of Operations

 

During the six months and three months ended June 30, 2011, the Company had no operations, and its only income was from interest income on its money market fund and short-term investments which are classified as cash and cash equivalents. General and administrative expenses for the six-month and three-month periods ended June 30, 2011 were $70,350 and $48,140, respectively, compared to $58,736 and $31,520 for the comparable periods of 2010.  Increases in general and administrative expenses are due primarily to consulting fees.  The Company had interest income of  $328 and a net loss of $70,022 during the six-month period ended June 30, 2011, compared with interest income of $414 and a net loss of $58,322 during the comparable period of 2010.  The Company had interest income of $130 and a net loss of $48,010 during the three-month period ended June 30, 2010, compared with interest income of $207 and a net loss of $31,313 during the comparable period of 2010.  The interest income decrease was due to a decrease in cash and cash equivalent balances.

 

Due to the closing of a private placement of the Company’s securities in the third quarter of 2007, the Company had a cash and cash equivalents balance as of June 30, 2011 of $1,526,091.  The proceeds from the 2007 private placement will assist management with its plans to attempt to secure a suitable merger partner wishing to go public or attempt to acquire private companies to create investment value for the Company’s shareholders.

 

7

Table of Contents

 

Liquidity and Capital Resources

 

At June 30, 2011, the Company had cash and cash equivalents of approximately $1,526,000.  Cash and cash equivalents consist of cash and Treasury Bills held in banks and brokerage firms.  Working capital at June 30, 2011 was approximately $1,511,000.  Management believes that the Company’s cash and cash equivalents are sufficient for its business development activities for at least the next 12 months and for the costs of securing a merger or acquisition.

 

Net cash of approximately $55,900 and $51,300 were used in operations during the six-month periods ended June 30, 2011 and 2010, respectively.

 

No cash flows were used or provided by investing activities during the first and second quarters of 2011 or during the first and second quarters of 2010.

 

No cash proceeds were provided by financing activities during the six-month period ended June 30, 2011 or during the six-month period ended June 30, 2010.

 

Factors Which May Affect Future Results

 

Future earnings of the Company are dependent on interest rates earned on the Company’s invested balances and expenses incurred.  The Company expects to incur significant expenses in connection with its objective of identifying a merger partner or acquiring an operating business.

 

Recent Accounting Pronouncements

 

See Note 3 “Recent Accounting Pronouncements” in the Notes to Financial Statements in Item 1.  Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

 

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

 

Not applicable.

 

Item 4.  Controls and Procedures.

 

(a) Evaluation of Disclosure Controls and Procedures.

 

Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Act of 1934, as of the end of the period covered by this report.  Based on this evaluation, our principal executive officer and principal financial and accounting officer concluded that, as of the period covered by this report, our disclosure controls and procedures were effective to provide reasonable assurance that the information required to be included in our SEC reports is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms.

 

(b) Changes in Internal Controls over Financial Reporting.

 

8

Table of Contents

 

In connection with the evaluation required by paragraph (d) of Rule 13a-15 under the Exchange Act, there was no change identified in our internal control over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

PART II.  OTHER INFORMATION

 

Item 1.	Legal Proceedings.
	None.
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.
	None.
Item 3.	Defaults upon Senior Securities.
	None.
Item 4.	Reserved.
Item 5.	Other Information.
	None.
Item 6.	Exhibits.

 

Number		Description
3.1		Articles of Incorporation, as amended, of the Company filed as Exhibit 3.1 to the Company’s Form 10-SB, as amended, dated October 24, 1996, filed with the Securities and Exchange Commission and incorporated herein by reference.
3.2		Articles of Amendment to the Articles of Incorporation of the Company filed as Exhibit 3.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on June 9, 2008, and incorporated herein by reference.
3.3		Amended and Restated Bylaws of the Company dated March 28, 2008, filed as Exhibit 3.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on April 3, 2008, and incorporated herein by reference.
4.1		Form of Registration Rights Amendment, dated as of September 7, 2007, by and among the Company and certain purchasers named therein, filed as Exhibit 4.1 to the Company’s Form 10-QSB/A for the quarterly period ended September 30, 2007, filed with the Securities and Exchange Commission on May 5, 2008, and incorporated herein by reference.

 

9

Table of Contents

 

4.2		Form of Amendment Number One to Registration Rights Agreement, dated as of April 30, 2008, by and among the Company and certain purchasers named therein, filed as Exhibit 4.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on May 5, 2008, and incorporated herein by reference.
4.3		Form of Securities Purchase and Subscription Agreement, dated as of September 7, 2007, by and among the Company and certain purchasers named therein, filed as Exhibit 10.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on September 11, 2007, and incorporated herein by reference.
4.4		Statement of Resolution Establishing Series A 10% Convertible Preferred Stock of the Company, filed as Exhibit 10.3 to the Company’s Form 8-K filed with the Securities and Exchange Commission on September 11, 2007, and incorporated herein by reference.
4.5		Form of Warrant Agreement and Warrant Certificate dated as of September 7, 2007, filed as Exhibit 10.4 to the Company’s Form 8-K filed with the Securities and Exchange Commission on September 11, 2007, and incorporated herein by reference.
4.6		Statement of Resolution Regarding Series of Preferred Stock of the Company dated November 9, 2007.
4.7		Statement of Resolution Regarding Series of Preferred Stock of the Company, filed as Exhibit 4.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on May 21, 2008, and incorporated herein by reference.
31.1*		Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of the Principal Financial and Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of the Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101		Financial Statements from the quarterly report on Form 10-Q of Chase Packaging Corporation for the quarter ended June 30, 2011, filed on August 2, 2011, formatted in XBRL: (i) the Condensed Balance Sheets (Unaudited); (ii) the Condensed Statements of Operations (Unaudited); (iii) the Condensed Statements of Cash Flows (Unaudited); and (iv) the Notes to Interim Condensed Financial Statements (Unaudited) tagged as blocks of text.

 

*filed herewith

 

10

Table of Contents

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

	CHASE PACKAGING CORPORATION
Date: August 2, 2011	/s/ Allen T. McInnes
	Allen T. McInnes
	Chairman of the Board, President and Treasurer
	(Principal Executive Officer)
Date: August 2, 2011	/s/ Ann C. W. Green
	Ann C. W. Green
	Chief Financial Officer and Assistant Secretary
	(Principal Financial and Accounting Officer)

 

11