Acacia Diversified Holdings, Inc. | 2011 | FY | 3


NOTE 1 - THE COMPANY

Acacia Diversified Holdings, Inc., formerly known as Acacia Automotive, Inc., (“Acacia” or the “Company”) is engaged in acquiring and operating auctions that sell automobiles, trucks, equipment, boats, motor homes, RVs, and other related vehicles.  

In June of 2007 the Company raised capital through a private placement offering that enabled it to acquire for common stock in July of that same year the assets and business of Augusta Auto Auction, Inc, in North Augusta, South Carolina.  This wholly-owned subsidiary, doing business as Acacia Augusta Vehicle Auction, Inc., became the first operations of Acacia Automotive, Inc.

In December of 2009, the Company acquired the assets and business of Chattanooga Auto Auction Limited Liability Company in Chattanooga, Tennessee.   This wholly-owned subsidiary, doing business as Acacia Chattanooga Vehicle Auction, Inc., became the second operations of Acacia Automotive, Inc., and was subsequently discontinued on August 31, 2010 following litigations between the Company and the seller of the Chattanooga assets.  Those operations were first accounted for as discontinued in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2010.

As of December 31, 2011, Acacia owned one auction in North Augusta, South Carolina, and was subsequently sold on July 31, 2012.  Those operations were first accounted for as discontinued effective with this Annual Report on Form 10-K for the year ended December 31, 2011.


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