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Systems Evolution acquires Wallace mining firm – The purchase last week allows Systems Evolution Inc. to become publicly traded.

COEUR D’ALENE — A Houston-based computer support business has acquired Wallace Resources, the mining company that owns the mineral rights under the city of Wallace.

The purchase last week allows Systems Evolution Inc. to become publicly traded. In return, shareholders in Wallace Resources received stock in Systems Evolution.

Wallace Resources was established in 1969 by Elmer Almquist, a Silver Valley speculator who also laid claim to the mineral rights under Mullan. The mining company has been inactive throughout much of its history.

In 1999 Rod Higgins and a partner acquired a controlling interest in Wallace Resources and brought the company into compliance with federal financial reporting requirements so it could trade on the Nasdaq Bulletin Board. That made the company attractive to Systems Evolution, which was looking for a vehicle to become publicly traded.

Higgins, former president of Wallace Resources, said the transaction benefits shareholders by giving them shares in an active company

http://www.magicvalley.com/news/business/index.asp?StoryID=3356

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