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public relations, and arranged and negotiated various financing
agreements with financial institutions concerning the vending
machines. Mr. Bowden was named president and secretary of PWIC
on April 10, 1987.
As a corporate officer, Mrs. Bowden’s primary activity was
to maintain the corporate bank accounts by reviewing the cash
balances on a daily basis. She also performed such tasks as the
disbursing of funds, signing of checks, and transferring of funds
between corporate accounts. Mrs. Bowden held the position of
president of C.B. Crest, and she was president, secretary, and
chief financial officer of PWIC from June 11, 1985, until April
10, 1987.
Mr. Bowden had worked as an accountant, controller, and
management consultant before becoming self-employed. He received
a bachelor's of business administration in accounting and a
master of sciences in accounting. However, he had not practiced
as an accountant for many years. Mrs. Bowden is a bookkeeper.
PWIC and PWMC
Petitioners incorporated PWIC and PWMC for the purpose of
consolidating the operations of AVC, ASC, AIC, and Aqualator
R&D.5 In connection with the consolidation, the Aqualator
corporations were not dissolved. PWIC was on a fiscal year
ending April 30.
5 Collectively referred to as the Aqualator corporations.
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