The word subsidiary is not used even once in the 12/15 PR.

Legally, if this is what they formed, would that not be a material event requiring an 8-K? I would think so.

Division....you guys work over in that new group and the rest of you stay put, and I (Fred) am the boss for both groups.

Seems pretty simple to me.

I think they have 7 full-time and 1 - half-time employee, plus Pat N as a consultant.

I'm not ready to read too much into this.