In March, 1836, Colt formed the Patent Arms Company and began operation in an unused silk mill along the banks of the Passaic River in Paterson, New Jersey. His first product was a ring-lever revolving rifle, available in .34, .36, .38, .40, and .44 caliber, in which a ring located forward of the trigger served to cock the hammer and advance the cylinder for each shot. This was soon followed with a revolving pistol. These five-shot "Paterson" revolvers featured folding triggers, and were available both with and without loading levers in .28, .31, and .36 caliber. Patent Arms also produced smoothbore revolving carbines and shotguns. The outbreak of war between the U.S. government and the Seminole tribe provided Colt with his first break. Seminole warriors had learned that soldiers were vulnerable while reloading their single-shot firearms, and they developed a tactic of drawing fire, then rushing the temporarily defenseless soldiers and wiping them out before they could fire a second volley. Colt's revolving rifles were quite effective against this, and the Army purchased his products for use by troops in the Florida campaign.
http://en.wikipedia.org/wiki/Colt_revolving_rifle