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Space considered during Feb-Mar included - (Heidi and Jeff were very helpful!) <br />o Briggs Property <br />o Orluck Property <br />o Basement of Old Main <br />o Houlton Property <br />o Star News Property <br />0 511 3`a Street Property <br />o Additional Properties (we were made aware of another `/z dozen properties that <br />were dismissed out of hand which didn't come close to our requirements set). <br />In March, we were faced with Few Elk River options and the prospect of "working out of <br />our homes" - we enlisted a broker to help us expand our search to the northern tier of the <br />metro. <br />In April we chose to re-locate to the Earle Brown Center in Brooklyn Center: <br />0 2.5 year sublease <br />0 50% off of net market rates <br />o $lOK of furniture "thrown in" <br />o No build out required <br />0 2.SK square feet <br />Note: During this time, the IFoundation elected to convert their loan and has decided that K- <br />Netica may very well become one of their newest "success stories". <br />To reiterate, it was never our intention to move from Elk River. In fact, our two newest hires this <br />spring were from the Rogers area!) I believe we worked, in good faith, within the agreement <br />parameters of the Incubator Program and done all we could to find new space in the Elk River <br />area. Unfortunately, as Bixsby Energy found, we were not able to find suitable space in Elk <br />River and were forced to look elsewhere. <br />I hope the board we re-visit their decision on calling the put option, and remain a stakeholder in <br />K-Netica. <br />Respectfully, <br />Steve Pederson -CEO <br />K-Netica Corporation <br />cc: Joe Roushar <br />