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• MEETING OF THE ELK RIVER <br /> BUSINESS INCUBATOR ADVISORY COMMITTEE <br /> HELD AT THE ELK RIVER BUSINESS INCUBATOR CONFERENCE ROOM <br /> TUESDAY, AUGUST 12, 2003 <br /> Members Present: Jeff Gongoll-EDA Representative,Louise Kuester-EDA/Council Representative, <br /> Stephanie Klinzing-EDA/Council Representative,Jim Barthel-Small Business <br /> Representative, and Jack Mowry-Small Business Representative <br /> Members Absent: Larry Hickman-Business Incubator Partner&EDA Landlord <br /> Staff Present: Director of Economic Development Catherine Mehelich <br /> Others Present: Rob Henningsgard and Mike Wallace—Lap2 Technology Corp., Rich Daly— <br /> IntelliPatch,Dennis Chuba—Elk River Investment Club, Sandy Voigt—Initiative <br /> Foundation, and Harlan Jacobs-Genesis Business Centers <br /> Presentation: Rob Henningsgard, Lap2 Technology Corporation <br /> Mr. Henningsgard provided the Committee with his background experience of a previous business in Elk <br /> • River (FastTechnologies). He stated that Lap2Technology was formed in June 2003 with founder <br /> investment of$25,000. He indicated that the business plan included in the Incubator application has been <br /> shelved due to a shift in their plan to identify and develop new custom software applications for high- <br /> powered hardware (i.e. SmartPhone). He has not yet prepared any financial projections for the business <br /> plan. Mr. Henningsgard introduced Mike Wallace,who will be the sales manager for Lap2 Technology. He <br /> stated that the business timeline includes adding support staff(2-3 people) within the next 30-days to be <br /> ready for full-scale product development in the Incubator building, and national product launch by January <br /> 2004. Lap2 Technology will be looking to make application for investments from the Anoka/Sherburne <br /> County Capital Fund and the Elk River Investment Club. <br /> Presentation: Rich Daly, IntelliPatch board member and business advisor <br /> Mr. Daly provided the Committee with background on the company, IntelliPatch. The company was <br /> formed in March 2002. Currently the company is engineering prototypes and beginning pre-production of <br /> model products. Mr. Daly stated that the company has developed a technology for wristwatches that <br /> monitor pulse as well as several other symptom indicators. The company plans to market the product as a <br /> sports watch and data collection, clinical monitoring, and medical markets for symptom prediction. The <br /> company has applied for several patents on the technology. The technology uses artificial intelligence and <br /> data mining for predictive symptoms,i.e. migraine headaches. Mr. Daly stated that Medtronic has indicated <br /> interest in the data. The company timeline in the incubator includes,getting revenue from sales of sports <br /> watches (12 orders to date), collect data and market,identify subjects for clinical testing for FDA approvals <br /> in early 2004. He stated that the company projects being ready to market the product by mid-2004. <br /> Mr. Daly stated that IntelliPatch has been working with a manufacturer,Paul Wagner to engineer the <br /> • prototype watches. He stated that IntelliPatch is prepared to locate the assembly/manufacturing operation <br />