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t <br /> • At that point, Genesis will offer its services to help the company raise funds. <br /> Further, TransMed will be encouraged to consider the new (proposed) Elk <br /> River Incubator facility and to advise the EDA of the type of space that <br /> would be needed in respect of laboratories and manufacturing facilities. <br /> TransMed could be a client of the incubator program when the new facility <br /> is available for a year or two. Thereafter, it would need its own large scale <br /> facility built with clean rooms and laboratories. <br /> Graduates: <br /> Bixby Energy, Inc. <br /> Recently, Bixby Energy graduated from the Elk River Incubator Program by <br /> moving to about a twenty thousand square foot facility in nearby Rogers, <br /> Minnesota. While none of us is pleased to have the company temporarily <br /> leave Elk River per se, it is our understanding that a) there were no suitable <br /> quarters in Elk River on comparable terms and conditions and b) that Robert <br /> Walker, a resident of Elk River, is sincere when he commits himself and the <br /> company to move back into Elk River at the earliest possible opportunity. <br /> • <br /> Bixby has received a large number of orders from its distributor <br /> organization. It is presently seeking working capital (equity and debt <br /> financing) in order to build the finished goods and fill the dealer pipeline. <br /> Bixby faces many of the normal hurdles that early stage companies <br /> experience at this stage of growth. The challenge that its management team <br /> and its board of directors face is to keep from 'running out of its socks'. <br /> Cymbet Corporation <br /> Cymbet continues to make excellent technical progress such that its present <br /> investors (the two overseas based venture capital funds) are now making a <br /> 'bridge loan' to the company to help it during its efforts to secure an <br /> additional $10 to $20 million in venture capital. <br /> Until the company gets its next round of venture capital completed, it will <br /> likely delay its expansion into new facilities. <br /> Page 4 <br />