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Elk River Business Incubator Advisory Board <br /> November 7, 2001 <br /> 4:00 PM <br /> Elk River Business Incubator <br /> BIXBY ENERGY SYSTEMS, INC. <br /> Present Absent <br /> JeffgAdvisory <br /> Gongoll— Board Larry Hickman—Advisory Board <br /> Louise Kuester—AdvisoStephanien —Advisory <br /> Board Klinzing Board <br /> Jim Barthel—Advisory Board Jack Mowry—Advisory Board <br /> Bob Walker—Bixby Energy Systems, Inc. Harlan Jacobs—Consultant <br /> Catherine Mehelich—Staff <br /> Following a presentation resentatiby Bob Walker,President& CEO of Bixby Energy Systems, Inc., <br /> the advisoryboard asked a series of questions around the followingissues: <br /> Technology <br /> for the <br /> Bob Walker indicated that the technology is scaleable for both the consumer and the <br /> commercial market. The system can also burn biomass products other than corn. Walker <br /> will start with building and selling the space heater units. Additional opportunities exist for a <br /> central heating system, heating units for large commercial buildings, drying units for corn <br /> dryers, operating units for commercial ethanol plants and electrical generation systems all <br /> • powered by biomass products. <br /> Competition/Unique Technology <br /> Walker stated that the Bixby system is unique from other "corn burners" on the market in <br /> that it is a self-starting system,provides a controlled burn with a low ash content, adjustable <br /> temperature levels, and minimum venting requirements. A patent is pending on the burn <br /> efficiency device within the unit. <br /> Management Experience <br /> Bob Walker has more than 20 years experience with startups and is the founder of Select <br /> Comfort Corporation. Walker's management team includes Marion Mast, Chief Technical <br /> Officer who has over 18 years in biomass research and systems development. Harlan Jacobs <br /> has joined the company's Board of Directors, along with John Carlson, chairman of <br /> BioEnergy, Inc, and Excorp Medical, Inc.,with experience as chairman and CEO of Cray <br /> Research, Inc., a supercomputer manufacturer. <br /> Time Frames <br /> Walker stated that the research and development for the technology is complete along with a <br /> proto-type unit. Pre-production of up to 500 units will take place through December 1, <br /> 2001. Currently the company is evaluating leasible space in Elk River for the production and <br /> assembly of the units. Walker is interested in a 1-year lease in the Elk River's Business <br /> Incubator for the purposes of establishing Bixby Energy Systems, Inc. corporate offices, <br /> • sales, marketing and administration. Walker is anticipating fast-growth with the company <br />