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• Elk River Business Incubator Advisory Board <br /> July 25, 2000 <br /> 4:00 PM <br /> Elk River Business Incubator <br /> INTEGRATED POWER SOLUTIONS <br /> Present Absent <br /> Jeff Gongoll—Advisory Board Stephanie Klinzing—Advisory Board <br /> Larry Hickman—Advisory Board Darryl Thompson—Advisory Board <br /> Harlan Jacobs—Consultant Jim Barthel—Advisory Board <br /> Victor Weiss—Integrated Power Solutions Jack Mowry—Advisory Board <br /> Mark Jensen—Integrated Power Solutions <br /> Brian Shiffman—Integrated Power Solutions <br /> Cathy Mehelich—Staff <br /> Marc Nevinski—Staff <br /> Following a presentation by Mark Jensen of IPS, the advisory board asked a <br /> series of questions around the following issues: <br /> Applications for the Technology <br /> Mark indicated that the applications for the battery technology are vast. <br /> Opportunities exist in such areas as the medical industry, micro-robotics and <br /> electronics, secondary batteries, and brilliant cards. Because the batteries <br /> 11, are so small and pliable, the opportunities for their use are nearly limitless. <br /> IPS plans to license their technology in addition to manufacturing in order to <br /> generate an additional source of revenue. <br /> Management Experience <br /> The advisory board asked about the teams'background. Mark Jensen, <br /> President/CTO has a science background and spent twenty years working for <br /> Honeywell. Brian Shiffman, VP of Business Development, has worked with <br /> numerous firms and has expertise in business development and government <br /> relations. Most recently he worked for Northstar Photonics. Victor Weiss has <br /> also worked with a number of start-up companies and is Chairman/CEO of <br /> IPS. Finally, Harlan Jacobs has joined the team as CFO. <br /> Time Frames <br /> IPS intends to hold two rounds of funding. Round one will include setting up <br /> the manufacturing process and developing the "proof of concept". Round two <br /> will include manufacturing, sales, and licensing of the product. The entire <br /> process is expected to take thirty-six months. <br /> Recommendation <br /> Advisory Board members Gongoll and Hickman recommended that the EDA <br /> • consider IPS for admittance into the Business Incubator Program. <br />