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• EDA Finance Committee Meeting Minutes <br /> Wednesday September 29, 1999 4:00 PM <br /> Elk River City Hall <br /> ProTech Engineering— Brad Butalla & John House <br /> Present: <br /> Brad Butalla & John House — ProTech Engineering <br /> Norene Butalla —ProTech Accountant & Investor <br /> Committee Members/Staff <br /> x Cliff Lundberg x Jim Simpson _Dan Tveite <br /> x Lloyd Brutlag x Jeff Gongoll _Tom McNair <br /> Tom Bender x Paul Steinman-Staff x Marc Nevinski-Staff <br /> Background <br /> Brad Butalla presented ProTech Engineering's business plan. ProTech will <br /> make molds used in the plastic injection molding process. Mr. Butalla stated <br /> that the industry trend is moving towards a shorter turn-around time of six <br /> to eight weeks while maintaining high tolerances. This is accomplished using <br /> the latest technology to manufacture the molds. At this time, few companies <br /> have such technology and ProTech plans to establish itself in the market <br /> • using the latest equipment to keep pace with the industry trend. <br /> Initially ProTech will be a sub-contractor for other mold makers, but the <br /> company intends for its primary customer base to eventually be comprised of <br /> OEM's. Several companies have already expressed in writing an interest in <br /> retaining ProTech's services. <br /> The company will need $500,000 worth of machinery and equipment, and <br /> about $50,000 in computers and leasehold improvements. ProTech will have <br /> two shareholders (Mr. Butalla and Mr. House) and one investor (Roger and <br /> Norene Butalla). The investors have not co-signed for any loans or placed <br /> liens on any equipment. <br /> ProTech will be closing on loans from four asset lenders around the country. <br /> (RP Capital, Copelco Capital, Center Capital, and Intech Capital) Mr. Butalla <br /> indicated he was able to find better loan terms by using four separate <br /> lenders, thus saving the company about $10,000 that it will use as start- <br /> up/working capital. <br /> ProTech will be leasing 5000 SF in the Decker Building on East Hwy 10 for <br /> four years. They plan to be in the building by December 1, 1999 and <br /> • operating by January 1, 1999. The company plans to employee four people <br />