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Inc., indicates in its update notice that they are now in <br /> 1111 the process of completing a Direct Public Offering and <br /> have also put in place a Florida,based distributorship <br /> from which they are expecting ten additional orders for a <br /> total of approximately 100 sales by year end 1997. <br /> 2. MAS Technologies <br /> Numerous positive things have been happening at MAS <br /> Technologies. They are still intending to have a presence <br /> in the Elk River Business Incubator by August 1, 1997. <br /> They are planning a trip to Elk River shortly to provide <br /> staff with final modifications on their space to <br /> accommodate them. <br /> Positive developments which have been occurring with <br /> MAS Technologies: <br /> • The Food Fund(an equity fund) has approved <br /> and investment of between $600,000 and $1 <br /> million at $.50 per share in the company. <br /> • Hiring a new chief executive officer. <br /> • Hiring a new sales person. <br /> • • Terminated sales agreement with TCI due to a <br /> perceived advantage in completing these <br /> activities in house. <br /> • Things are going very well with establishing the <br /> Japanese distributorship for their products. <br /> 3. Snyder Building <br /> Staff has been working closely with Giles Lenzmeier, <br /> manager of the trust which is in charge of the former <br /> Snyder Drug building in downtown. He appears to be <br /> prepared at this time to proceed with some improvements <br /> to that building to make the main floor leaseable. These <br /> improvements include new heating, ventilation, air <br /> conditioning, and bathroom facilities. There also appears <br /> to be a restaurant use which is interested in leasing the <br /> space. Staff will provide a further update at the meeting <br /> on this issue. <br />