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ITEM # 7. <br /> • <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Heidi Steinmetz, Assistant Director of Economic Development <br /> DATE: September 13, 2004 <br /> SUBJECT: Consider Business Incubator Tenant Lease Extension: <br /> LapTwo Technology Corporation <br /> Attachments <br /> • Company Flyer <br /> • Executive Brief,August 27, 2004 <br /> • Background <br /> LapTwo Technology Corporation became an Incubator tenant in September of 2003, <br /> subleasing 1,041 SF of space. In addition to the stock offering, the company has made <br /> timely cash rent payments in the amount of$260.25 per month. <br /> LapTwo President, Rob Henningsgard,provided staff with the following update (the <br /> attached company flyer and executive brief provide additional details): <br /> Early during its first year in the Incubator,LapTwo did research and development work in <br /> several product areas involving new uses of the internet,web servers, and hand-held PDA <br /> computers. In the first quarter of 2004, a new product opportunity was identified. The <br /> product, to be sold as a software package,is a management and security system for internet <br /> hospitality"hot spot" providers such as restaurants, hotels,motels, and the like. The <br /> LapTwo product, dubbed"WarmSpot," decisively solves several problems and security <br /> vulnerabilities inherent in existing competitive products from T-Mobile, Cisco, and other <br /> vendors. <br /> The full-scale product development project began in March of this year. An alpha <br /> installation of the new product went live on August 19th, at"Pike's Restaurant and Bar," <br /> overlooking the marina on Lake Pepin in Lake City, Minnesota. As is anticipated in alpha <br /> installations, there have been a few discoveries and problems,but the system has generally <br /> performed as expected,with its uptime exceeding 98%. <br /> • <br />