EAGLE ENVIRONMENTAL TECHNOLOGIES, LTD.

SHAREHOLDERS MEETING

A REGULAR MEETING OF THE SHAREHOLDERS OF EAGLE ENVIRONMENTAL TECHNOLOGIES, LTD. WAS HELD ON JUNE 18, 2003 AT 9:00 A.M. AT RENO, NV

Those Present Those Absent

Brian D. Wilmot, Chairman/CEO

Jim Frye, Director

Judy A. Wilmot, Secretary, Treasurer

Rick LaMantain, Director, VP

OLD BUSINESS:

The minutes of the previous meeting were read and unanimously approved.

NEW BUSINESS:

The Chairman gave a welcome and introduction to the shareholders of the current officers and directors: B. Wilmot, J. Wilmot, Rick LaMantain, James Frye, and officers: B. Wilmot, CEO, J. Wilmot, SEC/TREAS, Rick LaMantain, Domestic Marketing

The Chairman gave a short summation of the past year that included market conditions in the stock market and how the war etc. effected the pricing and exposure of our stock. The Tunisian project (WaterClear) was discussed and how it would be assembled by Jona Machining in Los Alamos, and what the importance of the project meant to Eagle.

The Chairman discussed the former “Dunn Industrial Inc. vs. Eagle” (ZawCAD) lawsuit and how that has now been properly settled to the benefit of the parties.

The Chairman discussed the progress on the sales and development of the ZawCAD units and how the new arrangements for manufacturing and financing them has put the company in a good position to get started on the construction. Richard LaMantain and Jim Frye discussed the new uses that have been developed for the equipment including the ZawMET™ process for use in the oil refining business. R. LaMantain also went over the current prospects for the ZawCAD equipment, which included the most current inquiries from the Hanford Washington Nuclear site, American Airlines chief mechanic and maintenance person, and Los Alamos uses.

The new accountant firm of Dan Forbush and Associates was confirmed and praised for completing all of the audits (2 years) for the meeting. They had been appointed at the previous year’s meeting and were re appointed at this meeting.

One of the current shareholders asked to inform the others of how the “penny stock” market works. He has had several past years of experience as a stockbroker and he felt that many questions were being asked that related to the methods of sale and purchase of the low-end stocks. His information was well received and helped several of the shareholders understand the terminology and procedures of the market.

The Chairman proceeded to review the current financial statements and the significance of the various items listed by the auditors. The current stock prices were reviewed and the significance of the efforts by Rutledge Securities and Bruce Klein to help promote the company to others by presenting our technologies to interested companies or individuals that may be able to assist Eagle in its growth. Rutledge Securities has offered many suggestions that the company could use in the future to increase the value of its stock, such as mergers, acquisitions, consolidation of the shares, joint ventures or locating strategic partners. The shareholders approved the efforts of Rutledge and hoped their efforts will continue.

The Chairman than called for the election of the Directors: Nominations were: 1. Brian Wilmot, 2. Judy Wilmot, 3. Jim Frye, 4. Richard LaMantain

All were unanimously elected.

In addition, a review of a proposal by the Chairman to add two new directors later this year, pending the increased revenue expected from the WaterClear and ZawCAD sales, of Charles O’Malley and Daniel Barszcz were approved at the meeting. Both of the new proposed directors have extensive qualifications to help the company and both would also become officers within the organization. More information on the new directors will be available at a later date.

The Shareholders approved the new plans for the directors and officers and the stock options that would be used for compensation for them in lieu of cash payments until the company can develop a positive cash flow.

The Chairman gave a summary of the year and the prospects for the future of the company. The meeting was concluded.

There being no further business before the shareholders the meeting was adjourned.

SECRETARY

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