July 2002

Dear Shareholder,

The final reports needed to change our status from a non-reporting company to a reporting company have not yet been completed. As of this writing, we are still in the processing phase of the new SEC rules. It has been a long time and considerable effort to achieve this status. You may still follow our progress on the web by checking our site at www.egvr.com, or the site of the SEC at their web page address for EDGAR reports. Our file number is 000-31169. Many of the delays were due to events beyond our control. The SEC for reasons not given to us has removed our past Auditors from our use. That meant we had to change auditors and begin again with the information. We are currently in the process of hiring new auditors, which was approved at the shareholders meeting.

The meeting on June 19, 2002, was a success. Those that attended were able to view the new ZawCAD equipment via our disk display, that we are currently marketing. Our project director and chief engineer, Jim Frye, did a discussion/presentation of the equipment. Alex Willems, our web site creator, is preparing a new web site depicting the equipment and how it can be used in various industries. Our first units are now being built for both domestic and foreign customers. Jim has been able to standardize the design for all uses. Be sure to check our web page for current events and news on the exciting financing we have obtained and construction progress.

The status of the Dunn vs. Eagle Lawsuit was discussed by the corporate attorney, Alex Walker Jr. He presented the proposed settlement to the shareholders and how its implementation will assist the company in moving past the difficulties of the suit.

The final ballots were counted and the results are:

Directors: Brian Wilmot, James Frye, Richard LaMantain, and Judy Wilmot. The Board of Directors elected the officers: Chairman/CEO, Brian Wilmot, Vice President, James Frye, Cryogenics, Vice President, Richard LaMantain Domestic Sales, Vice President, Matthew Miskic, International Sales, Secretary/Treasurer Judy Wilmot.

As we prepare for the new responsibilities of a "reporting company", Eagle expects to add several new officers and directors to facilitate the changes that the reporting requirements would need. We also expect to have several new announcements concerning the projected sales for this year on the various types of equipment.

Thank you all for your support and we hope to satisfy your investment needs this year.

Yours Truly,

Brian D. Wilmot,

Chairman/CEO