Shareholders Meeting, June 16, 2004
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 came to be cancelled due to the customers failure to pay for the equipment on the agreed upon terms and conditions. Without the customer deposit, management felt it was unwise to order equipment or begin any assembly. Management kept the door open for the customer to reorder the equipment if they wanted to in the future.
The Chairman discussed the new “Memo of Understanding” just
negotiated with Dunn Industrial Inc. This new Memo is the precursor of a
possible merger or stock exchange with Dunn for the growth of Eagle. Details of
the memo were discussed at the meeting and a news release is posted on our web
page. (www.egvr.com) If the merger or exchange goes
forward, more news will be forthcoming in July. Dunn Industrial is a commercial
cleaning and sanitizing company for large plants, such as Gallo winery,
Goodyear and Owens
The directors, R. LaMantain and Jim Frye discussed the progress on the sales and development of the ZawCAD units and how the new uses that have been developed for the equipment including the ZawMET™ process for use in the oil refining business are increasing the current prospects additional uses.
The old accountant firm of Dan Forbush and Associates was dismissed at the meeting, as they were no longer SEC qualified for our filings. They had been appointed at the previous years meetings. Management was meeting with new prospects to see who could do our annual and stub audits. The merger or exchange was going to require an updated audit as well.
John Bowles, one of our stockholders, informed the others of how the “penny stock” market works. He has had 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 than called for the election of the Directors:
Brian Wilmot
Judy Wilmot
Jim Frye
Richard LaMantain
All were unanimously elected.
The Shareholders approved the compensation plans for the directors and officers, which included 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.
Yours truly,
Brian Wilmot, Chairman
The Board of Directors Meeting, which immediately followed the shareholders meeting, was called to elect the officers for the New Year:
The nominations are:
A. Brian Wilmot, CEO, President
B. Judy Wilmot, Secretary, Treasurer
C. Richard LaMantain, VP Domestic Sales/Marketing
D. Jim Frye, EVP Engineering and Development
The officers were all unanimously elected. Next, the Board approved shareholders meeting minutes
The Board approved the new stock options that the current directors would be receiving in lieu of cash payments until the company has developed a positive cash flow. The Board also approved the negotiations being conducted by the President concerning the acquisition of the new entity, including any stock consolidation or expansion requirements.
The meeting was than concluded.