Mr. George Doundoulakis, president, opened the meeting with a brief 1+ Successful operation, and while in the Port Washington facility. 2- Subsequently, the corporation leased present quarters at 86 Denton Avenue, New Hyde Park, and was able to move, Install and set up present facility for both Cold Cathode and electronic products. Despite the delays and vacations during this period, and the extra expenses for moving, installing and purchasing necessary furniture and equipment, the corporation still operated with a small amount of profit. 3- Besides what can be physically seen in the new premises, the corporation has made progress in several directions which will manifest itself by concrete orders and fast growth in the near future. Specifically, procedural forms have been designed and printed, and departments such as for Production and Financial controls have been established. Necessary forms for filing the products of the corporation with about lÛÛ different' government agencies have been procured, filled out and submitted. We also have submitted proposals for Research and Development in some 20 different areas. A brochure has been compiled and mailed out ta potential customers. Considerable research and development has been done interally, the fruits of which we look forward to in the very near future. 4- As a result of the intangible progress, we are negotiating and we are very close to being awarded a Signal Corps Contract for an Electronic Maintenance Kit for the amount of approximately $450,000. Our narrow band television breadboard is coming to completion. The potential of this new item is unlimited: The N. Y. Fire Department equipment are now in production. This item alone has potential sales of the order of 1.5 million over the next year. A semi-automatic cold cathode lamp equipment has been designed during the summer months and is now being built. This new equipment will quadruple the production efficiency of standard cold cathode lamps. Mr. Doundoulakis thegamentioned the need for a line of credit of at: additional $350,000 in case we Age a successful recipient of the Signal Corps contract. The stockholders extressed willingness of support in case the bank would quire personal guarantees and to convert the notes payable to stockholders to three year term notes. The point of additional financing regardless of the Signal Corps contract was also brought up. Mr. Doundoulakis explained that with a difference of accounts receivable und payable of approximately 50,000 (Receivables 92,000; navables 42,000) and orders under processing of close to $150, ung, the corporation will soon have to increase its working capital, and suggested that 15% of the corporation shares be sold for approximately $150,000. to individuals or groups of individuals, at packages not less than $10,000. each. Mr: Doundoulakis demonstrated the original results of the narrow band T. V. breadboard and indicated that despite the poor performance of the T. V. camera employed in the setup it con clearly be seen that our narrow lwind T. V. system provides better definition than the standard 5 Mc T.V. system. A Board of Directors meeting followed the stockholders meeting, at which time Mr. Dounioulakis's suggestions were motioned, seconded and approved as follows: 1-Present stockholder's notes shown in balance sheet of June 30, 1961 as "Notes Payable-Stockholders $48,000., to be changed from dale due Séptember, 1961 to September, 1964. 2- The President is authorized to proceed for the increase of capital- 178 I have completed an audit of your books of account for the period Exhibit A- Balance sheet as at September 30, 1961 1 Exhibit B- Statement of operations for period January 1, 1961 to September 30, 1961. The figures contained in the above Exhibits were abstracted from Respectfully submitted, JCE: erl Alan A. Brown JULIAN C. RUBEN & CO. Certified Public Accountants |