CEO Letter to Shareholders as of MARCCH 21, 2000
Dear Shareholder,
We have completed the first quarter of the new millennium (2000) and achieved some of our objectives. In our last letter, we announced the expansion of our technology base by adding the new innovative technology, ZAWCAD. We were trying to complete the acquisition of ZawTech International Inc., the company that owned the technology, but complications within Zawtech prevented us from being able to complete the exchange. This technology is covered by several patents on the Cryogenic process to remove paint rust or sealants from metal or concrete. The technology was developed by the Department of Energy and Lockheed Martin Corporation. The Department of Energy is granting Eagle a new license without the Zawtech restrictions and complications so we may pursue our sales objectives. This technology is being tested now on various components from the aerospace industry and the ship building industry. Orders have already been placed by Lockheed Martin for the Greek Government for paint removal on ships. You can obtain more detail on ZAWCAD by checking out our Eagle web page at ZawCAD page.
To provide the water technology we were seeking, Eagle began working with Osmonics Inc., an equipment manufacturer, to develop our own system. Eagle also met with several food processing companies, water districts and distributors to develop the market for the equipment. In 1998, the EPA upgraded the rules for water purity. The State of California implemented these new rules in July 1999. The new rules are forcing many of the water districts to add new equipment. Eagle's equipment uses the only currently approved membrane (filter) system to provide potable water from surface sources. We have currently finished the development of the type of unit we intend to market and have begun demonstrations of the equipment at customer sites. A picture of the portable unit is included on the web page.
Eagle and its partner, EDC Engineering, have developed a partnership with Jona Machining Company to build the new ZAWCAD systems. Jona Machining has an excellent record with Los Alamos projects and has extensive experience in cryogenic and related technologies. They believe we will have our first ZAWCAD unit available for delivery in June 2000. Due to the EDC efforts with ZAWCAD, we have had to delay our development of the system to recycle used oil drilling mud referred to in the previous letter. This mud is created during the boring processes. The mud is critical for the driller as it acts as a lubricant in the well bore. The new mud would be used to improve oil flows in existing wells. The demonstration equipment is currently in New Mexico, with demonstrations to begin in late 2000. The world market is estimated at 100 million tons annually. Eagle will target the US market beginning in the Oklahoma fields. Eagle has a pending customer that will purchase all of the material we can produce
The company has opened its new offices in Sparks, Nevada. The offices house the corporate officials and include assembly and warehousing capability. The warehousing facility allows us to test, develop and display some of the new technologies, such as the water treatment equipment. Our address is 1380 Greg St., Suite 220, Sparks, Nevada, 89431. Phone and fax numbers are: 775-331-6555, 775-331-2666 (FAX). This year, the annual shareholders will be held at the NEW corporate offices. We will have the new technology equipment on display for your review and inspection. The meeting will be on June 7, 2000, at 9:00 AM. Plan now to attend. We will send out additional information in April.
Some of you may have noticed the change on our trading symbol. We have been switched from EGVRE to EGVR and we appear on the OTC exchange. This change is due to new rules from the Securities and Exchange Commission (SEC). Beginning in July 1999, the SEC required all companies to become "Reporting Companies". This means all trading companies have to file additional quarterly forms and reports no matter what size the company may be. We are still in the processing stage and hope to be completed soon. It always takes longer than expected. Any broker can still locate the stock on his computer and trade for you if necessary. During this phase of development, Eagle will continue to strengthen the balance sheet so we will reemerge much stronger and visible than before.
Thank you for your past support.
Yours Truly,
Mail Me: Brian D. Wilmot,
Chairman / CEO
Send mail to webmaster@egvr.com with questions or comments about this web site.
Last modified: March 21, 2000
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