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Technology Stocks : OVON/Optical Imaging Systems

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To: W.F.Rakecky who wrote (21)	8/27/1997 7:17:00 PM
From: Dave Sullivan	of 83

Walt The Company had entered into an agreement with Wayne County for the purchase of approximately 80 acres of land adjacent to the Company's existing facility for a conditional purchase price of $800,000 (the "Purchase Agreement"). Due to the time involved in having the site re-zoned to allow for the Company's intended use, the Purchase Agreement expired. At this time, management of the Company has determined that the Company should not appropriate the financial resources to revive the Purchase Agreement in order to acquire and develop the site in accordance with the Purchase Agreement. However, Guardian is pursuing acquisition of the site from Wayne County on substantially the same terms as the Purchase Agreement. In addition, Guardian has indicated that if Guardian successfully acquires the site and, within five years, the Company presents an acceptable plan to develop a new manufacturing facility on the site, and is capable of financing such a plan, Guardian would be willing to sell the site to the Company on substantially the same terms as the Purchase Agreement. This is from yahoo annual report, hope it helps Dave

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