SHAREHOLDER UPDATE!!!!!!
STOCKHOLDER'S MEETING UPDATE
June 19, 1998- 29.5 million shares votes "FOR" the following:
(1) Fixed the number of Directors at four.
(2) Approved incentive options to insiders and employees.
(3) Delist the shares from the VSE.
(4 Hein & Associates LLP as the Certified Public Accountants.
(5) Elected Garvin McMinn, Elwood Trotter, David Maginnis, and Chis Wendling as the company's Directors.
Garvin McMinn, President, introduced key personnel and described how each person contributed to the on-going successes of the company. He reiterated the corporate agenda that he outlined at the 1997 shareholders meeting. He gave detailed account on how each
and every focus from last year's meeting came to fruition:
FOCUS #1-Industrial perception of the AIRBOX product line.
Results year-to-date: The company developed a high end product through its new generation SDS AIRBOX. The use of "Metalleocene" plastic film composite dramatically improved the external and internal strengths on this new product. Additionally, The overall effectiveness greatly increases from the products new hard valve and rounded corner
designs. Also, the company increased customer confidence with a very sophisticated quality control program and laboratory.
FOCUS #2-Plant capacities to meet current and future demand.
Results year-to- date: Company built new machine with computer and quality assurance mechanisms.
FOCUS #3-Market strategy with emphasis on Silicon Valley, CA, USA.
Results year-to-date: Product sales on-going to Motorola,
C-pak(Singapore),Phototronics, Pericom, Cypress, Cirrus and Chip Express.
FOCUS #4-Grow and Mature Market of AIR BOX product lines.
Results year-to-date: A number of new companies entered into new pilot programs. These participants' names will be released at the end of the pilots.
Mr. McMinn promised to work diligently in making AIR PACKAGING TECHNOLOGIES, INC. profitable from its operations. He believes that the company has a number of private investor who will
continue to commit capital , as needed , until the company becomes self-sufficient.
The shareholders appeared pleasantly surprised with the amount of positive information and facts from the President.
Elwood Trotter, VP Special Projects, gave a detailed explanation on how the market program transpired throughout the year. He said that the 4 year development and testing results from Motorola showed others in the semicondutor industry the validity of the SDS
AIRBOX. After a number of pilot programs, in Silicon Valley, which ended with overwhelming results, the office phone started to ring from "Word-of Mouth" praise from within the industrial participants . Apparently, the current method of foam packaging used for wafers and IC Tape & Real continues to fail and causes a high attrition rate for
the semiconductor manufacturers. The cost of new foam design packaging increased substantially as the IC chips became faster. So, foam packaging became balkier, larger and more expensive in order to compensate for static, moisture and g-force impact during
shipping. AIRP's SDS AIRBOX proves to work more efficiently and less costly then foam types of packaging. In some case, the SDS AIRBOX will perform 1000X better then the competors' packaging products in use in Silicon Valley.
Elwood outlined, for the rest of 1998 and beyond, the potential domestic and international markets for both the Wafer SDS AIRBOX and the IC Tape & Real SDS AIRBOX for the rest of this year and beyond. He predicted that sales will continue to grow exponentially in the ensuing months.
All shareholders had the opportunity to see the new machine produce the new SDS AIRBOX. They had a chance to see the Quality control lab do a number of quality assurance test. They asked intelligent questions about the overall operations about the company.
They departed felling more confident about management's FOCUS. They acknowledged that sales will continue to increase within a short time frame.
Thank you for your shareholder support.
With Warmest Regards,
Rich Kaiser
International Investor Relations.
airbox.com |
