To: Brander who wrote (1 ) 7/6/2003 3:35:13 PM From: Arthur Radley Read Replies (1) | Respond to of 74 This better explains the three operating divisions of STKL. I don't have any research reports on the company, but will attempt to get one...if available. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Business Summary Stake Technology focuses on environmental responsibility. The company engages in natural food product sourcing, processing, and packaging; processing, distribution and recycling of environmentally responsible aggregate products; and engineering and marketing of a clean pulping system using patented steam explosion technology. STKL's operations are conducted through three business segments: the SunRich Food Group; the Environmental Industrial Group; and the Steam Explosion Technology Group. The SunRich Food group consists of three vertically integrated business groups. The Product and Ingredients Group sources and markets Identity Preserved (IP) specialty grains and natural certified organic food ingredients to domestic and foreign food processors. Products include specialty soybeans, IP corn, soy milk powders, grain (corn, rice and oat) sweeteners and maltodextrins, organic vegetable oils, organic corn, soy and oat flours and organic feed ingredients. The Technical Processing group focuses on technical processing of specialty and functional food ingredients. The Packaging group focuses on aseptic packaging of shelf stable beverages and liquid products. Products packaged include shelf stable soy milk, rice beverages, and soy/fruit smoothies. The Environmental Industrial group has two main business lines. The group manufactures and distributes industrial mineral based products such as speciality sands, bentonite clays, silica free abrasives, garnets and other products for the foundry, shipbuilding, bridge repair and steel industries. It also recycles waste industrial mineral by-products and materials from site reclamation projects. These materials are cleaned, crushed and blended to specific chemistry for resale to cement, steel and related industries. The group's processing of cement additives and certain abrasives slows down in the period from January to March, reflecting reduced cement production and difficult winter operating conditions; the foundry and steel businesses are not considered seasonal. The Steam Explosion Technology group has developed the StakeTech System, which provides a method for rapid and continuous steam treatment of biomass under high pressure. Suitable raw materials include wood chips, sugarcane bagasse, cereal straws and waste paper. In their natural state, these materials are not easily separated into their component parts. By processing with the addition of high-pressure steam, the StakeTech System breaks the chemical and physical bonds among the components of the materials, allowing subsequent separation and processing into products and components that potentially have wide and diverse applications.