As filed with the Securities and Exchange Commission on August 14, 2000
Registration No. 333-41092
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PRE-EFFECTIVE AMENDMENT NO. 1
TO THE FORM SB-2 REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
MIRENCO, INC.
(Exact name of registrant as specified in its charter)
Iowa 3714 336322 39-1878581
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(State or Other (Primary Standard (North American (IRS Employer
Jurisdiction of Industrial Classification Industry Classification Identification
Incorporation or ("SIC") Number) Number System ("NAICS") ("EIN")Number)
Organization) Number)
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206 May Street, PO Box 343
Radcliffe, Iowa 50230
(800) 423-9903
(Address, including zip code, and telephone number,
including area code, of registrant's principal executive office)
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Copy To:
Carl N. Duncan, Esq.
Duncan, Blum & Associates
5718 Tanglewood Drive
Bethesda, Maryland 20817
(301) 263-0200
Approximate date of commencement of proposed sale to the public:
As soon as practicable after the effective date of the
Registration Statement
If any of the securities being registered on this Form are to be offered
on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box: [x].
<PAGE>
The Registrant hereby amends this Registration Statement on such date or
dates as may be necessary to delay its effective date until Registrant shall
file an amendment which specifically states that the Registration Statement
shall thereafter become effective in accordance with Section 8 (a) of the
Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Securities and Exchange Commission, acting
pursuant to said Section 8(a), may determine.
APPROXIMATE DATE OF PROPOSED SALE TO PUBLIC: From time to time after
theeffective date of the Registration Statement and up to nine (9)
monthsthereafter or until such earlier time that all the shares registered
hereunder have been sold.
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act Registration Statement number of the earlier
effective Registration Statement for the same offering. [ ]
If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act of 1933, check the following box and list the
Securities Act Registration Statement number of the earlier effective
registration statement for the same offering. [ ]
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. [ ]
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<PAGE>
Due to a clerical error in filing the original Registration Statement
forMirenco, Inc., the Consent of Independent Certified Public Accountants was
misdated to reflect Registrant's July 10, filing 2000 filing date. This
misdating was based upon incorrect information from the EDGAR filing office
which stated that since the Registration S tatement, Prospectus and associated
Exhibits were filed on Monday, July 10, 2000(instead of before the weekend on
Friday, July 6, 2000), as expected, all dates on the document to be submitted
must be re-dated to reflect the actual filing date. The correct date of such
Consent is July 6,2000.
The Consents appropriate to this Pre-Effective Amendment No. 1 are
attached. In the abundance of caution, we are also attaching the Preliminary
Prospectus (now dated August 14, 2000), including the financial statements
(which are identical but for certain skewed columns and related non-material
formatting issues) and the Part II information has been revised as appropriate
for an Amendment to the original Registration Statement.
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<PAGE>
Subject to Completion -- Preliminary Prospectus Dated August 14, 2000
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PROSPECTUS
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Secondary Offering of Up to 2,1000,000 Shares of Common Stock
MIRENCO, INC.
Mirenco, Inc., an Iowa corporation (the "Company), is registering this
secondary offering of 2,100,000 shares of common stock for certain of its
shareholders. The Company is engaged in the business of developing and marketing
technologically advanced products for internal combustion engines that both
improve fuel efficiency and/or reduce environmental emissions. (See "The
Company.")
Unless earlier terminated, the Offering Period will be up to nine (9)
months from the date hereof. The selling stockholders that the Company
identifies in this Prospectus are offering up to 2,100,000 shares of Company
stock (the "Shares"). The Company will not receive any proceeds from the sale of
Shares by the selling shareholders. (See "Selling Shareholders," "Plan of
Distribution" and "Risk Factors." ) These Shares of common stock are being
offered by the selling shareholders identified on page 13 of this Prospectus in
the section entitled "Selling Shareholders." The selling shareholders may sell
these Shares from time to time:
- on the NASDAQ SmallCap Market;
- on the over-the-counter market;
- in transactions directly with market makers; or
- in privately negotiated transactions.
We will not receive any portion of the proceeds from the sale of these
Shares.
During this Offering Period, Shares will be offered at the then prevailing
market for the Shares. Concurrent with the date of this Prospectus, the Shares
will be qualified for quotation on the NASDAQ Small Cap Market.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
NO PERSON IS AUTHORIZED TO GIVE ANY INFORMATION NOT CONTAINED IN THE PROSPECTUS
IN CONNECTION WITH THIS OFFERING AND, IF GIVEN OR MADE, SUCH INFORMATION OR
REPRESENTATION MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED. THIS
PROSPECTUS DOES NOT CONSTITUTE AN OFFER BY ANY PERSON WITHIN ANY JURISDICTION TO
ANY PERSON TO WHOM SUCH OFFER WOULD BE UNLAWFUL.
THESE ARE SPECULATIVE SECURITIES. See "Risk Factors" for certain factors
that should be considered by prospective investors.
Our principal executive offices are located at 206 May Street, Radcliffe,
Iowa 50230, and our telephone number is (800) 423-9903.
The date of this Prospectus is August 14, 2000.
<PAGE>
Information contained herein is subject to completion or amendment.
ARegistration Statement relating to these securities has be filed with
theSecurities and Exchange Commission. These securities may not be sold nor may
offers to buy be accepted prior to the time the Registration Statement becomes
effective. This Preliminary Prospectus shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sales of these
securities in any State in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
such State.
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<PAGE>
Potential investors are advised that an investment in the Shares of
theCompany is subject to the following considerations, among others:* Investment
in Shares can be speculative and volatile and involve significant risks,
including those discussed in "Risk Factors" and "Certain Related Party
Transactions."
* The Company has not had significant prior operations and market acceptance
may be beyond the control of management.
* Certain conflicts of interest exist in the management of the
Company. (See "Conflicts of Interest.")
* The success of the Company is dependent on its management. (See "The Company
-- Management" and "Risk Factors -- Reliance on Management.")
Until September ___, 2000 (25 days after the date hereof), all dealers
effecting transactions in the registered securities, whether or not
participating in this distribution, may be required to deliver a current copy of
this Prospectus. This delivery requirement is in addition to the obligation of
dealers to deliver a Prospectus when acting as underwriters and with respect to
their unsold allotments or subscriptions.
Neither the delivery of this Prospectus nor any sale made hereunder shall,
under any circumstances, create any implication that the information herein is
correct as of any time subsequent to the date hereof or that there has been no
change in the affairs of the Company since such date or, in the case of
information incorporated herein or therein by reference, the date of filing with
the Securities and Exchange Commission.
Following the conclusion of each fiscal year, shareholders will receive our
annual report, including a balance sheet, statements of operations, cash flows
and changes in shareholders' equity and related footnotes. The financial
statements contained in the annual report will be audited by our independent
certified public accountants. Unaudited quarterly reports on operations also
will be distributed to shareholders or made available through e-mail and/or the
Internet.
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<PAGE>
TABLE OF CONTENTS
Descriptive Title Page
PROSPECTUS SUMMARY............................................................4
SUMMARY FINANCIAL DATA........................................................4
PRO FORMA FINANCIAL INFORMATION...............................................5
RISK FACTORS..................................................................5
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS...............................11
FIDUCIARY RESPONSIBILITY OF THE COMPANY'S MANA13MENT.........................13
SELLING SHAREHOLDERS.........................................................13
APPLICATION OF PROCEEDS......................................................15
CAPITALIZATION...............................................................15
DESCRIPTION OF BUSINESS......................................................15
SELECTED FINANCIAL DATA......................................................28
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS..............................................29
CONCURRENT PUBLIC MARKET AND DIVIDEND POLICY.................................32
DESCRIPTION OF CAPITAL STOCK.................................................33
PLAN OF DISTRIBUTION.........................................................34
ERISA CONSIDERATIONS.........................................................35
LEGAL MATTERS................................................................35
EXPERTS......................................................................35
AVAILABLE INFORMATION........................................................36
APPENDIX I (SELLING SHAREHOLDER INFORMATION)................................I-1
APPENDIX II (FINANCIAL STATEMENTS).........................................II-1
<PAGE>
PROSPECTUS SUMMARY
The following summary is qualified in its entirety by the more
detailedinformation and financial statements appearing elsewhere or incorporated
by reference in this Prospectus. All references in this Prospectus to Shares are
as of December 31, 1999, unless otherwise specified. Prospective investors
should carefully consider the information set forth under the heading "Risk
Factors."
The Company
Mirenco, Inc., incorporated on February 21, 1997 in Iowa, is engaged in the
business of developing and marketing technologically advanced products for
internal combustion engines that both improve fuel efficiency and/or reduce
environmental emissions. Our primary products are: DriverMax(R) and DriverMax(R)
Software as well as HydroFire(R) Injection, Fluid and Lubricant. We believe we
will be the first to provide a product that not only incorporates Global
Positioning System ("GPS") technology but also reduces emissions while improving
fuel mileage.
Our no par value Shares are expected to be listed on the NASDAQ Small Cap
Market concurrent with when the Offering commences. Even after the contemplated
listing, there is no assurance the Company will avoid later de-listing. (See
"Risk Factors -- Public Market Only Concurrently Commenced.")
The Offering
Securities Up to 2,100,000 Shares are being offered by its Offered
enumerated selling shareholders at the then prevailing by the market price
during this Offering Period. The up to Selling 2,100,000 Shares being offered
are comprised of up to 1,500,000 Shares issued in conjunction with our direct
self-underwritten public offering ("DPO") offered exclusively to residents of
Iowa; 267,916 Shares that may be issuable pursuant to the exercise of warrants
issued or to be issued pursuant to warrant agreements entered into on June 15,
1999; and up to 283,700 Shares that may be issuable pursuant to the exercise of
options or warrants issued or to be issued pursuant to agreements entered into
on December 31, 1998; June 15, 1999; December 31, 1999; and March 31, 2000.
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Offering This Offering Period begins on the date of this
Period Prospectus and may continue for up to nine (9) months
thereafter, unless earlier terminated or extended.
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Risks An investment in the Shares being sold by the Selling
and Shareholders involves substantial risks due in part to
Conflicts the costs which the Company will incur and the highly
of speculative nature of its business. (See "Related
Interest Party Transactions.") Risks inherent in investing in
the Company are discussed under "Risk Factors."
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SUMMARY FINANCIAL DATA
The Summary Financial Information, all of which has been derived from
unaudited financial statements included elsewhere in this Prospectus, reflects
the operations of the Company for its limited operating history as of and for
the period from February 27, 1997 (inception) to March 31, 2000. This
information should be read in conjunction with the financial statements and
"Management's Discussion and Analysis of Financial Condition and Results of
Operations."
<TABLE>
<S> <C>
Current assets $2,381,001
Noncurrent assets 36,261
Current liabilities 46,984
Gross revenues 279,309
Gross profit 36,701
Loss from continuing operations $(3,063,029)
Net loss $(3,021,980)
</TABLE>
<PAGE>
PRO FORMA FINANCIAL INFORMATION
Pro forma financial information has not been presented since no significant
business combination has occurred or is probable and, even where possible or
remote, there have been only limited historical operations. Furthermore, there
have been only minimal revenues since our inception (approximately 43 months).
Consequently, pro forma information would serve no useful purpose. In addition,
summary financial data is provided in "Selected Financial Data."
In addition, prospective investors should not purchase Shares with the
expectation of sheltering income.
RISK FACTORS
Prospective investors should consider carefully, in addition to the other
information contained in this Prospectus, the following factors before
purchasing the Shares offered hereby.
1. Limited History of Operations; Net Losses to Date. We are in the early stage
of development and have only a limited history of operations, which, through
December 31, 1999, have generated aggregate losses of $2,811,803. (See "The
Company - Introduction", "Conflicts of Interest" and "Reliance on Management"
below.) In addition, our future success will depend upon many factors, including
those which may be beyond our control or which cannot be predicted at this time,
such as increased levels of competition (including the emergence of additional
competitors, changes in economic conditions, emergence of new technologies and
changes in governmental regulations). Our operations commenced shortly after our
inception on February 21, 1997. We have experienced net losses to date and have
an accumulated deficit. Our operations are subject to all of the risks inherent
in the establishment of a new business enterprise. The likelihood of our success
must be considered in the light of the problems, expenses, difficulties,
complications and delays frequently encountered in connection with the formation
of a new business, particularly in an enterprise involving new or unfamiliar
techniques for pollution control in a regulatory environment. The results of any
distribution and marketing enterprise cannot be determined in advance. However,
future product sales and management abilities cannot accurately be determined
unless and until the product is accessible to the customer and the management
team is tested. No assurance may be given that the range of Company emission
control and increased fuel economy products and services styled "Mirenco
Products" will receive commercial acceptance, that significant sales will be
achieved or that we will ever become profitable. Further, it is possible that we
will encounter technical problems, delays in hiring of key personnel, difficulty
in obtaining any required additional financing, governmental interference
through regulations or otherwise or other factors which could cause significant
delays in our present plans for our development. Such delays, if they occur,
could have a material, adverse effect on the potential commercial success of our
products and on its ability to achieve profitable operations. (See "The
Company.")
2. Forward Looking Statements. We make statements in this Prospectus and in the
documents we file with the Commission that are considered "forward-looking
statements" within the meaning of the Securities Act and the Exchange Act.
Sometimes these statements contain words such as "believe," "will likely
result," "are expected to," "will continue," "is anticipated," "estimate,"
"project," or similar words or expressions. These statements are not guarantees
of our future performance and are subject to risks, uncertainties, and other
factors that could cause our actual performance or achievements to be materially
different from those we project. We do not have a policy of updating or revising
forward-looking statements, and thus, it should not be assumed that silence by
us over time means that actual events are bearing out as estimated in such
forward-looking statements.
3. Possible Adverse Impact of "Penny Stock" Regulation. As of the date of the
Prospectus, our Shares are not deemed to constitute so called "penny stock."
Nonetheless, it is uncertain in the future, even if the shares are listed on a
national or regional exchange or the NASDAQ SmallCap Market (TM) whether
broker-dealers will want to continue making a market for the Shares. If the
Shares are not so listed or if we can not attract a market maker following and
the price of Shares falls below $5.00, the so-called "penny stock" (low-priced
securities) regulations could affect the sale of the Shares. (These regulations
require, among other standards, broker-dealers to disclose the risk associated
with buying penny stocks and to disclose their compensation for selling the
Shares). Such regulations may have the effect of reducing the level of trading
activity in the secondary market for the Shares and make it more difficult for
investors to sell their Shares in the Company.
<PAGE>
4. Dependence on Outside Entities and Market Conditions. We are dependent
uponnumerous outside entities and market conditions for our revenues. I.C.E.
Corporation ("I.C.E."), a Federal Aviation Authority ("FAA") certified
electronic manufacturing company in Manhattan, Kansas, has been contracted to
produce our "Driver-Max(TM)" and possibly other electronic products ("Mirenco
Products"), which we distribute. We are reliant on I.C.E. to provide electronic
product quality protection for our products, sales of which generated revenues
for us during our early stage product distribution. Nonperformance by (or poor
service from) I.C.E. could have a damaging effect on our relationships with our
customers. Generally, all materials required to manufacture and assemble our
product line are readily available and are shelf items; however, from time to
time, delays in assembly may be encountered or components might be in short
supply. There is a possibility the prices of materials and labor might increase
and that operations or deliveries may be delayed if such shortages occur.
Unavailability of or delay in obtaining our products from I.C.E, among other
factors, may delay our receipt of income for significant periods. It should also
be noted that fuel prices fluctuate and extraordinary variations therein could
have a detrimental effect on our business. Customer investment decisions may
also be based on the cost of regulatory compliance, prevailing interest rates,
vehicle maintenance costs or other market conditions. We have no ability to
influence market conditions, which may effect the decisions of our customers.
Unfavorable taxation policies, import tariffs or other regulations imposed by
federal and state governments could adversely affect our sales of products. Any
future tax increases or new government regulations levied on our products could
severely affect our operations. (See "The Company.")
5. Dependence on Regulatory Standards. The Clean Air Act of 1990 mandates annual
emission testing for every vehicle located in any of the twenty-six
Environmental Protection Agency ("EPA") -designated Non-Attainment Areas
throughout the United States. The EPA has, in some instances, however, granted
or permitted certain waivers or time extensions for such compliance. Similar
mandates are required in cities in Mexico and Canada. Therefore, a significant
market is generally available for products that reduce emissions and increase
operating efficiency. However, there can be no assurance that this market will
continue since environmental laws could change or more competitive products
could be developed in the future. Further, a decline in the aggressive
enforcement of prevailing regulations could severely impact our sales and,
therefore, our cash flow and profitability. We believe our products to be
"retrofit devices" as defined under EPA regulations. We are, however, subject to
the regulatory risk that EPA may construe distribution of the products to be
also governed by "fuel additive" regulations. These more stringent regulations
sometimes require scientific testing for both acute and chronic toxicity. This
testing is not required for approval of pollution control products deemed to be
"retrofit devices." Although such testing would be facilitated by the fact that
alcohol is a substance used in the transportation industry (among many others)
and about which a great deal is already known concerning toxicity, such
additional regulatory compliance could substantially lengthen the period of time
before the products could be widely commercialized. We believe that EPA "fuel
additive" regulations do apply to our HydroFire(R) products and do not apply to
our DriverMax(R) products, since the operation of the HydroFire(R) Injection
System involves the introduction of HydroFire(R) Fluid into the engine air
intake system, as those terms are defined in EPA regulations and generally
understood in the automotive engineering community. However, it is possible that
a competitor who manufactures fuel additives that are subject to the more
stringent "fuel additive" regulations may raise the issue with EPA in order to
interfere with or delay the commercialization of competing with our technology.
(See "The Company.")
6. Patent Infringement Protection. Through contractual agreement with American
Technologies, LLC ("AmTech"), an affiliated company controlled by Dwayne Fosseen
(see "Conflicts of Interest -- Related Party Transactions"), We have acquired
the exclusive licensing and distribution rights to five products developed by
AmTech (DriverMax(R), DriverMax(R) Software, HydroFire(R) Injection,
HydroFire(R) Fluid and HydroFire(R) Lubricant). We believe that we have obtained
all rights necessary to market our products and services without infringement on
rights or patents, but there can be no assurance. Moreover, we may ultimately be
forced to rely upon common law protection with respect to our trade secrets and
other proprietary matters. Consequently, it may be extremely difficult for us to
enforce our proprietary rights and thereby prevent competitors from selling or
otherwise infringing on our products. We believe that our contractual rights
alone will not protect or guarantee our success; however, we seek to achieve
profitability through aggressive promotion and marketing and by developing
customer relationships, which could provide a contractual basis for profits
irrespective of proprietary infringements. We may consider purchasing insurance
for patent and proprietary product protection, assuming product sales develop in
2000 and 2001 and management has had time to evaluate these product sales. A
suitable amount of insurance coverage could then be determined.
<PAGE>
7. Patents. There can be no assurance that any additional patent
protectedproducts will be granted, that any patents which may be obtained will
be broadenough to provide material protection (or be of substantial benefit to
us) orthat the validity of such patents will not be challenged with an adverse
result to the Company. In the absence of further patent protection, we may be
vulnerable to competitors who attempt to copy our products or methods. Our Board
of Directors may elect to pursue additional patent research; however, there is
no assurance that we will develop additional patentable properties.
8. Dependence Upon Limited Information. We are reliant on our own limited
history and on Fosseen Manufacturing & Development, Ltd. ("FMD") for historical
information relative to Mirenco Products, their characteristics, anticipated
operating results, regulatory compliance and all other data concerning use of
such products. FMD's accumulation of such information is based on its own
experience.
9. Competition. Both the automotive aftermarket (retrofit) industry and the
original equipment manufacturing ("OEM") industry are, and can be expected to
remain, intensely competitive. We must compete with other, more widely accepted
emissions control devices. Currently, we have many competitors that are better
financed and are better established. It is also likely other competitors will
emerge in the future, both foreign and domestic. We believe we offer products
that are more effective, more convenient and economically preferable than our
competitors' products. We will seek to establish a position of market leadership
through aggressive marketing. There can be no assurance, however, we will be
correct in our assumptions or that our competitors will not introduce more
competitive products or techniques. (See "The Company -- Competition.") The
retrofit and OEM industries involve rapid technological change and are
characterized by intense and substantial competition. Additionally, we will
compete with other companies that have greater market recognition, greater
resources and broader distribution capabilities than we have. Increased
competition by existing and future competitors could materially and adversely
affect our ability to achieve profitability, especially since the retrofit and
OEM industries are already highly competitive with respect to price, service,
location and professionalism. Moreover, we will compete with a number of
companies whose names initially may enjoy recognition that exceeds our own.
Although we believe we will compete successfully, there can be no assurance we
will be able to maintain a high level of name recognition and prestige within
the marketplace. In addition, the lack of availability of quality personnel or
our inability to attract and retain other key employees may adversely affect the
business. Our inability to compete within the industry or maintain a high
quality spectrum of products may adversely effect an investment in the Company.
(See "The Company" generally.)
10. Customer Acceptance. Our success will be largely dependent upon marketing
and upon the quantity of customers who purchase Mirenco Products or license
rights. There can be no assurance there is currently a broad market for our
products or that one will ever exist. There can be no assurance manufacturing
quality will remain consistent or markets for such products will endure. As
such, the market potential for Mirenco Products must be deemed " less than
certain." It is anticipated the market will be highly sensitive to many features
of Mirenco Products, including our retail price, quantity discounts, replacement
("recharge") costs, fuel savings, emission reduction percentages, engine wear
characteristics, local regulatory mandates (and enforcement thereof), prevailing
interest rates, length of time required to achieve measurable results and other
fuel efficiency/emissions control options available to prospective customers.
Revenues, accordingly, may also vary considerably from region to region. There
is no assurance the public will accept our products at all or at a price that
allows for profitable operations. (See "The Company".)
11. Security, Property and Casualty Damage. Our future research, development and
manufacturing activities may be located in a variety of different locations and
will be subject to security, property and casualty risks. We believe we can
manage such risks through proper security precautions in conjunction with
prudent corporate management; however, no matter what steps we take, such risks
cannot be fully anticipated or entirely eliminated. Further, even with costly
insurance against such risks, we may incur substantial losses in the event of
significant damage or loss. Additionally, there are certain natural hazards
involved in shipping products and transporting them across land. Problems
resulting from natural hazards, such as inclement weather, are anticipated and,
accordingly, should not adversely affect the reliability of any Mirenco
Products. Our products will be insured while in transport; however, any losses
caused by such natural hazards will reduce our funds and could result in losses.
12. Developing Market; Unproven Acceptance of Our Products and/or Services. We
have only recently commenced operations at a time when the retrofit and OEM
industries are evolving and are characterized by an increasing number of market
entrants. As is typical of a new and rapidly evolving industry, demand and
market acceptance for recently introduced products and/or services is subject to
a high level of uncertainty and risk. Because the market for our products and
services is new and evolving, it is difficult to predict the future growth rate,
<PAGE>
if any, and size of this market. While it is known that the retrofit and OEM
industries are large and growing, there can be no assurance that the market for
our products and services will continue to develop or become sustainable. If use
of our products and services fails to grow, our ability to establish and expand
our brand identity will be materially and adversely affected.
13. Federal Income Tax Risks. An investment in the Shares involves certain
federal income tax risks and income characterization issues for the investor and
for us. Future federal income tax treatment may differ from our positions with
resulting adverse tax consequences to our earnings and profits. Any gain or
income on the Shares will be of a capital gains nature that, for individuals and
certain other taxpayers, may not be offset by passive losses of the investor.
Further, each investor is urged to consult his or her own tax advisor with
respect to the federal, state, and local tax consequences inherent in an
investment in the Shares.
14. Public Market Only Concurrently Commenced. Concurrent with the date of this
Prospectus, our Shares will become publicly traded. Prior to such date, there
was no public market for the Company's Shares. (See "Plan of Distribution.")
Such publicly traded status requires the Company to enlist broker-dealers to
serve as market makers. After becoming a market maker, such entity may
discontinue such activities at any time without notice. No assurance can be
given as to the liquidity of the trading market for the Shares or that an active
public market will develop or, if developed, will continue. If an active public
market does not develop or is not maintained, the market price and liquidity of
the Shares may be adversely affected. Consequently, holders of Shares acquired
pursuant to this offering may not be able to liquidate their investment in the
event of an emergency or for any other reason, and the Shares may not be readily
accepted as collateral for a loan. Accordingly, prospective investors should
consider the purchase of Shares only as a long-term investment.
15. Dependence on Technologically Qualified Personnel. Because of the
technological nature of our business, we are dependent upon our ability to
attract and retain technologically qualified personnel. There is significant
competition for technologically qualified personnel in the geographical area of
our business, and we may not be successful in recruiting and retaining such
qualified personnel.
16. Dependence upon Certain Key Personnel. Currently, we are wholly dependent on
the personal efforts and abilities of certain key members of our current
management staff. In addition, we may be required to retain the services of
other qualified individuals. The market for individuals possessing the
qualifications we require is competitive and it is difficult to attract and
retain such personnel. No assurance can be given that our business and
operations would not be adversely affected if relationships with certain of our
key personnel were to be severed. We intend to carry key man life insurance on
such personnel.
17. Issuance of Additional Shares. As of July 31, 2000, we have ___________
Shares of our common stock issued and outstanding. Such Shares were issued to
the current shareholders at differing times between our inception and this date.
As is true for other companies contemplating significant growth, we expect to
require additional financing in due course. There can be no assurance any such
additional financing that is required will be available to us if and when
required or on terms acceptable to us, or that such additional financing, if
available, would not result in substantial dilution of the equity interests of
existing shareholders. Potential investors should be aware any issuance of
additional Shares may result in a reduction of the book value per Share, market
price or economic value, if any, of the outstanding Shares. If we issue any such
additional securities, such issuance will reduce the proportionate ownership and
voting power of the other shareholders. Further, any new issuance of Shares may
result in a change of control of the Company. (Any currently undesignated Shares
of the Company may be issued without shareholder consent in such manner and with
such terms, provisions and rights which would make a takeover of the Company
more difficult, and therefore less likely.) Current purchasers of the Shares
will also experience an immediate and substantial dilution of their investment
in the Company since the net tangible book value per Share after this Offering
will be less than the per Share Offering price, since the offering price exceeds
the current net tangible book value per Share.
18. Control by Current Management and Principal Shareholders. Prior to the
offering, individual officers, directors and shareholders owning more than 10%
(the "Principal Shareholders") owned in the aggregate 78.3% of the Shares. (See
"The Company -- Management -- Security Ownership of Certain Beneficial Owners
and Management.") Upon completion of sales by selling shareholders, the
Principal Shareholders' aggregate ownership of Shares in the Company will permit
them to retain between 77% and 78% of the Shares. As of the date of this
<PAGE>
Prospectus, one member of our current management team (Dwayne L. Fosseen)
controls 73.7% of the issued common stock of the Company. Consequently, the
Principal Shareholders may be able to effectively control the affairs of the
Company and the outcome on all matters submitted for a vote to our shareholders,
including the election of a majority of our directors. Specifically, at least
initially, the Principal Shareholders will be able to elect all of our
directors. Such control by the Principal Shareholders may have the effect of
discouraging certain transactions involving an actual or potential change of
control of the Company, including transactions in which holders of Shares might
otherwise receive a premium for their Shares over then current market prices.
(See "Description of Securities.")
19. No Distributions or Dividends Anticipated; Dividends at Discretion of Board
of Directors; No Current Plans to Pay Dividends. Dividends, if any, to
shareholders are in the discretion of the Board of Directors. We have never paid
any cash distributions and intend for the foreseeable future to retain any
earnings to finance the growth of our business. Dividend policy will be
determined by the Company's Board of Directors based upon consideration of the
earnings of the Company, if any, its future capital needs and other relevant
factors. To conserve funds for our contemplated activities, the Board of
Directors currently do not intend to pay dividends. (See "Certain Relationships
and Related Transactions - Dividends Would Reduce Funds Available for Expanding
Operations.") In fact, we anticipate that, for the foreseeable future, we will
continue to retain any earnings for use in the continuing operations of our
business. Moreover, we may be restricted from paying dividends to our
shareholders under future credit or other financing agreement(s). See "Absence
Of Public Market And Dividend Policy" and "Description of Securities.")
20. Risks Associated with Brand Development. We believe our that establishing
and maintaining brand identity of our products is a critical aspect for
attracting and expanding our targeted market audience and that the importance of
brand recognition will increase. Promotion and enhancement of our brands will
depend largely on our success in continuing to provide high quality products and
services, which cannot be assured. If users do not perceive our existing
products and services to be of high quality or if we introduce products and
services or enter into new business ventures that are not favorably received by
users, we will risk diluting our brand and decreasing our attractiveness.
Furthermore, in order to attract and retain customers and to promote and
maintain our brand in response to competitive pressures, we may find it
necessary to increase substantially our financial commitment to creating and
maintaining a distinct brand loyalty among our customers. If we are unable to
provide high quality products and services or otherwise fail to promote and
maintain our brand, incur excessive expenses in an attempt to improve or promote
and maintain our brand, our business, results of operations and financial
condition could be materially and adversely affected.
21. Risks of Technological Change. The market for our products and services is
characterized by rapid technological developments, frequent new product
introductions and evolving industry standards. The emerging character of these
products and services and their rapid evolution will require us to effectively
use leading technologies, continue to develop our technological expertise;
enhance our current products and services; and continue to improve the
performance, features and reliability of such products and services. There can
be no assurance that we will be successful in responding quickly, cost
effectively and sufficiently to these or similar developments. In addition, the
widespread adoption of new Internet technologies or standards could require
substantial expenditures by us to modify or adapt our products and services. A
failure by us to respond rapidly to technological developments could have a
material adverse effect on our business, results of operations and financial
condition.
22. Intellectual Property Risks. We regard our trade secrets and similar
intellectual property as critical to our success. In that context, we will rely
on a combination of copyright and trademark laws, trade secret protection,
confidentiality and non-disclosure agreements and contractual provisions. There
is no guarantee that these efforts will be adequate; that we will be able to
secure trademark registrations for all of our marks in the United States or
other countries; or that third parties will not infringe upon or misappropriate
our copyrights, trademarks, service marks and similar proprietary rights. In
addition, effective copyright and trademark protection may be unenforceable or
limited in certain countries, and the global nature of the retrofit and OEM
industries makes it impossible to control the ultimate destination of our
products. Since trademark and copyright protections are not "self-enforcing",
future litigation may be necessary to enforce and protect our trade secrets,
copyrights and other intellectual property rights.
<PAGE>
We may also be subject to litigation to defend against claims of
infringement of the rights of others or to determine the scope and validity of
the intellectual property rights of others. If competitors prepare and file
applications in the United States that claim trademarks used or registered by
us, we may oppose those applications and be required to participate in the
proceedings before the United States Patent and Trademark Office to determine
the priority and scope of rights to the trademark, which could result in
substantial costs to the Company. An adverse outcome could require us to license
disputed rights from third parties or to cease using such trademark. Any
litigation regarding our propriety rights could be costly and would divert
management's attention, resulting in the loss of certain of our proprietary
rights, requiring us to seek licenses from third parties and prevent us from
selling our products and/or services, any one of which could have a material
adverse effect on our business, results of operations and financial condition.
We intend to pursue the registration of our trademarks based upon
anticipated use internationally. There can be no assurance that we will be able
to secure adequate protection for these trademarks in foreign countries. Many
countries have a "first-to-file" trademark registration system; thus, we may be
prevented from registering our marks in certain countries if third parties have
previously filed applications to register or have registered the same or similar
marks. It is possible that competitors or others will adopt service names
similar to ours, thereby impeding our ability to build brand identity and
possibly leading to customer confusion. Our inability to protect our trademarks
adequately could have a material adverse effect on our business, results of
operations and financial condition.
23. Arbitrary Determination of Offering Price. The price of the Stock offered
currently to investors has been arbitrarily determined by our management
together with our advisors. Among the factors considered in determining the
price of the Shares were current market conditions, overhead requirements,
securities standards, certain research and development requirements and general
product sales and revenue projections perceived by management as achievable or
necessary by the Company. There are no relationships whatsoever between the
price of the Shares and our assets, earnings, book value or any other objective
criteria of value. (See "Capitalization.")
24. Potential Fluctuations and Quarterly Results; Potential Volatility of Stock
Price. The price at which Shares may be purchased or sold may be subject to
extreme fluctuations resulting from such factors as actual or anticipated
fluctuations in our operating results, selection of new products, execution of
new contracts, general market conditions and other factors. Our quarterly
operating results may vary significantly in the future depending upon such
factors as the timing of new announcements and customer subscriptions. The sales
cycle could be lengthy and subject to a number of significant risks over which
we have little or no control, including customers' budgetary constraints and
general economic conditions. Due to the foregoing factors, quarterly revenue is
difficult to forecast. Additionally, if quarterly revenue levels are below
expectations, operating results are likely to be materially adversely affected.
In particular, net income, if any, may be disproportionately affected by a
reduction in revenue because only small portions of our expenses vary with
revenue.
25. Reliance on Management. Members of management have significant experience
and expertise. Investors will have no right or power to take part in or direct
the management of the Company. Thus, purchasers of the Shares offered hereby
will be entrusting the funds to our management, upon whose judgment the
investors must depend, with only limited information concerning management's
specific intentions. Accordingly, no investor should purchase Shares unless such
investor is willing to entrust all aspects of our management, including the
selection of businesses and/or officers and/or directors. This includes
shareholders not being given the opportunity to vote on any acquisitions or
review the associated financials prior to such transactions being consummated.
This potential risk is even more important in this offering since our business
is dependent, to a significant degree, upon the performance of certain key
individuals, the departure or disabling of any of whom could have a material
adverse effect on our performance. (See "The Company - Remuneration.") We have
entered into employment agreements (which contain non-compete provisions) with
each of Messrs. Fosseen, Relick, Allison and Jolley. The loss of the services of
any such key personnel could have a material adverse effect upon the Company. We
maintain key man life insurance of $1,000,000 on Mr. Fosseen. These employment
agreements contain non-compete provisions; however, there can be no assurance
that we will be able to retain such employees or prevent them from competing
with the Company in the event of their departure.
26. Conflicts of Interest. Certain inherent and potential conflicts of interest
exist with respect to operations of our business. (See "Certain Relationships
and Related Transactions.") These include: (i) the interest of certain current
or former affiliates in the contemplated activities of the Company (see
especially "Certain Related Party Transactions" and "The Company"); (ii) certain
members of management may, in the future, not be required to devote full time to
our activities; and (iii) there are, as of the date of this Prospectus,
<PAGE>
significant overlapping ownership interests between the Company, Fosseen
Manufacturing & Development, Inc. and American Technologies, LLC.
27. Possible Strategic Relationships. We are open to developing various
strategic alliances. If successful, such alliances are expected to dramatically
reduce our need for capital and result in expanding our existing and
contemplated activity. (See "The Company" generally.) There can be no assurance
that such strategic relationships can be achieved.
28. Market Studies; Due Diligence Reviews. In formulating our business plan, we
have relied on the judgment of our management. In addition, the University of
Northern Iowa completed market studies relating to the demand for our products
and services.
29. Dependence on Outside Advisors. In order to supplement the business
experience and expertise of our management, we may employ accountants, technical
experts, appraisers, attorneys and other consultants or advisors. The selection
of such consultants or advisors will be made by our management without any
influence or control by shareholders. (See "The Company -- Professional
Advisors.")
30. Future Sales of Shares. Dwayne L Fosseen, the controlling (Principal)
Shareholder beneficially holds 9,008,700 Shares. All of such Shares held by the
Principal Shareholders (as well as other directors, officers or 10%
shareholders) are "restricted" as defined in Rule 144 under the Securities Act
("Rule 144"). Some or all of these "restricted" Shares have been owned
beneficially for more than one year by existing shareholders and may now be sold
in the market pursuant to Rule 144 with regard to sales by affiliates after at
least one year has passed from the date of their purchase. (See "Description of
Capital Stock.") We can make no prediction as to the effect, if any, that sales
of Shares, or the availability of Shares for future sale, will have on the
market price of the Shares prevailing from time to time. Sales of substantial
amounts of Shares in the public market or the perception that such sales could
occur, could depress prevailing market prices for the Shares. Such sales may
also make it more difficult for the Company to sell equity securities or
equity-related securities in the future at a time and price, which it deems,
appropriate.
31. Limitation of Monetary Liability by Our Management. Because of certain
statutory and case law relating to broad discretion granted management of a
company, typically directors and officers of a corporation are indemnified by
and have limited monetary liability to our shareholders. Nonetheless, our
management owes a fiduciary responsibility to our shareholders. (See "Fiduciary
Responsibility of the Company's Management.")
In addition to the above risks, businesses are often subject to risks not
foreseen by management. This is especially true for developmental stage
companies. In reviewing the Prospectus, potential investors should keep in mind
that other possible risks could affect us and their investments therein,
including normal business risks and several economic conditions which are not
within our control.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Because of certain statutory and case law relating to broad discretion
granted management of a company, typically directors and officers of a
corporation are indemnified by and have limited monetary liability to its
shareholders. Failure of management to satisfy its fiduciary responsibility to
shareholders could subject management to certain claims. (See "Fiduciary
Responsibility of the Company's Management" and "Description of Capital Stock
--Directors' Liability.") The following inherent or potential conflicts of
interest should be considered by prospective investors before subscribing for
Shares. (See disclaimer at the end of the following discussion regarding certain
specific transactions.)
American Technologies, LLC ("AmTech") and Fosseen Manufacturing &
Development, Inc. ("FMD") share common shareholders with us. Specifically, our
founder and principal shareholder, Dwayne Fosseen, owns 49.9% of AmTech and 100%
of FMD. Jerrold Handsaker and Don Williams, directors of the Company, own 2.4%
combined of AmTech.
Effective April 30, 1999, and through contractual agreement with AmTech, we
have acquired the exclusive licensing and distribution rights to the patents and
five products developed by AmTech (DriverMax(R), DriverMax(R) Software,
HydroFire(R) Injection, HydroFire(R) Fluid and HydroFire(R) Lubricant,
collectively, the "Mirenco Products"). Under terms of the agreement, we will owe
an initial purchase price of $250,000 to AmTech shareholders and will pay
royalties of 3% of gross sales for twenty (20) years from sales of such patents
<PAGE>
and products (see Patents and Trademarks). Similarly, through contractual
agreement with Fosseen Manufacturing & Development ("FMD"), an affiliated
company also controlled by Dwayne Fosseen, we have acquired all rights to the
characteristics, anticipated results, regulatory compliance and all other data
concerning the Mirenco Products originally developed by FMD. These agreements
effectively transferred ownership of the patents and all other to us, rather
than a third party. This was done to reduce the applicable conflicts, especially
in the future. Nonetheless, Mr. Fosseen will have a continuing interest in
AmTech and FMD and, to that degree, may have a conflict of interest relative to
shareholders of the Company.
As part of a negotiated termination of agreement originally among AmTech,
Mirenco and J. Richard Relick, a director and former distributor of Mirenco, Mr.
Relick will be paid ten percent (10%) of the royalties received by AmTech from
Mirenco, not to exceed a cumulative $800,000. Such royalty is an obligation of
AmTech.
Moreover, we do not currently own any real estate for the running of our
business. However, we have executed a one (1) year lease with FMD requiring
monthly payments of $1,200 for the use of 2,400 square feet of facilities for
our offices and operations. Upon completion of the contemplated distribution
center, the lease will be terminated and all employees will be housed in a
combination 21,600 square feet office, warehouse and distribution facility.
Dwayne Fosseen, principal shareholder of the Company, owns the 1.2 acres of land
for the construction, located in Radcliffe, Iowa.
While it is not expected to have any adverse consequence (such as
undermining professional representation), Carl N. Duncan, a partner of the law
firm - Duncan, Blum & Associates - that represents us, is being paid for his
services through significantly reduced cash compensation and the issuance of
warrants to exercise the purchase of 30,000 Shares in the Company at an exercise
price of $0.01, over a term ending March 31, 2003.
In each of these instances, we believe, as does Mr. Fosseen, the agreements
involved are on terms no less competitive than those available through
unaffiliated third parties, if not more advantageous. To that end, we, with Mr.
Fosseen's active support, have instituted the policies enumerated in the
paragraph following.
While we may enter into transactions with affiliates in the future, we
intend to continue to enter into such transactions only at prices and on terms
no less favorable to us than transactions with independent third parties. In
that context, we will require any director or officer who has a pecuniary
interest in a matter being considered to recuse themselves from any
negotiations. In any event, any debt instruments of the Company in the future
are expected generally to prohibit us from entering into any such affiliate
transaction on other than arm's-length terms. In addition, a majority of the
Board is (and must continue to be) neither an officer nor may such person have a
pecuniary interest (other than as a shareholder or director) in any transactions
with us. In turn, commencing immediately, a majority of the independent Board of
Directors members (defined as having no pecuniary interest in the transaction
under consideration) will be required to approve all matters involving
interested parties. It is expected that additional independent director(s) will
be added to the Board. Moreover, an independent stock transfer agent has been
appointed to assure proper issuance of stock to shareholders.
At the current time, the Company has no provision to issue any additional
securities to management, promoters or their respective affiliates or
associates. At such time as the Board of Directors adopts an employee stock
option or pension plan, any issuance would be in accordance with the terms
thereof and proper approval. Although the Company has a very large amount of
authorized but unissued common stock which may be issued without further
shareholder approval or notice, the Company intends to reserve such stock for
certain offerings contemplated for continued expansion, acquisitions and
properly approved employee compensation at such time as such plan is adopted.
1. Members of Management May Not Be Required to Devote Full-time to the Business
Activities of the Company. Management may not devote full-time to the activities
of the Company. Similarly, future members of management may have professional
responsibilities to entities other than the Company. Those external activities
may be pursued within the discretion of each individual member of management.
However, as described in "Fiduciary Responsibility of the Company's Management"
below, those activities are subject to fiduciary standards even if full-time is
not devoted to the Company.
2. Dividends Would Reduce Funds Available for Expanding Operations. The amount
and frequency of dividends declared and/or distributed to shareholders are
solely within the discretion of the Company. Since certain fees to management
<PAGE>
and/or related parties are, directly or indirectly, related to assets of the
Company and the Company seeks to invest those funds to the maximum extent
feasible, management would suffer an economic disadvantage if the Company
reduced its assets through such distributions to shareholders. Consequently, the
Company does not expect to declare dividends in the foreseeable future.
3. No Independent Review. Investors should note that the same counsel represents
the Company and its management. Therefore, to the extent the Company and this
offering would benefit by an independent review, such benefit will not be
available in this case.
4. Possible Related Party Transactions. The Company may in the future enter into
transactions with affiliates. (See disclaimer following.)
The Company believes that any past transactions with its affiliates have
been at prices and on terms no less favorable to the Company than transactions
with independent third parties. The Company may enter into transactions with its
affiliates in the future. However, the Company intends to continue to enter into
such transactions only at prices and on terms no less favorable to the Company
than transactions with independent third parties. In that context, the Company
will require any director or officer who has a pecuniary interest in a matter
being considered to recuse themselves from any negotiations. The Company's
Articles of Incorporation, as amended, provide that any related party contract
or transaction must be authorized, approved or ratified at a meeting of the
Board of Directors by sufficient vote thereon by directors not interested
therein or the transaction must be fair and reasonable to the Company.
FIDUCIARY RESPONSIBILITY OF THE COMPANY'S MANAGEMENT
Counsel has advised our management it has a fiduciary responsibility for
the safekeeping and use of all assets of the Company. Management is accountable
to each shareholder and required to exercise good faith and integrity with
respect to its affairs. (For example, whether under SEC, Iowa and/or general
fiduciary principles, management cannot commingle property of the Company with
the property of any other person, including that of management.)
Cases have been decided under the common or statutory law of corporations
in certain jurisdictions to the effect that a shareholder may institute legal
action on behalf of himself and all other similarly situated shareholders (a
class action) to recover damages from management for violations of fiduciary
duties or on behalf of a corporation (a corporation derivative action), to
recover damages from a third party where management has failed or refused to
institute proceedings to recover such damages. On the basis of federal and/or
Iowa state statutes and rules and decisions by pertinent federal and/or state
courts, accordingly, (a) shareholders in a corporation have the right, subject
to the provisions of the Federal Rules of Civil Procedure and jurisdictional
requirements, to bring class actions in federal court to enforce their rights
under federal securities laws; and (b) shareholders who have suffered losses in
connection with the purchase or sale of their shares may be able to recover such
losses from a corporation's management where the losses result from a violation
by the management of SEC Rule 10b-5, promulgated under the Securities Exchange
Act of 1934, as amended (and corresponding Iowa standards). It should be noted,
however, that in endeavoring to recover damages in such actions, it would be
generally difficult to establish as a basis for liability that our management
has not met such standards. This is due to the broad discretion given the
directors and officers of a corporation to act in its best interest.
The SEC has stated that, to the extent any exculpatory or indemnification
provision purports to include indemnification for liabilities arising under the
Securities Act of 1933, as amended, it is the opinion of the SEC that such
indemnification is contrary to public policy and, therefore, unenforceable.
Shareholders who believe that our management may have violated applicable law
regarding fiduciary duties should consult with their own counsel as to their
evaluation of the status of the law at such time.
SELLING SHAREHOLDERS
The selling shareholders listed below are offering an aggregate 2,100,000
Shares pursuant to this Prospectus. (See Risk Factors.) Such Shares must be sold
by the selling shareholders in "brokers' transactions" as defined under
pertinent securities laws. Selling shareholders who are also affiliates of the
Company must continue to adhere to volume limitations under Rule 144 and
reporting requirements of Section 16(a) of the Exchange Act. Selling
shareholders, and not the Company, will receive the proceeds from the sale of
their individual Shares.
<PAGE>
Selling shareholders are categorized as Persons with a Relationship to
theCompany, Passive Investors with Warrants or Passive Investors in the
DPO.Selling shareholders identified as Persons with a Relationship to the
Company are either officers of or provide services to the Company. It is unknown
whether these affiliates will sell any shares registered in this Prospectus.
(See "The Company -- Security Ownership of Certain Beneficial Owners and
Management.") Further it is unknown to us if the selling shareholders will sell
all, any or none of the shares listed below.
<TABLE>
I. PERSONS WITH A RELATIONSHIP TO THE COMPANY
Amount Maximum
Beneficially Owned Amount to Percent
Name of Beneficial Owner Category Prior to Offering be Sold of Class(1)
------------------------ -------- ----------------- ------- ----------
<S> <C> <C> <C>
Wayne Allison, President Affiliate 60,000 30,000 0.246%
Carl Duncan, Securities Securities 30,000 15,000 0.123%
Counsel Counsel
Darrell Jolley, Chief Affiliate 60,000 30,000 0.246%
Financial Officer
J. Richard Relick, Chief Affiliate 50,000 25,000 0.205%
Operating Officer
Dave Stone, Consultant 180,000 90,000 0.737%
Bruce Bergeson, Employee 81,500 40,750 0.334%
Richard Evans, Employee 67,900 33,950 0.278%
Betty Fosseen, Former 38,000 19,000 0.155%
Employee
</TABLE>
<TABLE>
Amount Maximum
Number of Beneficially Owned Amount to Percent
Name of Beneficial Owner Shareholders Prior to Offering be Sold of Class(1)
------------------------ ------------ ----------------- ------- ----------
II. PASSIVE INVESTORS
WITH WARRANTS
<S> <C> <C> <C> <C>
Total for Category (For 189 267,916 267,916 2.193%
itemized listing, see
Appendix I.A.)
III. PASSIVE INVESTORS
IN THE DPO
Total for Category (For
itemized listing, see (2) (2)
Appendix I.B.)
(presented as known
through June 30, 2000
and to be updated by
Amendment through July 30)
IV. ADDITIONAL SHARES (2)
FOR ESTIMATE
Total of All Categories N/A (2) 2,100,000
(I through IV)
</TABLE>
------------
(1) Amount calculated as Maximum Amount to be Sold divided by total shares
issued and outstanding at March 31, 2000 of 12,218,775.
(2) Amount to be known and provided after July 31, 2000, subject to
Pre-Effective Amendment 1.
APPLICATION OF PROCEEDS
The Company will not receive any of the proceeds from the sales of Shares
by the selling shareholders. (See "Selling Shareholders") Specifically, we will
not receive any proceeds from the resale of our common stock being sold via
brokers' transactions by selling shareholders pursuant to this Prospectus and
registration statement, except that we will receive proceeds equal to the number
of warrants and options exercised multiplied by the applicable exercise price
(approximately $1,800,000). To that extent, such funds will be used for the
funding of general operations.
<PAGE>
CAPITALIZATION
The following table sets forth (i) the capitalization of the Company as of
March 31, 2000; and (ii) the sale of 2,100,000 Shares (maximum) offered by the
Selling Shareholders. (See "Application of Proceeds" and "Description of Capital
Stock.")
<TABLE>
Actual As Adjusted
------ -----------
Shareholders' equity common stock, no par value; 30 million Shares authorized;
12,218,775 Shares issued and outstanding
<S> <C> <C>
$3,452,304 $3,452,304
Additional paid-in capital $1,955,154 $1,955,154
Deficit accumulated during the
development stage (3,037,180) (3,037,180)
---------- ----------
Total Shareholders' equity and total
capitalization $2,370,278 $2,370,278
=========== ===========
</TABLE>
DESCRIPTION OF BUSINESS
General
Mirenco, Inc. (the "Company") was organized and incorporated in the State
of Iowa on February 21, 1997. We develop and market technologically advanced
products for throttle control of internal combustion vehicles that improve fuel
efficiency, reduce environmental emissions and reduce vehicle maintenance. Our
primary products are derived from technology patented in the U.S., Mexico and
Canada and are the following: DriverMax(R), DriverMax(R) Software, HydroFire(R)
Injection, HydroFire(R) Fluid and HydroFire(R) Lubricant. We also intend to
supply new and improved versions of our product line utilizing other input
sensors, including Global Positioning Satellite ("GPS") technology and ambient
sensor features. We believe we are the first to provide a product that
incorporates GPS into a throttle-control application (called "EconoCruise(R),"
using "Satellite-to-Throttle(TM)" technology).
As of July 30, 2000, we raised _________ of a $10,000,000 Direct
(self-underwritten) Public Offering (the "DPO") offered exclusively to residents
of Iowa, without the use of a registered broker-dealer, at $5 per share.
We provide our customers with post-sale services where they are desired.
However, most of our customers employ in-house maintenance, trained by our
employees, to install and maintain our products. During the past two (2) years
and after completing testing, we focused on introducing our products to the
municipal transportation industry. We limited our sales efforts while we focused
on raising the capital necessary to implement our long-term business plan. Over
the next two (2) years, we intend both to sell our products to worldwide
customers and to sell production and design rights to our owned patents to
automobile original equipment manufacturers. Our patented technology was
originally the idea of our founder, Dwayne Fosseen, then engineered via a
Federal cost-shared CRADA program by the United Stated Department of Energy
("DOE") Kansas City Plant operated by AlliedSignal, whose logo is displayed on
the resulting products. No requirement exists to promote the DOE's efforts or to
provide any financial remuneration for the assistance.
DriverMax(R) is an environmental product that improves engine exhaust
emissions while increasing fuel mileage and reducing vehicle maintenance costs.
DriverMax(R) is primarily targeted at heavy start-stop vehicles such as buses,
trash trucks and construction vehicles. The benefits recognized from the
installation of DriverMax(R) are accomplished by precise programmable computer
management of the vehicle's throttle position. We believe DriverMax(R) is unique
since it has demonstrated improvements without the usual unacceptable negative
performance tradeoff (between fuel mileage, emissions and speed) found in
competing products, is configurable via software parameters and self-adjusts as
a function of the age of the vehicle.
The HydroFire(R) System is a sophisticated superset of the DriverMax(R)
technology, providing all of the benefits of the DriverMax(R) plus the
additional benefit of cutting Oxides of Nitrogen (NOx) emissions under
<PAGE>
performance conditions where NOx is produced. Specifically, NOx is produced
under heavy loads and high engine temperatures. Under such conditions,
HydroFire(R) Injection injects a patented fluid, HydroFire(R) Fluid into the
engine to combat the NOx production by approximately 50%. The HydroFire(R) Fluid
is a patented water-alcohol-lubricant mixture whose blending process is patented
by us. Specifically, water cuts the NOx production, alcohol serves as an
antifreeze for the water and the HydroFire(R) Lubricant serves to thwart the
potentially solvent and/or corrosive characteristics of the alcohol in the
engine and/or storage containers. HydroFire(R) Systems are primarily targeted to
heavy transport vehicles such as inner and inter-city buses and trucks.
EconoCruise(R) is a highly sophisticated throttle control system that
provides advanced levels of "intelligence" to common cruise control technology.
EconoCruise(R) utilizes GPS signals to "know" the topography of the road ahead,
thereby allowing the vehicle to best manage throttle and emissions, for example,
allowing a user-programmed limit of momentum to be gained on downhill sections
and limiting the traditional uphill over-acceleration found in standard cruise
controls. Additional sensors can and will be employed within EconoCruise(R) to
provide further "intelligence" to the system - for example, calculating wind
direction/speed/resistance, real time engine performance (RPM, MPG, temperature,
emissions, etc.) as well as the potential of automatically "knowing" the speed
limit and terrain-imposed areas of acceleration and deceleration based on
programming the software and identifying the vehicle's position according to
GPS.
EconoCruise(R) is beyond the conceptual stage and is currently under
development from both the software intelligence perspective as well as the
physical design for installation on existing vehicles. The technology was proven
and demonstrated in August of 1999 in a publicized demonstration using a
cross-country truck on route from Des Moines, Iowa to Kansas City, Missouri. The
route was first driven by a driver skilled at fuel efficiency, his actions
programmed into a prototype EconoCruise(R) unit and then re-run by an average
driver, yielding approximately 20% fuel savings across the route.
Having worked through the early design and proving phases of
EconoCruise(R), we are completing negotiations for a "Funds-in Work For Others
Agreement" with the DOE's Kansas City plant, operated by Honeywell
International, Inc. (previously operated by AlliedSignal), whereby industry
procures unique services from the government laboratories to build the product.
We anticipate both the physical product will be marketable to the population of
existing vehicles and that rights to the patented technology and proprietary
design work will be marketable to automakers.
Future applications of the patents are being investigated in respect to
production costs, market size and opportunity. Examples include a "Teenage
DriverMax(R)" where, for example, young drivers are limited in their ability to
go from zero to sixty in less than 10 seconds. Currently, our products are
designed for diesel engines and are being adapted to gasoline engines, which
will open a considerably larger market for us. Additionally, for example, using
GPS technology, city vehicles could be automatically changed into a throttle
mode producing fewer emissions when inside a programmed radius of the center of
the city. Given the fact over-acceleration generates waste and excessive
emissions, more "intelligent" management of the throttle holds the benefit of
both an economic and environmental impact, globally. With our patented
technology, the future "intelligence" of the throttle is now only limited by
what can be programmed into a small on-board computer, and as provided by
Mirenco, will be broadly branded as "SmartFoot(TM)" technology.
Product Market
We have built our market strategy on two marketable assets:
(1) Licensing the patents
(2) Product sales
Patent licensing is targeted to automakers. We have identified two dozen major
automakers whose markets include the U.S., Mexico, and/or Canada (i.e.,
countries in which we hold issued patents). We intend to license our patents to
as many of these automakers as possible for a relatively nominal license fee and
per vehicle royalty, which we believe will have a negligible effect on the
retail price of new autos. Our intent is to provide non-exclusive licensing of
the patented technology, so that, automakers will make use of the technology in
an effort to reduce emissions, save fuel and decrease maintenance on all newly
manufactured vehicles.
We are optimistic that, presuming a significantly affordable licensing fee
is charged, automakers will choose to license the technology and avoid the
possibility of future patent infringement legal action. We will use the proceeds
of these license fees to build and execute our business into the in-service
<PAGE>
vehicle after-market. We envision that automakers will take the lead in
producing more efficient and cleaner vehicles while we will work to help clean
up emissions and save fuel in the market of vehicles already in service.
We plan to introduce our current products into a variety of markets
including:
(1) Inner and inter-city transit authorities. (2) Waste disposal fleets (e.g.,
trash trucks).
(3) School buses.
(4) Low-floor buses (e.g., rental car buses used for airport customer pick
up).
(5) Commercial fleet owners and operators (e.g., Federal Express, UPS, Coke,
etc.).
(6) Manufacturers and maintenance organizations specializing in the above
segments.
We believe the market for our products extends globally, beyond the borders
of our patented technology (i.e., the U.S., Mexico and Canada). European and
Middle Eastern countries, for example, pay approximately two to three times the
U.S. cost of fuel.
The macro-perspective market for our products includes all internal
combustion vehicles. Our initial products were designed for a segment of this
population specifically defined by diesel-burning, electronic engines (i.e.,
effectively all diesel-burning vehicles built after 1990). We have now created a
modification to the initial products that opens the market to both electronic
and mechanical engines, thereby increasing the potential market size
dramatically by including older vehicles. In fact, many foreign countries are
experiencing severe pollution problems and high fuel costs while using a
majority of older vehicles which are the worst emissions producers and the least
fuel efficient. This product modification also allows the products to be
marketed into traditional gas-powered passenger vehicles.
The U.S. and global population of in-service vehicles is enormous.
According to the 1999 U.S. Department of Energy Transportation Data Book, there
are approximately 125,000,000 automobiles and 76,000,000 trucks in the U.S.
These figures represent 26.7% and 41.3% of the world's automobile and bus/truck
registrations, respectively. The average age is 8.7 and 8.3 years for cars and
trucks, respectively. With age and natural deterioration and degradation of the
combustion process, these vehicles are less efficient, burn more fuel, and
produce more emissions, thus they can realize significantly better environmental
and economic benefits from our technologies.
Vehicles classified as "heavy" represent an immediate market for our
DriverMax(R) product as well as our new EconoCruise(R) technology. There are
approximately seven million vehicles classified as "heavy" in the U.S.,
averaging between six and seven miles per gallon. These vehicles are virtually
all professional, business related vehicles and regularly experience extremely
high fuel expense. Consequently, we believe that this particular segment of the
vehicle population will be sensitive to higher fuel prices and be eager to adopt
new technologies that not only save fuel but also reduce emissions and decrease
maintenance expenses.
A subset of the "heavy" classification is school buses. There are
approximately 500,000 school buses in the U.S., carrying over 23 million
students. These school buses alone represent a tremendous market for our
DriverMax(R) technology today, given their high frequency start-stop routes and
non-highway mileage.
According to compilations derived from various sources, including the U.S.
Department of Energy Transportation Data Book and Polk, at current rates of
production, approximately 400,000,000 new vehicles will be manufactured
world-wide during the next ten years. With an estimated scrap rate and the
existing number of vehicles, at the end of the next ten years, there will be
approximately 1.4 billion vehicles on earth. Our intent is to license our
technology for installation in as many of the 400,000,000 new vehicles as
possible over the next ten years while we market and sell into the after-market.
We believe that Mirenco can be a significant factor in a total market
exceeding $2 billion, based upon a 1998 University of Northern Iowa market
research and analysis survey which considered only early models of DriverMax(R).
This survey was conducted prior to our introduction of our EconoCruise(R)
technology.
Sales and Marketing
Our philosophy is to drive our cost of goods down far enough that the
suggested retail price of our products can be lowered to the point where the
<PAGE>
payback in fuel savings is measured within one year. Consequently, our intent is
to build a streamlined sales and marketing operation and offer the products at
the lowest suggested retail price possible while maintaining an appropriate
gross profit per product.
We intend on utilizing various sales methods including distributors,
original equipment manufacturers ("OEM's"), regional commissioned salespeople
and independent mechanics. All of the potential sales models will be tested and
utilized to varying degrees. The independent mechanic model is targeted directly
towards mechanics and engine repair shops that can serve as both installation
service sites and retail outlets.
We currently have existing contacts and prospective distributors and
regional commissioned sales people throughout the U.S., Canada and Mexico.
Furthermore, the Des Moines Area Community College (DMACC) offers one of a
number of certified mechanics schools around the U.S., and has expressed an
interest in becoming a certified Mirenco training center for Mirenco-certified
independent mechanics.
To date, we have consciously limited our sales efforts and intentionally
selected prospects that would help in building the proof and customer foundation
that will be leveraged in future sales. We intend on using testimonials and
real-world performance data from these customers to decrease, or eliminate,
trials and evaluations from future customers' decision-making and acquisition
processes. Existing customers, installations and evaluations include:
Louisville, Cedar Rapids, Grand Canyon, Overland Custom Coach (a Canadian bus
manufacturer), Memphis, Iowa Department of Transportation, Ann Arbor, Coke,
Chicago, Pepsi, Mexico City, St. Louis, Sioux City, and the Steve Forbes
Presidential Campaign Bus.
We are hopeful that the licensing of our products to automakers will result
in increased consumer and user awareness of our products. We will additionally
use aggressive sales and marketing programs, including participation in
appropriate domestic and international trade shows and major print media.
The overall market for our product continues to become more accepting and
fertile as environmental regulatory and oversight agencies (e.g., the U.S.
Environmental Protection Agency or EPA) continue to create more stringent
compliance standards for transportation. The California Air Resource Board
("CARB") is one such agency and is generally regarded as the most stringent
state environmental agency in the United States. We have obtained a CARB
exemption number and approval to sell within California. The CARB exemption
number is displayed on our DriverMax(R) product.
Production Suppliers
Our production has been outsourced to a firm with extensive experience in
the field of computerization and production of high performance, tolerance and
precision equipment. We are dependent upon outside entities and market
conditions for our revenues. I.C.E., an FAA certified electronic manufacturing
company located in Manhattan, Kansas, has been contracted to produce our
"Driver-Max(R)" and possibly other electronic products("Mirenco Products") which
we distribute. We are reliant on I.C.E. to provide electronic product quality
protection for our products, sales of which will generate revenues during our
early stage product distribution. Non-performance by (or poor service from)
I.C.E. could have a damaging effect on our relationships with our customers.
Generally, all materials required to manufacture and assemble our product line
are readily available and are shelf items; however, from time to time, delays in
assembly may be encountered or components might be in short supply. There is a
possibility that the prices of materials and labor might increase and that
operations or deliveries may be delayed if such shortages should occur.
Unavailability of or delay in obtaining our products from I.C.E, among other
factors, may delay our receipt of income for significant periods.
At the present time, we intend to continue having our current and future
products manufactured by outside companies that can meet our specifications for
high quality and reliability. Based on our knowledge of various manufacturers,
we believe that, if the need ever arose, we could develop alternative suppliers
with production capabilities to assure a continuing output of product. Our
management has contacted other companies capable of producing our products if
the current supplier is unable to produce our anticipated volume levels.
Competition
The market for our products and services is characterized by rapid
technological developments, frequent new product introductions and evolving,
varying industry and regulatory standards. The emerging character of these
products and services and their rapid evolution will require us to effectively
<PAGE>
use leading technologies, continue to develop our technological expertise,
enhance our current products and services, and continue to improve the
performance, features and reliability of such products and services.
We believe, considering the proprietary nature of our current DriverMax(R)
and HydroFire(R) control system and our new products utilizing GPS technology,
there is no other known automotive retrofit device that can compete with our
current or contemplated spectrum of offerings ("Mirenco Products"). If there are
products that perform the same functions as Mirenco Products, we believe our
products are among the most economical, effective options available for buyers
of retrofit emission reduction devices. Furthermore, if substitute products are
introduced by competitors that infringe on the patents, we will vigorously
defend our rights.
We must compete with other, more widely accepted emissions control devices
with producers that are better financed and are better established. It is also
likely that other competitors will emerge in the future, both foreign and
domestic. We believe that we offer products that are more effective, more
convenient and economically preferable than our competitors' products. In
addition, we will seek to establish a position of market leadership through
aggressive marketing. There can be no assurance, however, that we will be
correct in our assumptions or that our competitors will not introduce more
competitive products or techniques.
Certain identified competitive products include: portable fuel cells that
combine hydrogen (which can be obtained from methanol, natural gas or petroleum)
and oxygen (from air) without combustion to generate electricity, biofuels that
use crops, corn stalks and trees to make cleaner, renewable fuels for cars and
buildings, cleaner burning gasoline engine cars, hybrid electric/gasoline motors
and electric vehicles. However, many (if not all of these alternatives) are
considered years away, expecting for example that it may take decades before a
mass-marketable car using fuel cell technology is available. Also, these
alternatives may create a potential solution for emissions and fuel economy but
do not yet address the power, convenience and reliability needs of automobile
drivers.
In consideration of perceived competition, it is important to note that
Mirenco's technologies do not technically compete with most, if not all, of
their respective solutions. Mirenco's technologies and solutions target the
wasted fuel and excess emissions produced as a result of continuous,
unrecognized over-throttling of vehicles under varying conditions. Alternative
(i.e., "competitive") solutions generally work to either filter emissions and/or
assist the engine in burning more of the excess fuel directed to the engine as a
result of over-throttling. With this understanding and distinction, we intend to
make the industry aware that our products are in fact not competitive to, but in
fact, cooperative with other solutions.
Potential competitors include engine makers and auto manufacturers such as
Navistar (NYSE: NAV) and Detroit Diesel (NYSE: DDC) who are working to make more
efficient, cleaner engines; future technology researchers and manufacturers such
as FuelCell Energy who are working to advance the newest technologies of
electrical power generation from hydrogen; physical and chemical exhaust
screens, such as KleenAir Systems (OTCBB: KAIR) NOxMaster that injects an
ammonia based product into the exhaust; entirely new fuel mixtures such as that
being developed by Clean Diesel Technologies (EBB: CDTI); and various forms of
air mixture devices, magnets and engine add-ons. It is important to note that
our solution is based on a completely different paradigm from that of these
potential competitors in that we work to more precisely deliver an appropriate
amount of fuel to the engine for the operator's desired vehicle movement. In
other words, our competitors generally seek solutions after the fuel is burned,
while we work to solve the emissions problem before it happens.
Distribution
We currently utilize independent representatives and organizations for the
delivery of our products as well as for direct sales and marketing. We believe
that various methods will be employed for varying markets and will utilize the
most economical means available as our development continues. As part of the
anticipated use of proceeds detailed in our DPO, we intend to construct a state
of the art distribution and warehousing facility for our products. The facility
will include sufficient office space to accommodate our management, sales
support and expected growth in staff. We have sought and received preliminary
approval for economic development assistance from the state and county for this
proposed facility.
We intend to utilize technology wherever possible to drive an in-house
sales operation focused on large fleet owners, transit authorities, licensing
opportunities and the federal government. Smaller fleets and international sales
will be managed indirectly through one of a number of distribution arrangements.
<PAGE>
Government Regulation
As public concern over air quality grows, we believe the marketplace grows
more fertile for our technologies. In the U.S., the EPA, under the Clinton
Administration, has created tighter emissions regulations that affect fuel
suppliers, automakers and operators. As President Clinton stated in his January
2000 State of The Union Address, "In the new century, innovations in science and
technology will be the key not only to the health of the environment, but to
miraculous improvements in the quality of our lives and advances in the
economy." We believe that we are one of the companies to lead the way in
providing new technologies to assist in the national and international effort to
deliver a cleaner environment to future generations.
The U.S. is not alone in its efforts to combat pollution. For example,
Canada's air quality regulatory agency has recognized a growing air quality
issue and is mandating similar regulations and standards to those being promoted
within the U.S. Mexico is currently experiencing tremendous air quality issues
in its highly populated areas. Mexico City officials work to regulate heavy
emissions producing vehicles by not allowing them to operate on consecutive days
unless they pass emissions standards tests. We installed DriverMax(R) on a large
truck in Mexico City and were able to pass the tests, thereby permitting the
daily use of the vehicle for its inner city commercial delivery route.
Developed nations around the world are working to promote a healthy
environment by identifying and taking action on the polluting sources.
Furthermore, many of these countries have much longer useful lives for their
vehicles than we accept in the U.S. Consequently these vehicles emit more smoke
and polluting elements and burn excessive amounts of fuel. As their government
air quality officials continue to recognize and act on vehicle emissions, the
market for our products becomes easier to penetrate.
Currently, all conventional vehicles (along with most alternative fuel
vehicles and certain retrofit technologies legally sold in the United States)
must be "certified" by the EPA to qualify for the "Low Emission Vehicle" ("LEV")
classification necessary to meet federal fleet-vehicle conversion requirements.
Our products have met, and management believes the products will continue to
meet, these certification requirements. However, since this is an area in which
the government is continually updating and legislating or mandating new
requirements, there can be no assurance that Mirenco Products will continue to
be certified. Whenever possible, we intend to maintain our certification.
We are aware that countries outside the U.S. are considering their own
regulatory requirements in the area of clean air and engine emissions. In order
to improve the marketability of our products in those countries, we will conform
our products to these regulations if it is economically feasible to do so.
We believe our products to be "retrofit devices" as defined under EPA
regulations. We are, however, subject to the regulatory risk that EPA may
construe distribution of the products to be also governed by "fuel additive"
regulations. These more stringent regulations sometimes require scientific
testing for both acute and chronic toxicity, which is not required for approval
of pollution control products deemed as "retrofit devices." Although such
testing would be facilitated by the fact that alcohol is a substance used in the
transportation industry (among many others) and about which a great deal is
already known concerning toxicity, such additional regulatory compliance could
substantially lengthen the period of time before HydroFire(R) could be widely
commercialized. We believe the EPA "fuel additive" regulations do not apply to
our DriverMax(R) products, since they do not involve the introduction of
additives into the engine air intake system, as those terms are defined in EPA
regulations and generally understood in the automotive engineering community.
However, it is possible that a competitor who manufactures fuel additives that
are subject to the more stringent "fuel additive" regulations may raise the
issue with EPA in order to interfere with or delay the commercialization of
competing with our technology.
We are not aware of any proposed regulatory changes that could have a
material adverse effect on our operations and/or sales efforts. Further, we have
not been required to pay any fines for and are not aware of any issues of
non-compliance with environmental laws.
Patents and Trademarks
Effective April 30, 1999, we executed an agreement to transfer the
ownership of the patents and all rights from AmTech to us. Our founder and
principal shareholder, Dwayne Fosseen, owns 49.9% of AmTech (see discussion at
Item 7 - Certain Relationships and Related Transactions). We will pay AmTech a
3% royalty of annual gross sales for a period of 20 years. The agreement
required the payment of $25,000 at the time we met the DPO $500,000 minimum
offering. Approximately one-half of the amount due was paid on December 13, 1999
<PAGE>
and the other one-half was paid on February 15, 2000, being distributed to Mr.
Fosseen. A $225,000 payment will be due AmTech per the agreement once we have
raised $5,000,000 in the DPO.
We believe the execution of this agreement with the associated transfer of
ownership to us will eliminate any uncertainty that may have existed in ensuring
our exclusive distribution and manufacturing rights. While we do have a right of
first refusal to purchase any additional patents from AmTech as they become
available, we do not anticipate that any patents will be so forthcoming and that
we do not need any other patents to implement our business plan. The patents
covered by the above referenced agreement are:
1. United States Patent Number 4,958,598, issued September 25, 1990,
entitled "Engine Emissions Control Apparatus Method."
2. United States Patent Office, 5315977, "Fuel Limiting Method and Apparatus
for an Internal combustion Vehicle" issued May 31, 1994.
3. Canadian Patent Number 1,289,430, issued September 24, 1991,
entitled "Engine Modification Apparatus Fuel."
4. Mexican Patent Number 180658, "Fuel Limiting Method and Apparatus (Staged
Fueling). Registration date January 17, 1996.
5. A Canadian patent application filed on April 13, 1992 is still pending.
The patent application is entitled "Fuel Limiting Method and Apparatus for
an Internal Combustion Vehicle."
In addition, we have filed and obtained the following Registered Trademarks:
(1) HydroFire(R)Fluid (5) EconoCruise(R)
(2) HydroFire(R)Injection (6) "SmartFoot(TM)"
(3) HydroFire(R)Lubricant (7) "Satellite-to-Throttle(TM)"
(4) DriverMax(R)
Employees and Consultants
We currently have ten (10) full time employees, with no part-time
employees. There have been no management-labor disputes and we are not a party
to any collective bargaining agreement. Employees currently have minimal
Company-provided employee benefits. We, in order to attract the appropriate
personnel to assist the Company in our future growth, are analyzing additional
benefit and improvements to our existing benefits program. With the $_________
raised in the DPO through July 30, 2000, we are in the process of establishing
appropriate incentive compensation programs which are currently being reviewed
and approved by our Compensation Committee and/or our Board of Directors.
Facilities - Description of Property
We currently do not own any properties for the running of our business.
However, we have executed a one (1) year lease with FMD requiring monthly
payments of $1,200 for the use of 2,400 square feet of facilities for our
offices and operations. Upon completion of the contemplated distribution center,
the lease will be terminated and all employees will be housed in a combination
21,600 square foot office, warehouse and distribution facility. The 1.2 acres of
land for the construction, located in Radcliff, Iowa, is owned by Dwayne
Fosseen, principal shareholder of the Company. (See "Certain Relationships and
Related Transactions").
Management
(1) Introduction
The following table summarizes the names, ages and positions of
ourexecutive officers and directors as of June 30, 2000. Our By-laws set the
number of directors at five, each serving one-year terms. The current four
directors were all elected at our annual meeting of shareholders held on May 13,
2000, and will hold office until their successors are elected at the next annual
meeting of the shareholders. No director holds a directorship in any other
reporting company. See the pertinent individual's specific biographical
information, which follows:
<PAGE>
Name Age Position
---- --- --------
Dwayne Fosseen 53 Chief Executive Officer,
Chairman of the Board of
Directors and Treasurer
J. Richard Relick 69 Chief Operating Officer,
Director and Secretary
Wayne Allison 39 President
Darrell R. Jolley 37 Chief Financial Officer
Don D. Williams 64 Director
Jerrold Handsaker 49 Director
(2) Executive Officers
Dwayne L. Fosseen, born in 1946, is founder, President, Chief Executive
Officer, Chairman of the Board of Directors and Principal (controlling)
Shareholder. Mr. Fosseen's inventiveness and ingenuity have led to seven (7)
patents that have been issued in the U.S., Canada and Mexico in the field of
energy conservation. (He also has two patents pending.) Mr. Fosseen has
personally been involved in major projects with the U.S. Department of
Agriculture, U.S. Department of Energy, Iowa Corn Growers Board, National
BioDiesel Board and the Iowa Soybean Promotion Board. Mr. Fosseen has over 15
years experience in the field of heavy-duty engines and has directed major EPA
testing efforts at Ortech Corporation, an international emissions testing
company. Mr. Fosseen is also the principal in Fosseen Manufacturing &
Development, Inc. (See "Certain Relationships and Related Transactions".)
J. Richard Relick, born in 1929, Chief Operating Officer, graduated from
Dickinson College, Carlisle, Pennsylvania, in 1951 with a degree in economics
and has a 1963 associate degree in management from Northeastern University,
Boston, Massachusetts. Mr. Relick has extensive management background in the
introduction of new technology, having launched two new companies, one in the
environmental area and another in biotechnology. Mr. Relick was a Group Vice
President of Eco-Labs (a Fortune 500 company) and, as President of Ventron
Europe, formed a new company in Brussels, Belgium to serve the world chemical
and pharmaceutical markets. Mr. Relick served as a captain in the Marine Corps.
Mr. Relick currently serves as director of Certech Corporation, a manufacturer
of reusable oil filters, and Northern Probiotics, a producer of Antibiotic
Replacement Therapy for humans and animals. (See "Certain Relationships and
Related Transactions".)
Wayne Allison, born in 1960, has served as President of an international
technology firm publicly traded in Israel and as CEO of a publicly traded
business consolidation holding company. Mr. Allison has served as a director and
officer of public companies since 1994 and has operated in a variety of roles in
growth companies. His background includes high technology development, sales and
marketing and national/international distribution channels. Additionally, Mr.
Allison has devised strategy and conducted a national merger and acquisition
campaign and has created and negotiated the public market capital and equity
strategies for growth companies. Mr. Allison published a book on conducting
Internet Business ("The Internet Business Primer", Sourcebooks, 1995), obtained
his bachelors degree in Behavioral Psychology and Computer Science engineering
from the University of Texas at Arlington, and has completed his Masters Degree
in Managerial Economics/Finance from Oklahoma University.
Darrell R. Jolley, born in 1962, has been a Chief Financial Officer,
Secretary, Treasurer and a director of public, reporting companies since 1996
and has as well served as a Chief Operating Officer for much of that time
period. Mr. Jolley has a natural inclination to new businesses and industries
and has intentionally developed his business skills for start-up and fast growth
companies. His experience and expertise in managing SEC requirements as well as
equity and company valuations has enabled him to devise long-term
wealth-building corporate strategies for shareholders of growing companies.
Early in his career, Deloitte and Touche, international CPA firm, employed Mr.
Jolley. Mr. Jolley graduated from the University of Texas at Austin majoring in
the Business Honors Program with a specialization in Accounting. Mr. Jolley
obtained his CPA certification in January 1989.
<PAGE>
(3) Directors
Dwayne L. Fosseen. (See "Executive Officers" above.)
J. Richard Relick. (See "Executive Officers" above.)
Jerrold Handsaker, born in 1950, practiced general business law in Iowa for
22 years and was admitted to practice in all Iowa Courts, U.S. District Courts
in Northern and Southern Iowa, the U.S. Tax Court and the U.S. Supreme Court. He
holds two U.S. patents and is presently President and CEO of Innovative
Lighting, Inc., an Algona, Iowa manufacturing company that manufactures and
markets products to the worldwide marine and RV industries. He is a member of
the Iowa State Bar Association, the National Marine Manufacturer's Association
and the American Boat and Yacht Council. Mr. Handsaker received his
undergraduate degree from Iowa State University in 1972 and his juris doctorate
degree from Drake University in 1975. Mr. Handsaker has been a director of
Mirenco since June 1, 1998.
Don D. Williams, born in 1934, a lifelong resident of Williams, Iowa, has
been involved in the grain business and is a major producer of livestock. Mr.
Williams has also been associated with real estate as a licensed associate. Mr.
Williams has served as an officer of the County Farm Bureau Board, Heart of Iowa
Realtors Board, and the County Compensation and Extension Board. A director of
the Company since June 1, 1998, Mr. Williams is also a veteran of the Korean
War.
Two of the directors are employees of the Company: Mr. Fosseen also serves
as Chief Executive Officer and Mr. Relick serves as Chief Operating Officer.
Directors who are not employees of the Company receive no fee for attending
meetings of the Board of Directors, but are reimbursed for any out-of-pocket
expenditures.
Remuneration, Employment Contracts and Employee Benefits
As the Company's operations develop, it is anticipated that additional
personnel may be hired. It is generally anticipated that any such future
individuals will devote full time to the Company. At such time, the Board of
Directors may, in its discretion, approve the payment of additional cash or
non-cash compensation to the foregoing for their services to the Company.
We have entered into employment agreements with Dwayne Fosseen, J. Richard
Relick, Wayne Allison and Darrell Jolley.
Messrs. Fosseen and Relick (as of June 15, 1999) each entered into a two
(2) year employment agreement with the Company (collectively, the "Employment
Agreements") that provides for bonuses and such other benefits (including base
annual salaries as to Messrs. Fosseen and Relick) as set forth in their
agreements at $45,000 through 1999 and $75,000 starting January 1, 2000, or upon
successful close of our public offering. As described in "Remuneration", it is
anticipated that Messrs. Fosseen and Relick will devote approximately 100% of
their time to the Company. The Board of Directors has the right to terminate the
Employment Agreements with or without cause at any time; provided, however, that
termination by the Board of Directors without cause would obligate us to pay the
compensation due under the applicable Employment Agreement for the remainder of
the term involved. Pursuant to the terms of the Employment Agreements, Messrs.
Fosseen and Relick have agreed that they will not compete with us during the
period of their employment and for a one-year period after termination of the
each applicable Employment Agreement.
Messrs. Allison and Jolley each entered into a one (1) year employment
agreement with us dated November 3, 1999. The employment agreements provide for
each to earn compensation at the annual rate of $75,000 as well as such other
benefits, including stock options which vest over the period of January 1, 2000
through September 30, 2003. Upon any future change in control of the Company,
the options will immediately and fully vest. It is anticipated that Messrs.
Allison and Jolley will devote approximately 100% of their time to the Company.
The Board of Directors has the right to terminate the employment agreements with
or without cause at any time, paying two weeks compensation. Pursuant to the
terms of the employment agreements, Messrs. Allison and Jolley have agreed that
they will not compete with us during the period of their employment and for a
one-year period after termination of each applicable employment agreement.
The Company does not provide officers with pension; stock appreciation
rights, long-term incentive or other plans, but has the intention of
implementing such plans in the future. Specifically, we anticipate that we will
adopt, in the future, an employee bonus program to provide incentive to our
employees. It is anticipated that such a plan would pay bonuses in cash or stock
to employees based upon our pre-tax or after-tax profit for a particular period.
<PAGE>
It is anticipated that we will adopt a retirement plan -- such as a 401(k)
retirement plan -- and that we will implement an employee health plan.
Establishment of such plans and their implementation will be at the discretion
of the Board of Directors; any such bonus plan will be based on annual
objective, goal-based criteria developed by the Board of Directors for eligible
participants and will be exercisable only at prices greater than or equal to the
market value of the underlying Shares on the date of their grant.
Members of the Board of Directors are not paid separately for such
services. Directors' out-of- pocket expenses are reimbursed upon presentation of
appropriate documentation.
Litigation
We are not a party to any litigation (material or otherwise) and we are not
aware of any threatened civil, administrative or civil proceeding that would
have a material adverse affect on our business.
Securities Ownership of Certain Beneficial Owners and Management
The table set forth below presents certain information regarding beneficial
ownership of our common stock (our only voting class of securities), as of June
30, 2000, by (i) each shareholder known to us to own, or have the right to
acquire within sixty (60) days, more than five percent (5%) of our common stock
outstanding; (ii) named executive officers of the Company; and (iii) all
officers and director nominees of the Company as a group. All share amounts have
been adjusted to reflect the results of stock splits effective June 1998 and
April 1999.
<TABLE>
Name and Address Amount of Common
Beneficial Owner (1) Stock Beneficially Owned(2)(3) Percent of Class
-------------------- ------------------------------ ----------------
<S> <C> <C>
Dwayne Fosseen, Director, 9,008,700 (4) 73.7%
Chairman of the Board and
Chief Executive Officer
Don Williams, Director 342,800 2.8%
Jerrold Handsaker, Director 44,030 (8)
J. Richard Relick, Director and 50,000 (5) (8)
Chief Operating Officer
Wayne Allison, President 60,000 (6) (8)
Darrell R. Jolley, Chief 60,000 (7) (8)
Financial Officer
All Directors and Officers as a 9,565,530 78.3%
Group
</TABLE>
----------------
(1) Unless otherwise indicated, the address of each director and officer is c/o
Mirenco, Inc., 206 May Street P.O. Box 343, Radcliffe, Iowa 50230.
(2) Unless otherwise indicated, we believe that all persons named in the table
have sole voting and investment power with respect to all Shares of common
stock beneficially owned by them. A person is deemed to be the beneficial
owner of securities that may be acquired upon the exercise of options,
warrants or convertible securities by such person within 60 days from the
date on which beneficial ownership is to be determined.
(3) Reflects total outstanding 12,218,775 Shares as of March 31, 2000. All
share amounts are after the effect of our 3:1 stock split on June 9, 1998
and 5:1 stock split on April 16, 1999.
(4) Amount excludes options to purchase 38,000 Shares, exercisable at $0.29,
owned by Betty Fosseen.
(5) Represents 50,000 Shares owned pursuant to options to purchase Shares of
common stock at $4.25 per share. Excludes options to purchase 50,000 Shares
at $4.25 per share, that vest on January 1, 2001. All options expire on
June 15, 2009.
(6) Represents 60,000 Shares owned pursuant to options to purchase Shares of
common stock at $5.00 per share, exercisable within 60 days. Excludes
unvested options to purchase 220,000 Shares at $5.00 per share which vest
20,000 options per quarter between September 30, 2000 and September 30,
2001, and 15,000 options per quarter between January 1, 2002 and September
30, 2003. All options expire on September 30, 2008.
(7) Represents 60,000 Shares owned pursuant to options to purchase Shares of
common stock at $5.00 per share, exercisable within 60 days. Excludes
<PAGE>
unvested options to purchase 220,000 Shares at $5.00 per share which vest
20,000 options per quarter between September 30, 2000 and September 30,
2001, and 15,000 options per quarter between January 1, 2002 and September
30, 2003. All options expire on September 30, 2008.
(8) Less than 1%.
Selling Shareholders
Mr. Relick, Mr. Allison and Mr. Jolley currently own no Shares but have
options to purchase Shares as listed above. These officers and we have chosen to
register, in this Prospectus, 50% of the Shares underlying vested options held
by these officers, such that, for what we consider liquidity purposes, these
officers may have the opportunity to exercise and sell that portion of their
Shares so registered. It is currently unknown whether these officers will
exercise any options to purchase Shares and sell them as a result of this
registration; however, these officers will be responsible for filing appropriate
notifications required by affiliates under Rule 144 and Section 16(a) of the
Exchange Act. (See "Selling Shareholders"). Shares issued to officers, directors
or affiliates are deemed to be restricted stock under Rule 144. Shares held by
Mr. Fosseen since our inception (9 million Shares after considering all stock
splits) will continue to be subject to Rule 144 trading limitations for the
foreseeable future. However, Mr. Fosseen currently has no plans to sell any
Shares. Mr. Williams and Mr. Handsaker own Shares obtained from our Small
Company Offering Registration ("SCOR"); and thus, their Shares are unrestricted
except for the volume limitations of affiliates within Rule 144. Under the
volume limitations of Rule 144, affiliates who own unrestricted stock or
restricted stock held for not less than one year would be entitled to sell
within any three-month period a number of Shares that does not exceed the
greater of 1% of the then outstanding Shares of common stock or the average
weekly reported trading volume on all national securities and/or through NASDAQ
during the four calendar weeks preceding such sale.
Executive Compensation
The summary compensation table below sets forth a summary of the
compensation earned by our named chief executive officer and other executive
management for 2000 (projected), 1999 and 1998.
<TABLE>
Summary Compensation Table
Annual Compensation Long-Term Compensation Awards
Bonus Restricted Securities Long-Term
Name and Fiscal and Other Stock Underlying Incentive All other
Principal Position Year Salary($) Compensation Awards Options Plans Compensation
----------------- ---- --------- ------------ ------ ------- ----- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Dwayne Fosseen, CEO 000 $75,000
1999 $35,596 0 0 0 0 0
1998 $26,000
J. Richard Relick, COO 2000 $75,000
1999 $25,365 (2) 0 0 100,000 0 0
1998 n/a
Wayne Allison, President 2000 $75,000
1999 $12,500 (3) 0 0 280,000 0 0
1998 n/a
Darrell R. Jolley. CFO 2000 $75,000
1999 $12,500 (3) 0 0 280,000 0 0
1998 n/a
</TABLE>
----------------
(1) See following tables for descriptions of exercisable / unexercisable grants
of options to officers.
(2) Amount represents payments for eight months in 1999.
(3) Amount represents payments for two months in 1999.
The following table sets forth (a) the number of Shares underlying options
granted to each named executive officer during fiscal 1999; (b) the percentage
the grant represents of the total number of options granted to all Company
employees during fiscal 1999; (c) the per share exercise price of each option;
and (d) the expiration date of each option.
<PAGE>
<TABLE>
Option Grants in Last Fiscal Year
(Individual Grants)
Percent of
Number of Securities Total Options
Underlying Granted to Employees Exercise or Expiration Grant Date
Name Options Granted(#) in Fiscal Year Base Price ($/Share) Date Present Value
---- ------------------ -------------- -------------------- ---- -------------
<S> <C> <C> <C> <C> <C>
Dwayne Fosseen 0 N/A N/A N/A N/A
J. Richard Relick 100,000 16% $4.25 June 2009 N/A
Wayne Allison 280,000 42% $5.00 Sept 2008 N/A
Darrell R. Jolley 280,000 42% $5.00 Sept 2008 N/A
</TABLE>
----------------
(1) Options granted to Mr. Relick vest as follows: 50,000 on January 1, 2000;
50,000 on January 1, 2001.
(2) Options granted to Mr. Allison vest as follows: 20,000 on January 1, 2000;
20,000 on March 31, 2000; 20,000 on June 30, 2000; 20,000 on September 30, 2000;
20,000 on January 1, 2001; 20,000 on March 31, 2001; 20,000 on June 30, 2001;
20,000 on September 30, 2001; 15,000 on January 1, 2002; 15,000 on March 31,
2002; 15,000 on June 30, 2002; 15,000 on September 30, 2002; 15,000 on January
1, 2003; 15,000 on March 31, 2003; 15,000 on June 30, 2003; and 15,000 on
September 30, 2003.
(3) Options granted to Mr. Jolley vest as follows: 20,000 on January 1, 2000;
20,000 on March 31, 2000; 20,000 on June 30, 2000; 20,000 on September 30, 2000;
20,000 on January 1, 2001; 20,000 on March 31, 2001; 20,000 on June 30, 2001;
20,000 on September 30, 2001; 15,000 on January 1, 2002; 15,000 on March 31,
2002; 15,000 on June 30, 2002; 15,000 on September 30, 2002; 15,000 on January
1, 2003; 15,000 on March 31, 2003; 15,000 on June 30, 2003; and 15,000 on
September 30, 2003.
Set forth in the table below is information, with respect to each Named
Executive Officer, as to the (a) number of shares acquired during fiscal 1999
upon each exercise of options granted to such individuals; (b) the aggregate
value realized upon each exercise (i.e. the difference between the market value
of the shares at exercise and their exercise price); (c) the total number of
unexercised options held on December 31, 1999, separately identified between
those exercisable and those not exercisable; and (d) the aggregate value of
in-the-money, unexercised options held on December 31, 1999, separately
identified as those exercisable and those not exercisable.
<TABLE>
Aggregated Option Exercises in Last Fiscal
Year and Year-end Option Value
Number of Securities Underlying
Shares Unexercised Options at
Acquired on Fiscal Year-End Value of Unexercised
Exercise in Value Exercisable/ In-The-Money Options
Name 1999(#) Realized Un-exercisable (1) At Fiscal Year-End ($)
---- ------- -------- ------------------ ----------------------
<S> <C> <C> <C> <C>
Dwayne Fosseen N/A N/A N/A N/A
J. Richard Relick 0 0 0 / 100,000 $ 0 / $ 75,000
Wayne Allison 0 0 0 / 280,000 $ 0 / $ 0
Darrell R. Jolley 0 0 0 / 280,000 $ 0 / $ 0
</TABLE>
----------------
(1) Options become exercisable upon specified events such as length of
employment. Options granted to Mr. Relick vest and become exercisable as
follows: 50,000 on January 1, 2000 and 50,000 on January 1, 2001. Options
granted to Mr. Allison and Mr. Jolley vest quarterly between January 1, 2000 and
September 30, 2003.
<PAGE>
Family Relationships
There are no family relationships relating to the Company between executive
officers, directors or 10% or greater Shareholders.
SELECTED FINANCIAL DATA
The following table sets forth certain financial data for the Company. The
selected financial data should be read in conjunction with "Management's
Discussion and Analysis of Financial Condition and Results of Operations" and
our Financial Statements and Notes thereto included elsewhere in this filing.
The selected financial data for the years ended December 31, 1999 and 1998, have
been derived from our financial statements which have been audited by
independent certified public accountants and are included elsewhere in this
filing. The selected interim financial data for the three months ended March 31,
2000 and 1999 have been derived from our financial statements which are
unaudited and which are included elsewhere in this filing.
[Balance of page left intentionally blank.]
<PAGE>
<TABLE>
Income Statement Data (1)
Year Ended Year Ended Year Ended Year Ended
December 31, 1999 December 31, 1998 March 31, 2000 March 31, 1999
----------------- ----------------- -------------- --------------
<S> <C> <C> <C> <C>
Revenues $195,295 $33,992 $31,864 $57,505
Cost of Goods Sold
and Operating Expenses 732,145 2,239,720 256,459 124,737
Loss from Operations (536,850) (2,205,728) (224,595) (67,232)
Interest Income 12,351 13,186 14,418 1,654
Net Loss $(524,499) $(2,192,542) $(210,177) $(65,578)
Common Shares
Outstanding (2) 11,735,001 11,412,219 12,100,515 11,630,800
</TABLE>
<TABLE>
Balance Sheet Data (1)
Year Ended Three Months Ended
December 31, 2999 March 31, 2000
----------------- --------------
<S> <C> <C>
Working Capital $807,556 $2,334,017
Total Assets 962,878 2,417,262
Shareholders' Equity (3) 836,029 2,370,278
Accumulated Deficit $(2,827,003) $(3,037,180)
</TABLE>
----------------
(1) Amounts shown for years ended December 31 are per audited financial
statements; amounts shown for three months ended March 31 are unaudited.
(2) Based on the weighted average number of shares outstanding during the period
and adjusted for stock splits approved June 9, 1998 and April 16, 1999.
(3) There have been no, nor are there expected to be, cash dividends.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
1. Introduction
Management has, to date, intentionally focused limited resources on a
staged implementation of our business development consisting of the following
elements:
a. First Round Capitalization
b. Product Development and Testing
c. Empirical Performance Results and Testimonials
d. Launch Planning
e. Second Round Capitalization
f. Launch
g. Licensing, Sales and Marketing
We raised $788,400 in our successful Small Corporation Offering
Registration (SCOR) offered during 1997 and 1998. These funds supported the
completion of our early product testing and first marketing efforts. Initial
product sales occurred to transit authorities in Memphis, Ann Arbor and Cedar
Rapids.
We added another $334,895 from a private stock offering to our existing
shareholders during 1999 to support our planned follow up offering to raise up
to $10 million. The funds raised in the private stock offering were used
primarily for legal, accounting, printing and marketing costs of our direct
public offering ("DPO") which was approved for distribution within the state of
Iowa on July 30, 1999. As of July 30, 2000, we have raised a cumulative
$__________ from the DPO.
<PAGE>
From inception through December 31, 1999, we have incurred research and
development costs totaling approximately $100,000. Prior to our purchase of the
patents from AmTech, (see "Certain Party and Related Transactions"), we estimate
from records provided to us that AmTech and other related entities incurred
research and development costs of approximately $4 million. From proceeds of our
DPO, we expect to spend between $800,000 and $1.8 million over the next three
years in research and development for improving and streamlining our existing
products, reducing manufacturing costs and developing new applications.
We will invest funds from the DPO in a distribution and office facility
located in Radcliffe, Iowa on property owned by our principal shareholder. The
cost is expected to be approximately $1.25 million to build and furnish the new
building. We have worked closely with state and local government officials who
have now declared the property to be an enterprise zone where we will be able to
take advantage of certain property tax breaks. Though our existing employees (10
currently) will grow only slightly during fiscal year 2000, we anticipate we
will be adding additional mechanic and sales personnel as well as sales
management as we continue to implement our business and marketing plans. By
December 31, 2001, with the new facility built and anticipated increased sales,
we believe we will employ 29 full time employees, including the four existing
executive managers.
We have now completed the first five steps as outlined above, with
significant and adequate capital to list the company on NASDAQ's Small Cap
market. The NASDAQ listing provides four elements that we desire:
a. Additional awareness and public attention gained from operating as a
publicly traded company;
b. A public market valuation for the Company;
c. An alternative for future equity capitalization if required and
desired by the Company; and
d. An exit vehicle for existing shareholders who desire to sell.
We intend to use certain proceeds from the DPO to launch our products,
offer to license our patents to automakers simultaneous with NASDAQ listing. Our
intent is to make the automakers aware of our patented technologies, provide a
significantly inexpensive offer for licensing and royalties, and to gain rapid
and significant market awareness for our technologies.
The simultaneous efforts conducted at the time of launch (marketing
campaign) are intended to jumpstart our sales efforts into the existing-vehicle
after-market, make a strategic, non-exclusive offer to automakers for patent
licensing and to generate awareness and interest in our Company within the
investment community. We are hopeful that the unique business method of
launching, licensing and execution that we have chosen will yield product
marketing, patent licensing and investment analyst attention more rapidly than
could be obtained via more traditional, smaller-exposure methods.
In parallel and support of our launch, Mirenco products are being utilized,
marketed and sold, albeit on a limited basis to relatively high-profile
organizations. We are optimistic that the performance data and testimonials
obtained from these high-profile customers will serve to minimize, or eliminate,
potential extended evaluations from prospective customers' acquisition
decision-making cycles.
Our technologies are built on patents issued to our founder and principal
shareholder, Dwayne Fosseen, in a cost sharing CRADA industry/government
research and development project with the U.S. Department of Energy. We have
proven effectiveness in fuel savings, emissions reductions and decreased
maintenance, and our products are applicable and adaptable to vehicles
worldwide. Sufficient prospects regarding buses, heavy trucks and other vehicles
world-wide have been generated that we believe commercially viable sales will be
realized once we direct our emphasis and focus our resources. We have identified
46 auto manufacturers world-wide which are expected to produce 400 million new
vehicles over the next 10 years. We anticipate selling licenses to our patents
to many of the higher volume auto producers, which will provide for a per unit
royalty. While there is seasonality in the U.S. automobile sales industry,
seasonality is not expected to have a significant impact on our business in the
near future.
Further, while other technologies continue to develop, we believe many of
these alternatives to be four (4) to ten (10) years away from a cost effective
solution which, in any event, would likely be implemented first and perhaps
exclusively to new vehicles. Our products have the advantage of being currently
applicable and we believe they provide the licensees with a foundation to
further improve and develop new applications. In spite of ongoing technological
advances in fuel, engines and our own products, we believe that the world-wide
existing number of cars, buses and trucks is expected to provide a source for
our sales for years to come. Furthermore, our technologies are in relative
<PAGE>
infancy in that we intend to incorporate considerably advanced sophistication
within our products as the technological components become economically feasible
for mass production (e.g., GPS satellite, global road topographical databases,
speed limit databases, bi-directional throttle control, etc.).
We are eager to launch and maximize the years of research and efforts that
have gone into design, development, protection and planning. Management
believes, and performance data demonstrates, that market acceptance of Mirenco's
technologies can provide a global benefit measured both economically and
environmentally. Consequently, management has carefully crafted and implemented
a plan that provides the products, Company infrastructure, human resource skills
and business strategy to leverage and maximize the patents and resultant
technology as quickly as possible, with final Company valuation being determined
by the free markets.
2. Background. Our fiscal year ends December 31. The following analysis of our
financial condition and results of operations for the fiscal years ended
December 31, 1999 and 1998 should be read in conjunction with our audited
Financial Statements for such periods and other information presented elsewhere
in this filing.
3. General. We develop and market technologically advanced products for throttle
control of internal combustion vehicles that improve fuel efficiency, reduce
environmental emissions and reduce vehicle maintenance. Our primary products are
derived from technology patented in the U.S., Mexico and Canada and are:
DriverMax(R), DriverMax(R) Software, HydroFire(R) Injection, HydroFire(R) Fluid
HydroFire(R) Lubricant and EconoCruise(R). Our newest product offering,
EconoCruise(R), is a new and improved version of our product line utilizing
other input sensors including GPS technology and ambient sensor features. We
believe that we are the first to provide a product that incorporates GPS into a
throttle-control application (called "EconoCruise(R)," using
"Satellite-to-Throttle {TM) technology). We intend to market our products both
domestically and internationally and intend to license our patented technology
to automakers for use on their new model vehicles. We expect our revenues to
increase as a result of the broader market penetration, license revenues and new
products scheduled for introduction over the next six (6) to thirty six (36)
months.
We have incurred losses during our fiscal years ended December 31, 1999 and
1998 while developing and introducing our original products and focusing
management and other resources on capitalizing the Company to support future
growth. These losses are considered normal for a developmental phase company.
Other costs were incurred during these two (2) years to prepare us for
commercialization of our products, including additional management, personnel,
consultants and marketing expenditures. We expect that, as sales increase, there
will also be increases in the total amount of distribution and selling, general
and administrative expenses. However, as a percentage of sales, these expenses
should decline.
4. Results of Operations. Fiscal Year ended December 31, 1999 compared to fiscal
year ended December 31, 1998.
Our revenues increased $161,303 or 475% for the year ended December 31,
1999 compared to the same period in 1998. The increase resulted from to initial
sales of our products, particularly one sale to the Transit Authority of River
City (TARC - Louisville, Kentucky) for approximately $95,000.
Costs of goods sold for 1999 and 1998 were 78% and 155% of sales,
respectively. Low gross margins during these periods relate to the high percent
of fixed warehouse and assembly costs with relatively low sales during the time
we concentrated on capitalizing for future growth. We believe product costs will
range between 40% and 60% of sales with implementation of our marketing plan.
Total operating expenses decreased $1,607,675 for fiscal year December 31,
1999. We incurred stock based compensation expense of $1,858,054 in 1998 in
connection with the issuance of stock and employee stock options. Otherwise,
operating expenses increased $250,379 with the increase in sales and increased
personnel and management. During 1999, we hired a Chief Operating Officer,
President and Chief Financial Officer. These hires were considered critical both
for timing and implementation of our plans and, as we become a reporting
company, provide us with experience regarding finance, sales, marketing,
manufacturing, technology, national and international distribution, SEC
compliance and reporting, equity and capital formation and management. Also with
increased sales, we will continue to incur higher royalty expenses payable to
AmTech. Owing 3% of gross sales through April 30, 2019, per the terms of the
patent purchase agreement, we believe royalty expense will be a significant
component of total expenses in future years.
<PAGE>
Our net loss decreased from $2,192,542 in 1998 to $524,499 in 1999
primarily as a result of the employee options granted in 1998.
Three months ended March 31, 2000 as compared to three months ended March
31, 1999.
Revenues were $31,864 for the three months ended March 31, 2000 compared to
$57,505 for the same period in 1999. The difference is the timing of early
shipments of our DriverMax (R) product to Memphis in 1999 and to a Canadian bus
company in 2000.
Costs and expenses increased $130,655 or 136% from 1999 to 2000 during this
period. The increase is attributable to an approximately $100,000 increase in
wage expense because of new personnel and executive management, an approximate
$35,000 increase in travel and advertising as we began to make sales
presentations to other transit authorities around the country, and an
approximately $10,000 increase in postage related to continuing and improving
our communication to our existing shareholders.
Our net loss increased from $65,578 to $210,177 in 2000 primarily as a
result of the increased management and sales efforts.
These changes are also applicable to differences identified from our
statement of operations at March 31, 2000 compared to December 31, 1999.
5. Liquidity and Capital Resources. Since our inception in 1997, we have
primarily relied on the sources of funds discussed in "Cash Flows" below to
finance our testing and operations. We believe that the proceeds raised to date
from the DPO will be adequate to continue our operations, including the
contemplated expansion of sales efforts, inventories, and accounts receivable
through the next three years. However, if we raise less than $10,000,000 from
the DPO, we will need to curtail our research and development efforts along with
facilities expansion, promotional and trade show expenditures.
We have not yet commenced generating substantial revenue. We expect to fund
development expenditures and incur losses until we are able to generate
sufficient income and cash flows to meet such expenditures and other
requirements. We believe we currently have adequate cash reserves to continue to
cover such anticipated expenditures and cash requirements.
We have been evaluating financing and capitalization alternatives as part
of our long-term business plans. These alternatives include the sale of
preferred stock and warrants and other alternatives. To preserve operating
funds, we have also developed a strategic plan that provides for reductions of
expenditures and a prioritization of development options, as discussed below.
6. Cash Flows for the Years Ended December 31, 1999 and 1998. Since our
inception (February 21, 1997) through December 31, 1999, our activities have
been organizational, devoted to developing a business plan and raising capital.
Where such costs are indirect and administrative in nature, they have been
expensed in the accompanying statement of operations. Where such costs relate to
capital raising and are both direct and incremental, such costs have been
treated as offering costs in the accompanying balance sheets.
Net cash used in operating activities for the years ended December 31, 1999
and 1998 was $283,625 and $417,252, respectively. The use of cash in operating
activities was primarily related to our net losses and significant changes in
working capital components such as inventory and receivables.
Net cash provided by financing activities during the years ended December
31, 1999 and 1998 was $776,178 and $538,550, respectively. The primary source of
the financing was proceeds from the issuance of Shares of common stock.
7. Cash Flows for the Three Months Ended March 31, 2000 and 1999. The changes in
Cash Flows for the three months ended March 31, 2000 from 1999 mirrored the
changes comparing the years ended December 31, 1999 and 1998. Operating losses
and changes in working capital continue to account for the uses from operating
activities, while increased awareness and knowledge about our products and
potential market impact resulted in our raising an additional $1,773,880, since
December 31, 1999, from the sale of common stock in our DPO.
8. Recent Accounting Pronouncements. There are no recently issued accounting
standards for which the impact on our financial statements at December 31, 1999
and March 31, 2000 are not known.
9. Safe Harbor. "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: Statements contained in this document which are not
historical fact are forward-looking statements based upon management's current
expectations that are subject to risks and uncertainties that could cause actual
<PAGE>
results to differ materially from those set forth in or implied by
forward-looking statements.
CONCURRENT PUBLIC MARKET AND DIVIDEND POLICY
Concurrent with the date of this Prospectus, the Company has qualified its
Shares for quotation on the NASDAQ SmallCap Market under the symbol "MIRR." As
described in "Risk Factors", there is no assurance that the Company can continue
to satisfy then-current pertinent listing standards or avoid later de-listing.
(See "Risk Factors.")
From July 30, 1999 through July 30, 2000, we have been offering Shares of
our common stock for sale at $5.00 per share in a self-underwritten direct
public offering (meaning without a registered broker-dealer) limited to
residents of the state of Iowa per Section 3(a)(11) of the Securities Act of
1933. As of July 30, 2000, the date such offering was terminated we have sold
_______Shares and raised $_______. We will use the proceeds of such DPO for
marketing, research and development, facilities, working capital and costs of
fund raising. No commissions have been paid or are expected to be paid to raise
these funds and no payments have been made to any officer or director as a
result of efforts to raise capital in the DPO. As of July 30,2000, we had
_______ Shares of our common stock issued and outstanding to approximately
_______ shareholders.
We do not anticipate paying dividends on the common stock at any time in
the foreseeable future. The board of directors plans to retain earnings for the
development and expansion of our business. The board of directors also plans to
regularly review our dividend policy. Any future determination as to the payment
of dividends will be at the discretion of the board of directors and will depend
on a number of factors, including future earnings, capital requirements,
financial condition, and other factors the board of directors deems relevant.
DESCRIPTION OF CAPITAL STOCK
General
As of May 13, 2000, our authorized capital stock consists of 30,000,000
shares of no par value common stock (the "Shares") and 66,979 warrants to
purchase 267,916 underlying Shares at $5.00 per Share. Shareholders are entitled
to one vote per outstanding Share on all matters to be voted upon by
shareholders and, upon issuance in consideration of full payment, are
non-assessable. In the event of liquidation, dissolution or cessation of the
Company, the shareholders are entitled to share ratably in all assets remaining
after payment of liabilities. Shares do not have cumulative voting rights with
respect to the election of directors and, accordingly, the holders of more than
50% of the Shares could elect all the directors of the Company. There are no
redemption or sinking fund provisions or preemptive rights with respect to the
Shares, and shareholders have no right to require us to redeem or purchase
Shares.
Dividend Rights
Each Share is entitled to dividends if, as and when our Board of Directors
so declares. However, we do not anticipate paying dividends on the common stock
at any time in the foreseeable future. The board of directors plans to retain
earnings for the development and expansion of our business. The board of
directors also plans to regularly review our dividend policy. Any future
determination as to the payment of dividends will be at the discretion of the
board of directors and will depend on a number of factors, including future
earnings, capital requirements, financial condition, and other factors the board
of directors deems relevant.
Stock Split
In conjunction with the planned direct public offering, on April 16, 1999,
the Board of Directors affected a five(5)-for-one (1) split of our common stock.
The principal objective of the split was to increase the public float of
outstanding Shares prior to the DPO, dated July 30, 1999. On June 9, 1998, our
Board of Directors affected a three(3)-for-one (1) split of our common stock.
Warrants
In order to continue the expansion and fund our operations until the
completion of the DPO, from May 15 to June 15, 1999, we offered to our existing
shareholders the opportunity to purchase additional Shares of common stock and
four (4) warrants to buy additional Shares of common stock for each Share
purchased. We sold to 192 shareholders (i) 66,979 Shares of common stock for an
<PAGE>
aggregate offering price of $334,895 and (ii) 66,979 warrants to purchase
267,916 additional Shares. The warrants are exercisable at any time on or prior
to June 15, 2002 at a purchase price equal to $5.00 per Share. We also issued
warrants to exercise the purchase of 30,000 Shares for professional legal
representation. These warrants are exercisable at any time on or prior to March
31, 2003 at a purchase price equal to $0.01 per Share.
Options
In order to provide additional incentive to employees, we have granted
non-qualified compensatory stock options on our common stock according to an
Option Plan for 1998 and 1999. Under the 1998 Option Plan, we granted options to
purchase 367,400 shares at $0.29 per share, which are fully vested, and 100,000
shares at $4.25 per Share that vest half on January 1, 2000 and half on January
1, 2001. Under the 1999 Option Plan, we granted options to purchase 560,000
Shares at $5.00 per Share that vest quarterly from January 1, 2000 through
September 30, 2003.
We are authorized to issue 30,000,000 shares of common stock, no par value.
The issued and outstanding shares of common stock (the "Shares") being
registered hereby are validly issued, fully paid and non-assessable. The holders
of outstanding Shares are entitled to receive dividends out of assets legally
available therefore at such times and in such amounts as the Board of Directors
may from time to time determine.
All Shares have equal voting rights and, when validly issued and
outstanding, have one vote per share in all matters to be voted upon by the
stockholders. A majority vote is required on all corporate action. Cumulative
voting in the election of directors is not allowed, which means that the holders
of more than 50% of the outstanding shares can elect all the directors as they
choose to do so and, in such event, the holders of the remaining shares will not
be able to elect any directors. (See "Risk Factors - Control by the Principal
Shareholder; No Cumulative Voting; and Possible Anti-Takeover Effects.") The
Shares have no preemptive, subscription, conversion or redemption rights and can
only be issued as fully paid and non-assessable shares. Upon liquidation,
dissolution or cessation of the Company, the holders of Shares are entitled to
receive a pro rata share of the assets of the Company that are legally available
for distribution to stockholders.
Transfer Agent
---------------------------------
---------------------------------
---------------------------------
(------)--------------------------
PLAN OF DISTRIBUTION
Shares covered by this Prospectus may be offered and sold from time to time
by the selling shareholders. The selling shareholders will act independently of
the Company in making decisions with respect to the timing, manner and size of
each sale. The selling shareholders may sell the Shares on the NASDAQ SmallCap
Market(TM) at prices and at terms then prevailing or in private sales at
negotiated prices directly or through brokers. The selling shareholders and any
underwriter, dealer or agent who participates in the distribution of the Shares
may be deemed to be underwriters under the Securities Act of 1933, and any
discount, commission or concession received by these persons might be deemed to
be an underwriting discount or commission under the Securities Act. We have
agreed to indemnify the selling shareholders against some liabilities arising
under the Securities Act. Any broker-dealer participating in transactions as
agent may receive commissions from the selling shareholders, and, if acting as
agent for the purchaser of the Shares, from the purchaser.
The selling shareholders will pay usual and customary brokerage fees.
Broker-dealers may agree with the selling shareholders to sell a specified
number of Shares at a stipulated price per share and, to the extent the
broker-dealer is unable to do so acting as agent for the selling shareholders,
to purchase as principal any unsold Shares at the price required to fulfill the
broker-dealer commitment to the selling shareholders. Broker-dealers who acquire
Shares as principal may then resell the Shares from time to time in transactions
in the over-the-counter market, in negotiated transactions or by a combination
of these methods of sale, at market prices prevailing at the time of sale or at
negotiated prices, and in connection with resales may pay to or receive from the
purchasers of the Shares commissions as described above.
We have advised the selling shareholders that the anti-manipulation rules
under the Exchange Act may apply to sales of Shares in the market and to the
activities of the selling shareholders and any affiliate. The selling
<PAGE>
shareholders have advised us that during the time as the selling shareholders
may be engaged in the attempt to sell Shares registered under this Prospectus,
they will:
* not engage in any stabilization activity in connection with any of
the Shares;
* not bid for or purchase any of the shares or any rights to acquire the
Shares, or attempt to induce any person to purchase any of the shares or
rights to acquire the Shares other than as permitted under the Securities
Exchange Act;
* not effect any sale or distribution of the Shares until after the
Prospectus shall have been appropriately amended or supplemented, if
required, to describe the terms of the sale or distribution; and
* effect all sales of Shares in broker's transactions through broker-dealers
acting as agents, in transactions directly with market makers, or in
privately negotiated transactions where no broker or other third party,
other than the purchaser, is involved.
The selling shareholders may indemnify any broker-dealer that participates
in transactions involving the sale of the Shares against some liabilities,
including liabilities arising under the Securities Act. Any commissions paid or
any discounts or concessions allowed to any broker-dealers, and any profits
received on the resale of Shares, may be deemed to be underwriting discounts and
commissions under the Securities Act if the broker-dealers purchase Shares as
principal. In order to comply with the securities laws of some states, if
applicable, the Shares will be sold in some jurisdictions only through
registered or licensed brokers or dealers. In some states, the Shares may not be
sold unless the Shares have been registered or qualified for sale in the
applicable state or an exemption from the registration or qualification
requirement is available and is complied with. No sales may be made under this
Prospectus after April ___, 2001 unless we amend or supplement this Prospectus
to indicate that we have agreed to extend the period of effectiveness. There can
be no assurance that the selling shareholders will sell all or any of the Shares
offered under this Prospectus.
ERISA CONSIDERATIONS
Persons who contemplate purchasing Shares on behalf of Qualified Plans are
urged to consult with tax and ERISA counsel regarding the effect of such
purchase and, further, to determine that such a purchase will not result in a
prohibited transaction under ERISA, the Code or a violation of some other
provision of ERISA, the Code or other applicable law. We will rely on such
determination made by such persons.
LEGAL MATTERS
Duncan, Blum & Associates, Bethesda, Maryland and Washington, D.C will pass
upon the validity of Shares being offered by this Prospectus for the Company.
EXPERTS
The financial statements included in this Prospectus and in the
Registration Statement have been audited by Grant Thornton LLP, independent
certified public accountants, to the extent and for the period set forth in
their report, appearing elsewhere herein and in the Registration Statement, and
are included in reliance upon such report given upon the authority of said firm
as experts in auditing and accounting. There has been no change in accountants
since our inception and there are no disagreements with our accountants on
accounting and financial disclosure.
AVAILABLE INFORMATION
As a result of these Shares being registered pursuant to the Prospectus and
associated registration statement, the Company concurrently becomes subject to
the informational and periodic reporting requirements of the Securities and
Exchange Act of 1934, as amended (the "Exchange Act"). Accordingly, Company
annual (Form 10-KSB), quarterly (Form 10-QSB) and periodic material reports
(Form 8-KSB) will become available (and accessible) as outlined below.
Since our periodic reporting responsibility arose only concurrently with
the date of this Prospectus, we have not yet filed any annual, quarterly or
other special reports, proxy statements or any other information with the
<PAGE>
Securities and Exchange Commission beyond this registration statement. You may
read and copy any document we do file at the Securities and Exchange
Commission's public reference rooms in Washington, D.C., New York, New York and
Chicago, Illinois. Please call the Securities and Exchange Commission at
1-800-SEC-0330 for further information on the public reference rooms. Our
Securities and Exchange Commission filings will also be available to the public
from the Securities and Exchange Commission's website at "http://www.sec.gov."
We have filed this registration statement on Form SB-2 with the Securities
and Exchange Commission to register the offering of the shares of common stock
offered pursuant to this Prospectus. This Prospectus is part of that
registration statement and, as permitted by the Securities and Exchange
Commission's rules, does not contain all of the information included in the
registration statement. For further information about us, this offering and our
securities, you may refer to the registration statement and its exhibits and
schedules as well as to the documents described below. You may review and copy
these documents at the public reference facilities maintained by the Securities
and Exchange Commission or on the Securities and Exchange Commission's website
as described above.
This Prospectus may contain summaries of contracts or other documents.
Because they are summaries, they will not contain all of the information that
may be important to you. If you would like complete information about a contract
or other document, you should read the copy filed as an exhibit to the
registration statement or incorporated in the registration statement by
reference. You may request a copy of these filings, at no cost, by writing to or
calling Richard Evans, Mirenco, Inc., 206 May St., P.O. Box 343, Radcliffe, Iowa
50230, (800) 423-9903. You may also obtain information from our website at
www.mirenco.com
[Balance of page left intentionally blank.]
<PAGE>
<TABLE>
EXHIBIT IA
PASSIVE INVESTORS WITH WARRANTS
Amount Beneficially Maximum
Owned Amount to be Percent of
Passive Investors with Warrants Prior to Offering Sold Class
------------------------------- ----------------- ---- -----
<S> <C> <C> <C>
Bryce Abbas or Janita Abbas TIC 80 80 0.001%
Laverne Ackerman Trust 2,400 2,400 0.020%
Michael T Arpy and/or Julie K Arpy JTWROS 800 800 0.007%
Darrel D Arrowood and/or Shirley A Arrowood JTWROS 2,400 2,400 0.020%
Wendell W Bailey and/or Donna L Bailey JTWROS 1,600 1,600 0.013%
Dennis G Baker and/or Kathy L Baker JTWROS 2,400 2,400 0.020%
Brian N Barber and/or Billie L Barber JTWROS 400 400 0.003%
Daryl Beenken 640 640 0.005%
Tracy Below 400 400 0.003%
James L Belzer and/or Beverly A Belzer JTWROS 1,600 1,600 0.013%
Gary A Bensley and/or Velda J Bensley JTWROS 400 400 0.003%
Bruce B Bergeson and/or Stacie Bergeson and/or Shannon
Bergeson and/or Sara Bergeson JTWROS 800 800 0.007%
JR Bestell or Traci L Bestell TIC 400 400 0.003%
Erma V Blome 1,600 1,600 0.013%
Robert Blome and/or Ruth Blome JTWROS 1,600 1,600 0.013%
Hope Bossard and/or Kim Bossard JTWROS 800 800 0.007%
Daniel F Brennecke and/or Sandra M Brennecke JTWROS 80 80 0.001%
David L Brennecke 800 800 0.007%
Elaine J Brennecke 80 80 0.001%
Frank Brennecke 2,000 2,000 0.016%
Frank Brennecke and/or Jennifer Brennecke and/or Douglas
Brennecke JTWROS 80 80 0.001%
Jackie L Brennecke 480 480 0.004%
Ronald L Briggs and/or Carol A Briggs JTWROS 800 800 0.007%
David A Brightwell and/or Linda M Brightwell JTWROS 1,600 1,600 0.013%
Gary L Brinkmeyer 400 400 0.003%
Charlene A Brown and/or Jerry L Brown JTWROS 400 400 0.003%
Susan P Brunskill 2,000 2,000 0.016%
BTI Investment Club 800 800 0.007%
Gary B Buck and/or Juli A Buck JTWROS 800 800 0.007%
Jason P Buck and/or Emily L Buck JTWROS 800 800 0.007%
James J Buri and/or Karen K Buri JTWROS 400 400 0.003%
Miles L Butler 400 400 0.003%
Jim Carpenter and/or Lisa Carpenter JTWROS 400 400 0.003%
Jennifer N Charlier 160 160 0.001%
Denny S Chaussee and/or Marcy Chaussee JTWROS 4,000 4,000 0.033%
Paul J Cody 400 400 0.003%
Jeanie Cook or Andrew Cook TIC 80 80 0.001%
Tim H Danger and/or Jana L Danger JTWROS 320 320 0.003%
Carol L Davey and/or Diane L Jones and/or Charles L Davey
and/or Larry D Davey JTWROS 400 400 0.003%
Raymond Davis 1,760 1,760 0.014%
James D Deimerly 400 400 0.003%
Jill Deimerly 400 400 0.003%
George Dixon 3,600 3,600 0.029%
Richard R Drake and/or Phyllis A Drake JTWROS 4,000 4,000 0.033%
Wendell Eike and/or Doris Eike JTWROS 400 400 0.003%
Timothy J Ellett and/or Cindy K Ellett JTWROS 400 400 0.003%
John W Elliott and/or Teri D Elliott JTWROS 2,000 2,000 0.016%
Lynn D Elm 1,600 1,600 0.013%
American Family Trust 8,000 8,000 0.065%
Paul W Finch 800 800 0.007%
James N Flora and/or Marian K Flora JTWROS 1,600 1,600 0.013%
Don L Francois and/or Denise I Francois JTWROS 400 400 0.003%
Dennis R Frederiksen and/or Joy L Frederiksen JTWROS 1,600 1,600 0.013%
Amy Anderson 40 40 0.000%
Glace Land Management 8,000 8,000 0.065%
Jennifer Beare 40 40 0.000%
David L Granzow and/or Polly A Granzow JTWROS 4,000 4,000 0.033%
Karen Guant 80 80 0.001%
Janice Guldager and/or Carl Guldager JTWROS 1,600 1,600 0.013%
Robert R Hauser 4,000 4,000 0.033%
Lester L Hay 1,600 1,600 0.013%
Donald C Herridge 800 800 0.007%
Kelly L Herridge and/or Beth A Hill JTWROS 1,600 1,600 0.013%
Nicholas C Herridge and/or Stacie Lynn Ehlert JTWROS 1,600 1,600 0.013%
<PAGE>
Lynn C Herschberger and/or Dawn K Townsend JTWROS 1,760 1,760 0.014%
Merle L Hibbs 7,200 7,200 0.059%
Kevin L Hockett 400 400 0.003%
Thomas F Hoelscher 2,000 2,000 0.016%
Diane K Hoover 400 400 0.003%
Clifford E Hymes or Frances M Hymes TIC 400 400 0.003%
Charles Ingalls and/or Maureen Ingalls JTWROS 800 800 0.007%
Stephen R Irvine 1,600 1,600 0.013%
Carroll Ivory or Patricia Ivory TIC 1,600 1,600 0.013%
Lance K Ivory 800 800 0.007%
Sharon K Ivory 800 800 0.007%
John P Jarman 80 80 0.001%
Richard Jewell 800 800 0.007%
Diane L Jones and/or MarvinR Jones JTWROS 800 800 0.007%
Gary A Jordan and/or Janice Jordan JTWROS 400 400 0.003%
Thomas J Jordan and/or Deanna L Jordan JTWROS 400 400 0.003%
Thomas L Kane 400 400 0.003%
Toby Klauenberg and/or Jennifer Klauenberg JTWROS 600 600 0.005%
Gene L Kloubec 800 800 0.007%
Jennifer M Kloubec 240 240 0.002%
Jeremy G Kloubec 800 800 0.007%
Irvin Knutson and/or Elsie Knutson JTWROS 400 400 0.003%
Ron Knutson and/or Nancy Knutson JTWROS 200 200 0.002%
Vance Koerner and/or Dorothy Koerner JTWROS 4,800 4,800 0.039%
Dr Kirk Koithan and/or Cheryl Koithan JTWROS 1,200 1,200 0.010%
George Koithan and/or Evelyn Koithan JTWROS 3,200 3,200 0.026%
Thomas K Koithan and/or Mary Katherine Koithan and/or
Morgan Koithan JTWROS 2,000 2,000 0.016%
Gregory Leon Kraft and/or Ramona Ann Kraft JTWROS 2,000 2,000 0.016%
Brian J Krause and/or Christine J Krause JTWROS 400 400 0.003%
John H Krause and/or Marjorie K Krause JTWROS 400 400 0.003%
Leroy M Kruse or Ebalena Kruse TIC 400 400 0.003%
Gary Kuhfus 800 800 0.007%
LF Lehmeier and/or Lorraine M Lehmeier JTWROS 800 800 0.007%
Charles E Leinenbach 1,800 1,800 0.015%
Jeff Leinenbach 5,688 5,688 0.047%
Frances L Lindstrom 400 400 0.003%
Donald E Lovig and/or Mary Ann Lovig JTWROS 400 400 0.003%
Dave Lutterman 800 800 0.007%
Mark Mahlow and/or Bonnie Mahlow JTWROS 400 400 0.003%
LaVern Maisel and/or Brett Maisel JTWROS 800 800 0.007%
LaVern Maisel and/or Judith Maisel JTWROS 1,600 1,600 0.013%
LaVern Maisel and/or Mitchell Maisel JTWROS 800 800 0.007%
Melissa Mannetter 400 400 0.003%
Sarah M Mannetter 400 400 0.003%
Steve Mannetter and/or Dianne Mannetter JTWROS 800 800 0.007%
Wayne R Manternach 400 400 0.003%
Dale Martinson and/or Adoline Martinson JTWROS 400 400 0.003%
Blaine McCurry and/or Lori McCurry JTWROS 4,000 4,000 0.033%
Howard J McDermott and/or Carol J McDermott JTWROS 800 800 0.007%
McDonald Construction Inc 400 400 0.003%
Nathan B McManus 128 128 0.001%
Tomarra Jo McManus 80 80 0.001%
Glenda Millard 4,000 4,000 0.033%
Daniel S Miller 800 800 0.007%
Don Modlin and/or June Modlin JTWROS 600 600 0.005%
Myrna K Muench and/or Verle E MuenchJTWROS 1,600 1,600 0.013%
Marvin Ness and/or Kathy Ness JTWROS 4,000 4,000 0.033%
Ivan D Palmateer and/or Judy M Palmateer JTWROS 400 400 0.003%
Kay L Palmer and/or Ruth A Palmer JTWROS 4,000 4,000 0.033%
Calvin J Pearson and/or Cheryl Pearson JTWROS 400 400 0.003%
Larry R Peterson 400 400 0.003%
Thomas Daniel Pickup 400 400 0.003%
Alan J Piel 400 400 0.003%
Dana Piel and/or Lori Piel JTWROS 400 400 0.003%
Ernie Podhajsky 1,600 1,600 0.013%
Grant C Primus 400 400 0.003%
Timothy W Ranch and/or Cathey L Ranch JTWROS 400 400 0.003%
Bernard Reisetter 800 800 0.007%
Merritt K Reisetter and/or Ashley M Reisetter JTWROS 400 400 0.003%
Merritt K Reisetter and/or Daniel K Reisetter JTWROS 400 400 0.003%
Rick Reisetter and/or Laurie Reisetter JTWROS 160 160 0.001%
Brinda Lee Reiter 400 400 0.003%
James J Reynolds and/or Sharon E Reynolds JTWROS 400 400 0.003%
Daniel L Richard and/or Patricia L Richard JTWROS 400 400 0.003%
Frederick Duane Rinnan and/or Lolia Mae Rinnan JTWROS 800 800 0.007%
Jerry Edward Roby and/or Janet Diane Roby JTWROS 10,000 10,000 0.082%
Lawrence D Rouw and/or Donna F Rouw JTWROS 400 400 0.003%
Stephen D Runner and/or Janell L Runner JTWROS 2,000 2,000 0.016%
<PAGE>
Carole E Scarbrough and/or William D Scarbrough JTWROS 200 200 0.002%
Dana K Schoppe 400 400 0.003%
Daryl A Schoppe and/or Marilynn K Schoppe JTWROS 1,600 1,600 0.013%
Dawn Schoppe 400 400 0.003%
Dean A Schoppe and/or Aaron D Schoppe JTWROS 200 200 0.002%
Dean A Schoppe and/or Ryan W Schoppe JTWROS 200 200 0.002%
Dean A Schoppe and/or Susan Schoppe JTWROS 800 800 0.007%
Donna Rae Schoppe 400 400 0.003%
Clemens Schroeder and/or Evelyn Schroeder JTWROS 6,400 6,400 0.052%
Don W Schroeder 400 400 0.003%
Mervin Schuchmann and/or Carole Schuchmann JTWROS 800 800 0.007%
Brenda Severson and/or Rodney Severson and/or Monica
Severson JTWROS 400 400 0.003%
Brian Lee Severson and/or Chris James Severson and/or
Barbara Jean SeversonJTWROS 1,200 1,200 0.010%
Rodney Severson and/or Monica Severson JTWROS 1,760 1,760 0.014%
Bill L Shore 400 400 0.003%
Mary J Shore 400 400 0.003%
Dennis Skeels 400 400 0.003%
James A Slobaszewski and/or Dale J Slobaszewski JTWROS 100 100 0.001%
James A Slobaszewski and/or John R Slobaszewski JTWROS 100 100 0.001%
James A Slobaszewski and/or Kathleen L Cheslik JTWROS 100 100 0.001%
James A Slobaszewski and/or Mary A Whitaker JTWROS 100 100 0.001%
Allen L Smith and/or Marcia K Smith JTWROS 400 400 0.003%
Michael D Smith and/or Teresa A Smith JTWROS 400 400 0.003%
Randy Smuck 1,600 1,600 0.013%
Gregory T Spicer and/or Cathy L Spicer JTWROS 800 800 0.007%
Lester Stangeland 400 400 0.003%
Delores J Stickley 800 800 0.007%
Jeffrey R Struble or Sherrie R Struble TIC 400 400 0.003%
Ray D Struble and/or Catherine O Struble JTWROS 800 800 0.007%
Raymond D Struble and Rosemary K Struble Rev LVG tr UA
D+D 03-10-93 400 400 0.003%
Tracy E Struble 400 400 0.003%
Richard Taft and/or Trish Taft JTWROS 1,200 1,200 0.010%
Robert Taylor 460 460 0.004%
Debra S Terry 400 400 0.003%
Allen A Tibbs and/or Jacqueline R Tibbs JTWROS 8,000 8,000 0.065%
Pauline M Tibbs Revocable Trust 4,000 4,000 0.033%
B&H Turkey Farms 800 800 0.007%
Benjamin W Van Deest and/ro Delaine G Van Deest JTWROS 800 800 0.007%
Larry W Van Deest and/or Faye F Van Deest JTWROS 6,400 6,400 0.052%
Norman Van Deest and/or Joyce Van Deest JTWROS 400 400 0.003%
Roland Dean Van Deest 4,000 4,000 0.033%
Ted W Van Deest and/or Linda L Van Deest JTWROS 2,000 2,000 0.016%
Norman VanDeest and/or Joyce VanDeest JTWROS 400 400 0.003%
Kenneth R Vollmer 6,000 6,000 0.049%
Kenneth R Vollmer or George R Vollmer TIC 2,000 2,000 0.016%
Kenneth R Vollmer or Kristine H Vollmer TIC 2,000 2,000 0.016%
Robert L Wallace Jr 400 400 0.003%
Charles E West and/or Mary Ellen West JTWROS 800 800 0.007%
Myron West and/or Margaret West JTWROS 1,600 1,600 0.013%
Dan Wheeler and/or Jonie L Wheeler JTWROS 400 400 0.003%
Justin A Widlund 400 400 0.003%
Randy Ray Wignall 240 240 0.002%
Joan E Williams 8,400 8,400 0.069%
Marjorie D Williams 400 400 0.003%
Marvin Williams and/or Marlene J Williams JTWROS 8,000 8,000 0.065%
Mike Williams and/or Doreen Williams JTWROS 1,600 1,600 0.013%
Paul T Yantis and/or Donna Yantis JTWROS 400 400 0.003%
Allen P York and/or Nancy York JTWROS 800 800 0.007%
Total for Category 267,916 267,916 2.193%
</TABLE>
<PAGE>
APPENDIX IB
PASSIVE INVESTORS IN THE DPO
The following table represents Passive Investors in DPO known to us as of
June 30, 2000. We anticipate this list will be modified from additions through
July 30, 2000 as well as other editing. Such modifications will be subject of a
Pre-Effective Amendment 1.
<TABLE>
Amount Maximum
Beneficially Owned Amount
Name of Beneficial Owner Prior to Offering to be Sold Percent of Class
------------------------ ----------------- ---------- ----------------
<S> <C> <C> <C>
21ST CENTURY TRADERS 100 100 0.001%
50TH AVENUE INVESTMENT CLUB 200 200 0.002%
A-1 IMPROVEMENTS 100 100 0.001%
BEA ABBAS 200 200 0.002%
JANET ABBAS 100 100 0.001%
TIMOTHY J ABBAS 120 120 0.001%
DAVID M ABBAS & JOAN A ABBAS J/T 200 200 0.002%
BENJAMIN ABRAHAM 500 500 0.004%
CRAIG ABRAHAM 200 200 0.002%
CLINT J ACKERSON 100 100 0.001%
ACKLEY INVESTMENT CLUB PARTNERSHIP 100 100 0.001%
WALTER D ADAM 100 100 0.001%
CHARLES L AGAN & JANICE M AGAN J/T 300 300 0.002%
TERRY L AHRENS & BONNIE K AHRENS J/T 400 400 0.003%
RICHARD J ALBRIGHT JR 300 300 0.002%
DANIEL J ALES & SHIRLEY M ALES J/T 100 100 0.001%
WILLIAM D ALEXANDER 100 100 0.001%
TODD ALEXANDER & MONIKA ALEXANDER J/T 300 300 0.002%
LYNN ALLBEE 100 100 0.001%
BETTYANN H ALLEN 100 100 0.001%
BRADLEY J ALLEN 200 200 0.002%
ERNEST E ALLEN 100 100 0.001%
ERIC J ALLEN & SHANNON M ALLEN J/T 100 100 0.001%
SALVATOR F ALLEVATO 200 200 0.002%
PATRICIA ALLGOOD & MARLENE SHELLEY J/T 200 200 0.002%
RICHARD ALMOND & MARY ALMOND J/T 100 100 0.001%
DIANE ANDERSON 100 100 0.001%
JEBEDIAH W ANDERSON 100 100 0.001%
LAVERNE R ANDERSON 1,000 1,000 0.008%
ROBERT W ANDERSON 100 100 0.001%
SANDRA K ANDERSON 200 200 0.002%
MARK ANDERSON & LISA ANDERSON J/T 200 200 0.002%
DANNY PETE ANDERSON & MARY JANE ANDERSON J/T 600 600 0.005%
TIMOTHY ANDERSON & MICHELLE ANDERSON J/T 400 400 0.003%
JAMES R ANDERSON & ROSANNE A ANDERSON J/T 400 400 0.003%
DOUGLAS P ANDERSON & SUSAN J ANDERSON J/T 100 100 0.001%
DOUGLAS P ANDERSON & SUSAN J ANDERSON J/T 300 300 0.002%
RUSSELL ANDEWAY & SUSAN ANDEWAY J/T 200 200 0.002%
LARRY R ANDRESS & CAROL L ANDRESS J/T 100 100 0.001%
BRIAN K ANDREW & CARRIE L ANDREW J/T 4,000 4,000 0.033%
TIMOTHY D ANDREWS 100 100 0.001%
RAYMOND L ANDREWS &JACQUELINE ANDREWS J/T 400 400 0.003%
ANEKY INVESTMENT CLUB 200 200 0.002%
RALPH ALAN ANNEAR & MONICA ROSE ANNEAR J/T 100 100 0.001%
PATRICIA A ANNETT & MARY J RANDAL J/T 200 200 0.002%
IB-1
<PAGE>
KIRK APPLEBY & CARILYN J APPLEBY J/T 500 500 0.004%
ROBERT APPLEGATE & DEBRA APPLEGATE J/T 100 100 0.001%
RALPH P ARENS 500 500 0.004%
MARIONE ARNDT 500 500 0.004%
VIRGIL V ARNS 200 200 0.002%
DEAN L ARP 200 200 0.002%
LYLA MATER'ON ARUM 100 100 0.001%
HANS ARWINE & LAURIE ARWINE J/T 100 100 0.001%
JESS D ARWINE & MARILYN J ARWINE J/T 200 200 0.002%
CRAIG ASHBAUGH 400 400 0.003%
STANLEY ASTELLE & JANET ASTELLE J/T 300 300 0.002%
HAROLD AUKES & ROBERTA AUKES J/T 200 200 0.002%
JOHN D AUNAN 100 100 0.001%
HAROLD AUTEN & SHELLI M AUTEN J/T 100 100 0.001%
ROBERT AXDAHL & LORI AXDAHL J/T 150 150 0.001%
EVAN M BABCOCK 100 100 0.001%
JAMES BACKUS 400 400 0.003%
ARTHUR D BACON & SUSAN E BACON J/T 100 100 0.001%
DONALD E BAIE & COLLEEN M BAIE J/T 100 100 0.001%
DELORES A BAKER 200 200 0.002%
GRETA E BAKER 400 400 0.003%
MARY PETERS BAKER 1,000 1,000 0.008%
BETTY BAKER & BERNIE KOZOSKY J/T 100 100 0.001%
DENNIS BAKER & DIANA BAKER J/T 100 100 0.001%
MIKE BAKER & STACIE BAKER J/T 100 100 0.001%
JOLEEN R BAKKEN & ERIK D BAKKEN J/T 400 400 0.003%
KENNETH BALDWIN 400 400 0.003%
KENNETH M BALDWIN 600 600 0.005%
ROGER A BALDWIN & CAROLYN K BALDWIN TIC 200 200 0.002%
DONALD R BALL & ERIN K BALL J/T 100 100 0.001%
DONALD R BALL & ERIN K BALL J/T 100 100 0.001%
ROGER BALLARD & MARY BALLARD J/T 100 100 0.001%
DOUGLAS A BALLARD SR & KATHLEEN L BALLARD J/T 1,000 1,000 0.008%
DAN L BALSLEY & CORRENA M BALSLEY J/T 600 600 0.005%
DON BANCROFT 200 200 0.002%
MARY JO BANKS 200 200 0.002%
MICHELLE M BANKS 200 200 0.002%
NATHAN M BARFELS 100 100 0.001%
KENNETH DALE BARFELS & SANDRA LEE BARFELS J/T 100 100 0.001%
JAMES I BARHITE & JUDY K BARHITE J/T 400 400 0.003%
JAYNE ANN BARNES 50 50 0.000%
SUE BARNES 100 100 0.001%
MARC D BARNHART 100 100 0.001%
WILLIAM R BARNHART 200 200 0.002%
CURTIS WAYNE BARRETT 300 300 0.002%
ROBERT L BARRETT & JANET E BARRETT J/T 100 100 0.001%
ROBERT H BASSETT & BONNIE BASSETT J/T 100 100 0.001%
MERLE K BATES 100 100 0.001%
IB-2
<PAGE>
JEFFREY ALLEN BAUER & SANDRA LYNN BAUER J/T 100 100 0.001%
JAN C BAUMANN & MICHELLE ANN BAUMANN J/T 100 100 0.001%
JAMES R BAYSE 100 100 0.001%
JOANN BAYSINGER & JIM BAYSINGER J/T 200 200 0.002%
PAUL V BEADLE & MARLENE B BEADLE J/T 250 250 0.002%
WILLIAM BEARDMORE & DIANNE BEARDMORE J/T 2,200 2,200 0.018%
JACOB A BEARDSLEE & JANIE K BEARDSLEE J/T 5 5 0.000%
NOAH P BEARDSLEE & JANIE K BEARDSLEE J/T 5 5 0.000%
CONNIE S BECK 200 200 0.002%
BRUCE BECK & DIANE BECK J/T 100 100 0.001%
LARRY M BECKER & ALANA F BECKER J/T 100 100 0.001%
C ALAN BEDDOW 100 100 0.001%
MICHAEL L BEEMER 20 20 0.000%
AARON BEIK 200 200 0.002%
E ROBERT BEJCEK & JUDY BEJCEK J/T 100 100 0.001%
DAVID TODD BELL 400 400 0.003%
MARY ANN BELLVILLE & DEAN D BELLVILLE J/T 100 100 0.001%
JAMES BELZER & BEVERKY BELZER J/T 600 600 0.005%
JOHN BEMER 100 100 0.001%
DENNIS C BENBOW &ROBBON J BENBOW J/T 100 100 0.001%
CAROL BENESH 200 200 0.002%
BRUCE A BENNETT 100 100 0.001%
MARK BENNETT 900 900 0.007%
ROBERT E BENNETT & BETTIE L BENNETT J/T 200 200 0.002%
STEPHEN EDWARD BENNETT & JUDY ANN BENNETT J/T 1,000 1,000 0.008%
JERRY BENNETT & LOIS BENNETT J/T 200 200 0.002%
BARTON L BENNING & MARY L BENNING J/T 200 200 0.002%
MARK BERENS 200 200 0.002%
PAULETTE F BERGER 500 500 0.004%
JAMES A BERGESON 200 200 0.002%
HAROLD BERGMAN & ROULINE BERGMAN J/T 50 50 0.000%
RICK BERGTHOLD 300 300 0.002%
LIBIER BERMUDEZ 20 20 0.000%
WAYNE A BERRETT & MILLIE R BERRETT J/T 100 100 0.001%
RONALD E BERRETT & REBECCA S BERRETT J/T 100 100 0.001%
BETTY M BERRY 500 500 0.004%
DAN BERRY & ANNE BERRY J/T 200 200 0.002%
NATHAN BEVING 1,000 1,000 0.008%
KATHLEEN L BICE 100 100 0.001%
DONALD BIDWELL 500 500 0.004%
NORMA J BIEGGER 100 100 0.001%
JAMES F BIEGGER & DEBORAH S BIEGGER J/T 100 100 0.001%
JAMES A BIEGGER & KAREN M BIEGGER J/T 100 100 0.001%
HAROLD E BIENFANG 300 300 0.002%
TOM BILLHEIMER & LINDA BILLHEIMER J/T 100 100 0.001%
RYAN BILLHEIMER & SHANNON BILLHEIMER J/T 100 100 0.001%
MARY J BJELLAND 20 20 0.000%
DONALD L BJELLAND & DENISE M BJELLAND J/T 200 200 0.002%
IB-3
<PAGE>
DELL BLAIR 1,400 1,400 0.011%
GLENN G BLAIR 1,000 1,000 0.008%
TRENT BLAIR 100 100 0.001%
RICK BLINT & KATHY BLINT J/T 100 100 0.001%
ERMA V BLOME 200 200 0.002%
HAROLD BLOME 200 200 0.002%
CAROL A BLOME & DEAN F BLOME J/T 20 20 0.000%
JULIE A BLUNT 2,000 2,000 0.016%
JULIE A BLUNT & JEFFREY DALE BLUNT J/T 200 200 0.002%
JULIE A BLUNT & JENNA LEA BLUNT J/T 200 200 0.002%
MICHAEL K BOBO 200 200 0.002%
MARK BOCKWOLDT 1,000 1,000 0.008%
DENNIS J BOECKENSTEDT & LORI A BOECKENSTEDT J/T 200 200 0.002%
MARK BOEKE & KATHY BOEKE J/T 1,000 1,000 0.008%
ERWIN BOEKE & LILLIAN BOEKE J/T 100 100 0.001%
DALE F BOES 105 105 0.001%
CHARLES WILLIAM BOLEN 200 200 0.002%
TAMI K BOLTE 100 100 0.001%
DONNIE J BOND 200 200 0.002%
JOAN M BONNER 100 100 0.001%
JOHN L BONNER & LEONA BONNER J/T 100 100 0.001%
DARRELL E BOOK & JOYCE L BOOK J/T 200 200 0.002%
DARRELL DEAN BOOTH 200 200 0.002%
CAMILLA E BORMANN 100 100 0.001%
PAUL D BORMANN 200 200 0.002%
ARTHUR W BORTON & DONNA K BORTON J/T 1,000 1,000 0.008%
CRAIG BORWICK & SHELIA BORWICK J/T 1,200 1,200 0.010%
KENNETH L BOSS & JEAN M BOSS J/T 100 100 0.001%
WAYNE BOSS & MARY BOSS J/T 400 400 0.003%
ANSIE M BOUWER 1,000 1,000 0.008%
STEPHEN T BOWERS & JENNY L BOWERS J/T 800 800 0.007%
STEPHEN T BOWERS JENNY L BOWERS J/T 100 100 0.001%
STEVEN BOWMAN 300 300 0.002%
THOMAS L BOYD 2,000 2,000 0.016%
DOUGLAS F BOYLER & CAROL BOYLER J/T 100 100 0.001%
DEBRA K BRADY 100 100 0.001%
CHRISTOPHER J BRAGA 100 100 0.001%
JAMES D BRAGA & CAROLYN M BRAGA J/T 100 100 0.001%
BRYAN BRANDERHORST & DEBRA BRANDERHORST J/T 400 400 0.003%
RON BRANDERHOST SHARON BRANDERHORST J/T 400 400 0.003%
ROX J BRANDSTATTER 200 200 0.002%
VIRGIL A BRANDT 200 200 0.002%
LEROY BRANDT & LYNNE BRANDT J/T 500 500 0.004%
BRETT L BRASS & ELINOR A BRASS J/T 1,000 1,000 0.008%
DOUGLAS J BRASS & PENNY S BRASS J/T 400 400 0.003%
BERNARD C BRECHT 200 200 0.002%
JACKSON P BREEN FBO TERRY LEEPER CUST 200 200 0.002%
IB-4
<PAGE>
TERRY A BREIER & ANNETTE M BREIER J/T 100 100 0.001%
CRAIG R BREMNER 100 100 0.001%
DAVID L BRENNECKE 400 400 0.003%
FRANK BRENNECKE 2,800 2,800 0.023%
FRANK BRENNECKE & DANIEL F BRENNECKE J/T 100 100 0.001%
FRANK BRENNECKE & DOUGLAS BRENNECKE J/T 100 100 0.001%
FRANK BRENNECKE & ELAINE J BRENNECKE J/T 100 100 0.001%
FRANK BRENNECKE & JACKIE BRENNECKE J/T 100 100 0.001%
FRANK BRENNECKE & JANITA ABBAS J/T 100 100 0.001%
FRANK BRENNECKE & JEANIE COOK J/T 100 100 0.001%
DANIEL F BRENNECKE & SANDY BRENNECKE J/T 200 200 0.002%
KENNETH E BREON & JACQUELINE A BREON J/T 100 100 0.001%
TED A BREWER & KAREN BREWER 250 250 0.002%
BONNIE BRIAN & BILL BRIAN J/T 100 100 0.001%
BRICKS STICKS & WIRE 42-1503381 100 100 0.001%
BRENT A BRIGGS 100 100 0.001%
ERNEST C BRIM & ALYCE A BRIM J/T 100 100 0.001%
PAUL (HANS) R BRINKMEYER 500 500 0.004%
CHRIS BRINKMEYER & CHRIS BRINKMEYER J/T 100 100 0.001%
CHARLES A BRINKMEYER & MARILYN BRINKMEYER J/T 400 400 0.003%
GRANT C BRINTNALL 100 100 0.001%
DAVID BRONNER & JUDITH BRONNER J/T 100 100 0.001%
GRAIG BROOKHART 100 100 0.001%
JOSEPH BROOKSHIRE 200 200 0.002%
CHARLES DEAN BROWER 1,000 1,000 0.008%
MARY JUNE BROWER 200 200 0.002%
CHARLENE BROWN 200 200 0.002%
DOROTHY J BROWN 200 200 0.002%
GEORGE J BROWN 100 100 0.001%
JAMES G BROWN 100 100 0.001%
VELMA R BROWN 300 300 0.002%
WILLIAM J BROWN 100 100 0.001%
CHARLENE A BROWN & JERRY L BROWN J/T 300 300 0.002%
ALLEN R BROWN & PATRICIA K BROWN J/T 100 100 0.001%
JAMES BROWN & TONI BROWN J/T 100 100 0.001%
JAMES A BRUCH 200 200 0.002%
ALLISON R BRUMMEL 100 100 0.001%
LARRY C BRUMMEL 100 100 0.001%
RACHAEL M BRUMMEL 100 100 0.001%
LARRY BRUMMEL & MARIA BRUMMEL J/T 600 600 0.005%
STEVEN R BRUNS & KAREN BRUNS J/T 400 400 0.003%
RICHARD L BRUNS & ROBERT L BRUNS J/T 1,000 1,000 0.008%
KENT BRUNS & SUZANNE BRUNS J/T 100 100 0.001%
KEITH BRUNT 100 100 0.001%
KIMBERLY A BRYAN 100 100 0.001%
ROGER G BRYAN 400 400 0.003%
TABITHA BRYAN 100 100 0.001%
KELLY BRYAN & LORI BRYAN J/T 100 100 0.001%
IB-5
<PAGE>
TODD BUCHANAN 1,000 1,000 0.008%
JASON BUCK & EMILY BUCK J/T 200 200 0.002%
GARY B BUCK & JULI A BUCK J/T 1,400 1,400 0.011%
JACQUELINE R BUCKINGHAM 100 100 0.001%
LUCAS BUETTNER 200 200 0.002%
RODNEY BUHR 400 400 0.003%
SCOTT BUITENWERF 400 400 0.003%
CRAIG BUITENWERF & JUDY BUITENWERF J/T 400 400 0.003%
SHANE BULTEN 100 100 0.001%
JOHN BUMAN II 140 140 0.001%
BRIAN E BURESH 100 100 0.001%
THERESA BURKE 100 100 0.001%
KERRY L BURMEISTER & KERI L BURMEISTER J/T 200 200 0.002%
MARGARET R BURNS 500 500 0.004%
MARK BUSKOHL & NANCY BUSKOHL J/T 1,000 1,000 0.008%
RICHARD J BUSTA 100 100 0.001%
LOIS C BUTE 500 500 0.004%
TERESA L BUTLER 100 100 0.001%
BILL J BUTLER & KATHLEEN A BUTLER J/T 500 500 0.004%
HAROLD M BUTZLOFF 1,000 1,000 0.008%
BRYAN BYRD & JENNIFER BYRD J/T 200 200 0.002%
JOHN EDWARD CAHILL & PATRICA L CAHILL J/T 200 200 0.002%
CURTIS CAIN 100 100 0.001%
LARRY R CAMERON & DONNA F CAMERON J/T 100 100 0.001%
ARDICE CAMMACK 100 100 0.001%
LARRY EDWIN CAMPBELL 300 300 0.002%
RUSSELL B CAMPBELL 1,000 1,000 0.008%
STEPHEN R CAMPBELL 100 100 0.001%
RONALD D CAMPBELL & LORI L CAMPBELL J/T 200 200 0.002%
RICK S CANEDO & LISA A CANEDO J/T 100 100 0.001%
ELAINE PHELPS CAPEK 200 200 0.002%
CAPITAL STREET INVESTORS 100 100 0.001%
NEAL A CARAWAY 100 100 0.001%
MIKE CARD 30 30 0.000%
RHONDA CARD 30 30 0.000%
WALTER M CARL 800 800 0.007%
E HERBERT CARLSON 1,000 1,000 0.008%
STEVEN CARLSON 200 200 0.002%
WENDELL R CARLSON 400 400 0.003%
ROBERT M CARLSON & CINDY M CARLSON J/T 100 100 0.001%
SCOTT M CARNAHAN & BRENDA LEE CARNAHAN J/T 100 100 0.001%
GRANT M & KYLE B & MARGAR CARNAHAN J/T 120 120 0.001%
JUDY ANN CAROLAN 600 600 0.005%
GARY M CARPENTER & JEAN CARPENTER J/T 100 100 0.001%
KENNETH G CARR & JOAN V CARR J/T 200 200 0.002%
CHRISTINE CARSON 200 200 0.002%
ROBERT M CARSON 200 200 0.002%
EVERETTE C CARSON & BRIAN J CARSON J/T 100 100 0.001%
IB-6
<PAGE>
EVERETTE C CARSON & DENNIS R CARSON J/T 100 100 0.001%
ARLO CARSON & JOY CARSON J/T 2,000 2,000 0.016%
EVERETTE C CARSON & LOLA J CARSON J/T 100 100 0.001%
BRIAN J CARSON & SHARON A CARSON J/T 500 500 0.004%
EVERETTE C CARSON & STEVEN C CARSON J/T 100 100 0.001%
ALTON B CARSRUD & DELORIES J CARSRUD J/T 200 200 0.002%
DUANE CARSTENS 100 100 0.001%
PHYLLIS A CASSEL & ROBERT J CASSEL J/T 100 100 0.001%
MARJORIE L CASTAGNOLI & LAWRENCE M CASTAGNOLI J/T 200 200 0.002%
DEBORAH K CASTILLO 100 100 0.001%
DANIEL J CASTLE 400 400 0.003%
WARREN H CATERON & PATRICIA A CATERON J/T 200 200 0.002%
WARREN CATERON & PATRICIA CATERON J/T 100 100 0.001%
CHAD CEARLEY 100 100 0.001%
FRANKLIN CEARLEY 300 300 0.002%
CEDE & CO 82,100 82,100 0.672%
MICHAEL J CELANIA & DIANA L CELANIA J/T 100 100 0.001%
EDWIN P CHAMBERLIN & CHARLEEN A CHAMBERLIN J/T 100 100 0.001%
JACK L CHAMBERS 2,000 2,000 0.016%
BRUCE J CHAMBERS & KAREN S CHAMBERS J/T 400 400 0.003%
DIANE CHAMBERS & ROBERT CHAMBERS J/T 200 200 0.002%
BRUCE R CHANEY 500 500 0.004%
PANSIE CHAPMAN 100 100 0.001%
CLINTON D CHAPMAN & LESLIE D CHAPMAN J/T 400 400 0.003%
TERRY W CHAPMAN JERRY W CHAPMAN J/T 120 120 0.001%
DEAN R ROGERS CHARLENE J/T 100 100 0.001%
ROBERT A CHARLESTON & CATHY C CHARLESTON J/T 400 400 0.003%
DONALD L CHEENEY & RACHEL CHEENEY J/T 400 400 0.003%
MARY J CHEVILLE 200 200 0.002%
DAVID C CHRISTENSEN 200 200 0.002%
MAX T CHRISTENSEN & KATHIE L CHRISTENSEN J/T 100 100 0.001%
CHAD CHRISTIANSON & NICOLE CHRISTIANSON J/T 100 100 0.001%
BYRON CHURCH & KATHLEEN CHURCH J/T 100 100 0.001%
DEAN C CHURCHILL 300 300 0.002%
DENNIS CINKI & JANICE CINK J/T 200 200 0.002%
DALLAS CIZEK 200 200 0.002%
CHRISTOPHER KELLY CLARK 1,000 1,000 0.008%
RICKY LYNN CLARK 400 400 0.003%
TIMOTHY B CLARK 100 100 0.001%
RICHARD CLARK & LEROY D CLARK J/T 200 200 0.002%
JOHN J CLARK & LORRAINE F CLARKE J/T 100 100 0.001%
ML CLARK & MARLENE CLARK J/T 500 500 0.004%
JEFFREY LEE CLARK & TAWNY C CLARK J/T 100 100 0.001%
TRENT CLAUDE 100 100 0.001%
MIKE CLAUSEN & SCOTT BURRICHTER J/T 100 100 0.001%
DONALD C CLAUSON 100 100 0.001%
JACK E CLEAVELAND 100 100 0.001%
DAVID CLINKINBEARD & JULIE CLINKINBEARD J/T 100 100 0.001%
IB-7
<PAGE>
THOMAS C CLINTON 100 100 0.001%
CLINTON NATIONAL BANK TTEE MED ASSOC 401K-VIDAL D 200 200 0.002%
CLINTON NAT'L BK TR MED ASSO 401K-VIDAL 7/01/89 200 200 0.002%
DEWITT CLOCK & JOAN CLOCK J/T 600 600 0.005%
COLE R COBB 100 100 0.001%
JAMES C COCKERHAM 200 200 0.002%
MICHAEL J COCKERHAM 400 400 0.003%
RAYMOND L COCKERHAM & HELEN R COCKERHAM TENCOM 200 200 0.002%
BARBARA J COFFIN & LARRY M COFFIN J/T 100 100 0.001%
JASON MATTHEW COGDILL 100 100 0.001%
RONALD L COLLUM & VICKI L COLLUM J/T 200 200 0.002%
BERNIE L COLWILL & SHERRYL A COLWILL J/T 200 200 0.002%
JOHN D COMBELLICK & CINDY J DVORAK J/T 600 600 0.005%
DONNA M CONAWAY 200 200 0.002%
JOHN A CONAWAY 200 200 0.002%
BRIAN J CONNICK & CARI L CONNICK J/T 200 200 0.002%
ORVETTA C CONRAD TR UDT 08-06-1999 100 100 0.001%
KENNETH L CONVERSE & KARNA J CONVERSE J/T 300 300 0.002%
BOB CONYERS & RICHARD L SCHLEIS PARTNERSHIP 100 100 0.001%
ROBERT CONYERS & RICHARD SHCLEIS J/T 50 50 0.000%
RICHARD L COOK & BARBARA J COOK J/T 100 100 0.001%
WILLIAM P COOK & LYNNETTE V COOK J/T 100 100 0.001%
JERRY LEE & LOUISE L COOK & RITCHIE DEAN THORNBURG J/T 100 100 0.001%
STEPHEN M CORBER 200 200 0.002%
BRIAN A CORCORAN 300 300 0.002%
NANCY E CORNELL & MELODY L CORNELL J/T 100 100 0.001%
PAUL A CORY & CATHY M CORY J/T 400 400 0.003%
VIOLET L COSGROVE 100 100 0.001%
DIANE K COURTNEY 400 400 0.003%
LYLE J COVINGTON 1,000 1,000 0.008%
DOUGLAS L COWAN 1,000 1,000 0.008%
DONALD L COWEN 200 200 0.002%
TASHA M COWLES 400 400 0.003%
HOWARD L COX 400 400 0.003%
SUSAN COY 100 100 0.001%
DONNARAE CRANSTON 100 100 0.001%
LARRY CRANSTON 1,500 1,500 0.012%
WALLACE F CRAWFORD 100 100 0.001%
RANDY C CRAWFORD & BLAKE R CRAWFORD TENCOM 2,000 2,000 0.016%
RONALD L CRAWFORD & DIANNE L CRAWFORD J/T 800 800 0.007%
NORMAN K CRETSINGER & JANET M CRETSINGER J/T 500 500 0.004%
KRISTIN J CRIM 200 200 0.002%
JOHN P CRONIN 200 200 0.002%
PATRICK J CRONIN 200 200 0.002%
NORMA JEAN CROOK 200 200 0.002%
RICHARD L CROSSER & CAROLYN J CROSSER J/T 200 200 0.002%
MATTHEW T CROUSE & DIANE K CROUSE TIC 100 100 0.001%
BART CROUSE & MICHELE CROUSE J/T 100 100 0.001%
IB-8
<PAGE>
TROY CUMMINS & LESHIA CUMMINS J/T 200 200 0.002%
BRYCE A CUNNINGHAM 200 200 0.002%
MICHAEL G CUPPLES & SHERYL L CUPPLES J/T 100 100 0.001%
CELIA CURRY 100 100 0.001%
JACK J DACK & TWILLA W DACK J/T 100 100 0.001%
MILDRED E DAGIT & WILLIAM C DAGIT J/T 200 200 0.002%
DAVE J DAHLGREN & KATHY DAHLGREN J/T 100 100 0.001%
MARILYN M DALESKE 100 100 0.001%
GERALD W DALLY 100 100 0.001%
JANE A DANIELS 100 100 0.001%
JON DANIELSON & MICHELLE DANIELSON J/T 1,000 1,000 0.008%
MARK L DASCHNER & KAREY A DASCHNER J/T 100 100 0.001%
TIM DAVENPORT 100 100 0.001%
JENNIE L DAVIDSON 300 300 0.002%
STUART B DAVIDSON & LORI DAVIDSON J/T 200 200 0.002%
CYNTHIA ANGELINE DAVIS 500 500 0.004%
SCOTT A DAVIS & SANDRA J DAVIS J/T 200 200 0.002%
H DEAN DAWSON & LAURA L DAWSON J/T 400 400 0.003%
KATHLEEN W DAY 200 200 0.002%
VERL E DAY & CYNTHIA DAY J/T 200 200 0.002%
HARVEY J DE BOER & DELORES DE BOER J/T 200 200 0.002%
DAVID R DEARINGER & SHANEL DEARINGER J/T 400 400 0.003%
KENNETH H DEBNER 400 400 0.003%
HARVEY J DEBOER & DELORES C DEBOER J/T 100 100 0.001%
HARLAN J DEBOER & MICHELE K DEBOER J/T 100 100 0.001%
BARBARA E DEGEEST 100 100 0.001%
PAUL R DEGEEST & BENHJAMIN GREGORY DEGEEST J/T 100 100 0.001%
DAVID L DEHASS 100 100 0.001%
DAVID T DEHASS & YVONNE L DEHASS J/T 120 120 0.001%
MARJORIE P DEHNING 100 100 0.001%
GREGORY DEJONG & BONNIE DEJONG J/T 10,000 10,000 0.082%
ROBIN R DELAGARDELLE 100 100 0.001%
NORMAN T DELAGARDELLE & LINDA M DELAGARDELLE J/T 100 100 0.001%
B L DELFFS & M A DELFFS J/T 100 100 0.001%
RICK A DENGLER 200 200 0.002%
RICKY C DENTON & MARY L DENTON J/T 100 100 0.001%
ROY A DENZLER JR & MARGARET A DENZLER J/T 500 500 0.004%
DAVID D DERFLINGER & TERRI L DERFLINGER J/T 200 200 0.002%
W RICHARD DEWEIN & YVONE G DEWEIN J/T 100 100 0.001%
ROBERT G DEYEN & MARCIA F DEYEN J/T 100 100 0.001%
LARRY DEZEEUW & REBECCA DEZEEUM J/T 500 500 0.004%
FRANK H DIERENFELD 200 200 0.002%
THOMAS D DILTZ & KAREN K DILTZ TIC 200 200 0.002%
LAWRENCE A DISNEY & DEBRA J DISNEY J/T 400 400 0.003%
DOAK MARKETING INC 900 900 0.007%
DANIEL H DOBBIN 200 200 0.002%
DOUGLAS BRUCE DODD & RUTH REBECCA DODD J/T 400 400 0.003%
LOWELL E DOERDER & MARY A DOERDER J/T 1,000 1,000 0.008%
IB-9
<PAGE>
LESTER G DOERING 500 500 0.004%
LARRY DOERING & LYNN DOERING J/T 400 400 0.003%
JOHN E DOHLMAN & LOUISE K DOHLMAN J/T 100 100 0.001%
ALFRED DONAHUE & SANDRA DONAHUE J/T 200 200 0.002%
DONALDSON LUFKIN & JENRETTE SECURITIES CORP 1,000 1,000 0.008%
SCOTT DONOVAN 100 100 0.001%
KEVIN D DORRINGTON & TERRI H DORRINGTON 250 250 0.002%
ADRIAN K DORSMAN & ALBERTA J DORSMAN J/T 400 400 0.003%
RYAN DOSCHADIS 100 100 0.001%
FLOYD DOTY & JEAN DOTY J/T 400 400 0.003%
NORMA DOUGLAS & MARTIN DOUGLAS J/T 400 400 0.003%
DONALD J DOYLE & TARA L DOYLE J/T 850 850 0.007%
EDWIN A DRAKE 1,000 1,000 0.008%
ROBERT C DRAKE & JILL DRAKE J/T 100 100 0.001%
KIRSTEN R DRALLE 100 100 0.001%
BRIAN J DREES & MELINDA J DREES J/T 150 150 0.001%
RON D DREITH & CONNIE L DREITH J/T 100 100 0.001%
ROD L DREXLER & MAUREEN E DREXLER J/T 800 800 0.007%
JOANNE DRISCOLL 100 100 0.001%
WAYNE W DUCOMMUN & GERALDINE R DUCOMMUN J/T 100 100 0.001%
CARL M DUDDEN 20 20 0.000%
JOAN C DUDEK 200 200 0.002%
LLOYD DUFFE & NIDIA DUFFE J/T 900 900 0.007%
STEVEN P DUFFY & JILL L DUFFY J/T 200 200 0.002%
HAROLD LEE DUHN & JULIE ANN DUHN J/T 100 100 0.001%
MARK K DUHR 400 400 0.003%
WAYNE DULANEY 100 100 0.001%
DENNIS L DUNCAN & JEANETTE E DUNCAN J/T 200 200 0.002%
RONALD DUNSBERGER & JULIE ANNE DUNSBERGER J/T 100 100 0.001%
JAMES D DURELL & BARBARA A DURELL J/T 200 200 0.002%
MARJORIE DUTCHIK & RAYMOND DUTCHIK J/T 200 200 0.002%
GLEN M DUTLER & IONA E DUTLER J/T 300 300 0.002%
KRANTZ R DVERG TR OF THE R DVERG KRANTZ REV TR 400 400 0.003%
MICHAEL S DWYER & MARGO S DWYER J/T 100 100 0.001%
MARION DYKSTRA & RUTH DYKSTRA J/T 500 500 0.004%
MARGARET E EBEL 100 100 0.001%
THOMAS EBERLE & MARY EBERLE J/T 100 100 0.001%
PAUL EBERLINE & JANET EBERLINE J/T 100 100 0.001%
RICHARD EBERS & ARLA MAE EBERS J/T 200 200 0.002%
JOEL R ECKMAN & JUDY O ECKMAN J/T 400 400 0.003%
CRAIG L EDGERTON 100 100 0.001%
JEFF L EDLER 100 100 0.001%
EDWARD D JONES & CO CUST FBO STEVEN K CROW 2,000 2,000 0.016%
SCOTT K EDWARDS & KIMBERLY R EDWARDS J/T 200 200 0.002%
RONALD E EDWARDS & SUSAN K EDWARDSJ/T 200 200 0.002%
RONALD E EDWARDS & SUSAN K EDWARDS J/T 200 200 0.002%
CHUCK EHREDT 200 200 0.002%
SCOTT EHREDT 200 200 0.002%
IB-10
<PAGE>
DALE J EICHENBERGER & MARILYN SUE EICHENBERGER J/T 200 200 0.002%
RICHARD EILBERT & TONI EILBERT J/T 600 600 0.005%
IRVIN EILERS 100 100 0.001%
RANDY J EILERS 600 600 0.005%
JAMES G EISCHEID & JEANNETTE M EISCHEID J/T 300 300 0.002%
GARY EISCHEN & KAREN EISCHEN J/T 100 100 0.001%
JOHN J EITEL & PATRICIA M EITEL J/T 200 200 0.002%
MARVIN E ELGIN & ELLA JEANE ELGIN J/T 200 200 0.002%
BARBARA D ELKIN 100 100 0.001%
ARLAN ELLER & DARLYS ELLER J/T 100 100 0.001%
HOMER ELLER & ELAINE ELLER J/T 200 200 0.002%
SHELIA ELLER & JIM ELLER J/T 100 100 0.001%
KYLE A ELLER & TONI R ELLER J/T 300 300 0.002%
DALLAS ELLINGSON & LORI ELLINGSON J/T 200 200 0.002%
LEO VAN ELSWYK & RUTH ANN VAN ELSWYK J/T 100 100 0.001%
RALPH C ELWICK & MARY ELWICK J/T 200 200 0.002%
MARK A EMERSON & LUANN L EMERSON J/T 100 100 0.001%
LARRY E ENDRES 100 100 0.001%
ARLENE M ENGELBY 40 40 0.000%
ARLENE M ENGELBY & BENNIE U ENGELBY J/T 20 20 0.000%
JESSICA L ENGELBY & BENNIE U ENGELBY J/T 5 5 0.000%
PATRICK J ENGELBY & BENNIE U ENGELBY J/T 5 5 0.000%
ARLENE M ENGELBY & BRAD L ENGELBY J/T 20 20 0.000%
JOSHUA A ENGELBY & BRAD L ENGELBY J/T 5 5 0.000%
ARLENE M ENGELBY & DARCIE R JASS J/T 20 20 0.000%
ARLENE M ENGELBY & DEANNA M ENGELBY J/T 20 20 0.000%
ARLENE M ENGELBY & JANIE K BEARDSLEE J/T 20 20 0.000%
ARLENE M ENGELBY & JULIE B ENGELBY J/T 20 20 0.000%
ARLENE M ENGELBY & TIMOTHY T ENGELBY J/T 20 20 0.000%
ARLENE M ENGELBY & TRACIE J ENGELBY J/T 20 20 0.000%
KEVIN ENGELKING 400 400 0.003%
MARY F ENGELKING 400 400 0.003%
MARY F ENGELKING & KEVIN ENGELKING J/T 200 200 0.002%
MARY F ENGELKING & ROBIN M REKERS J/T 200 200 0.002%
TRAVIS DOUGLAS ENGELSON 100 100 0.001%
LARRY D ENGELSON & JEAN ENGLESON J/T 120 120 0.001%
ASHLEY V ENTENZA & CAROL A MURPHY J/T 100 100 0.001%
T ADAM ENTENZA & CAROL A MURPHY J/T 100 100 0.001%
JOAN ERICKSON 200 200 0.002%
JOE J ERNST 200 200 0.002%
JEROME L ERRTHUM & MARLENE M ERRTHUM J/T 200 200 0.002%
EUGENE ESLINGER & BARBARA ESLINGER J/T 800 800 0.007%
ESMANN PROPERTIES-VIRGIL THOMAS RILEY TR 2,000 2,000 0.016%
GORDON L ESPELUND & RUTH-ANNE ESPELUND J/T 500 500 0.004%
M JOE ETCHINGHAM 200 200 0.002%
MICHAEL ETCHINGHAM 50 50 0.000%
ROBERT ETTER 400 400 0.003%
ROBERT D ETTER & BECKY L ETTER J/T 1,600 1,600 0.013%
IB-11
<PAGE>
ROBERT L ETTER & MINNIE L E ETTER J/T 400 400 0.003%
R D LEE EVANS 500 500 0.004%
DAVID W EVANS & LYNETTE EVANS J/T 100 100 0.001%
RICHARD EVERHART & SHIRLEY A EVERHART J/T 100 100 0.001%
DREW EWING 200 200 0.002%
TEDDY L EWING & JUDY A EWING J/T 200 200 0.002%
EWING FAMILY FARMS LC 1,000 1,000 0.008%
JANICE W FABER 100 100 0.001%
KEVIN G FAES & SUSAN J FAES J/T 400 400 0.003%
JAMES W FAHEY 200 200 0.002%
IRVIN BUD FAIR & TERESA FAIR J/T 100 100 0.001%
J EDWARD FARIS & MARY FARIS J/T 400 400 0.003%
FARRELL PROPERTIES INC 1,000 1,000 0.008%
MARK S FEAKER & ERIN C FEAKER J/T 100 100 0.001%
RICHARD D FEENSTRA & PAMELA FEENSTRA J/T 100 100 0.001%
ROBERT L FERGESON & MARY G FERGESON J/T 400 400 0.003%
JERRY J FERSTL & JERRI LYNN FERSTL J/T 100 100 0.001%
MIKE A FERTIG & KATHRYN J FERTIG J/T 100 100 0.001%
JOHN SCOTT FEYERHERM 200 200 0.002%
KURT A FIDDELKE & NORMA P FIDDELKE J/T 100 100 0.001%
WILLIAM J FIELDS & MARY JANIS FIELDS J/T 200 200 0.002%
SHARON K FILLMORE 100 100 0.001%
FIRST AVENUE LIMITED CO 100 100 0.001%
JOHN M FISHER & LYNETTE L FISHER J/T 100 100 0.001%
HAROLD FISTLER & CECELIA FISTLER J/T 200 200 0.002%
THOMAS A FITZGERALD 1,000 1,000 0.008%
ANGELA M FITZGERALD & MARY JO TUNGESVIK J/T 20 20 0.000%
CATHERINE E FITZGERALD & MARY JO TUNGESVIK J/T 20 20 0.000%
CHARLES M FITZGERALD & MARY JO TUNGESVIK J/T 20 20 0.000%
JAMES P FITZGERALD & MARY JO TUNGESVIK J/T 20 20 0.000%
THERESA A FITZGERALD & MARY JO TUNGESVIK J/T 20 20 0.000%
MABEL FLAIG & TAMARA FLAIG J/T 100 100 0.001%
SHARON FLETCHALL 100 100 0.001%
CHRIS FLETCHALL & TINA FLETCHALL J/T 200 200 0.002%
GEORGE W FLICK & ANNETTE R FLICK J/T 100 100 0.001%
JIMMY L FLOWERS 100 100 0.001%
MICHELLE FLYNN 200 200 0.002%
JOHN W FOLEY & RITA K FOLEY J/T 100 100 0.001%
DONALD H FOLKERS 100 100 0.001%
ROBERT L FORBES & ZAIDEE I FORBES J/T 100 100 0.001%
DANNY FOREMAN & DOTTIE FOREMAN J/T 200 200 0.002%
DANNY D FOREMAN & DOTTIE FOREMAN J/T 200 200 0.002%
MICHAEL J FORRET & JANE E KELLY-FORRET J/T 800 800 0.007%
MARGARET F FOSSEEN & MARCY CHAUSSEE J/T 100 100 0.001%
EUGENE F FRAME & EVELYN M FRAME J/T 400 400 0.003%
JUDY A FRANA 100 100 0.001%
HAROLD D FRANCIS & JOANNA L FRANCIS J/T 100 100 0.001%
KURT FRANK & LISA FRANK J/T 100 100 0.001%
IB-12
<PAGE>
JEFF A FRANK & SHAMAYNE M FRANK J/T 200 200 0.002%
DONALD E FRANK JR & JANET J FRANK J/T 300 300 0.002%
DONALD P FRANKL 200 200 0.002%
CASS FRANKLIN 2,000 2,000 0.016%
PAMELA SUE FRANKVILLE 100 100 0.001%
JAMES DEAN FRANZEN 200 200 0.002%
SUZANNE M FREDREGILL & RAYMOND H FREDREGILL J/T 200 200 0.002%
JIM FREEBORN & GINA FREEBORN J/T 200 200 0.002%
ROBERT FREEL & MARGARET G FREEL J/T 200 200 0.002%
REUBEN FREESE & ELEANOR FREESE J/T 100 100 0.001%
RAYMOND J FREESE & LAVON M FREESE J/T 100 100 0.001%
MICHAEL FREIDHOF DBA MIKES SERVICE CENTER 200 200 0.002%
JIM R FRENCH & JANET C FRENCH J/T 100 100 0.001%
SHARON A FRERKER 100 100 0.001%
SUSAN C FREYLACK 2,000 2,000 0.016%
ROBERT A FRIDLEY & MARY JANE FRIELEY J/T 100 100 0.001%
KATHY A FRIESEN 2,000 2,000 0.016%
DOUGLAS W FROST 100 100 0.001%
MICHAEL A FRYSLIE & J KATHLEEN FRYSLIE J/T 200 200 0.002%
JAMES R FUEGEN & JAN L FUEGEN J/T 200 200 0.002%
LARRY M FUHRMAN & CLAUDIA A FUHRMAN J/T 100 100 0.001%
RON FUHRMAN & PAM FUHRMAN J/T 100 100 0.001%
DENNIS FUHRMAN & SHARON FUHRMAN J/T 100 100 0.001%
ROBERT D FULLER & ARLEEN FULLER J/T 100 100 0.001%
CHARLES R FUNK & CYNTHIA E FUNK J/T 300 300 0.002%
LAWRENCE D FURLONG 100 100 0.001%
JOAN A FURST & RAYMOND L FURST J/T 100 100 0.001%
CLAYTON E GABRIELSON & RUBY J GABRIELSON J/T 1,200 1,200 0.010%
STEVEN L GAFFNEY 100 100 0.001%
JERRY GAFFNEY & CINDY GAFFNEY J/T 100 100 0.001%
FREDERICK J GAGEN 100 100 0.001%
TERRY W GALLENTINE 100 100 0.001%
KRISTINA I GAMBAIANA & ROBIN I GAMBAIANA J/T 100 100 0.001%
DANIEL L GAMMON & LISA L GAMMON J/T 100 100 0.001%
DOUGLAS A GANFIELD & ROSE M GANFIELD J/T 100 100 0.001%
STEPHEN A GARD & PEGGY J GARD J/T 100 100 0.001%
JAMES D GARLOW & MARJORIE E GARLOW J/T 100 100 0.001%
KEITH GARRENGER 100 100 0.001%
JAMES GARRINGER 100 100 0.001%
KIM O GARWICK 20,000 20,000 0.164%
OLIVER L GARWICK & AMELIA J GARWICK J/T 1,000 1,000 0.008%
KIM O GARWICK & NICHOLAUS D GARWICK J/T 100 100 0.001%
KIM O GARWICK & ZACHARIA A GARWICK J/T 1,000 1,000 0.008%
HOWARD G GASTER & DEBRA L GASTER J/T 100 100 0.001%
RICHARD T GATES 400 400 0.003%
MARK GATREL 300 300 0.002%
ROBERT GATREL & PATRICIA GATREL J/T 200 200 0.002%
EDWARD J GAUDET 100 100 0.001%
IB-13
<PAGE>
GAY-LOU ENTERPRISES INC 200 200 0.002%
BRETT A GEARY & JUDY K GEARY J/T 1,000 1,000 0.008%
RON GEHRKE & MARION GEHRKE J/T 500 500 0.004%
BRYCE GEHRMANN 100 100 0.001%
RONALD E GEIGER & CAROL J GEIGER J/T 1,000 1,000 0.008%
WILLIAM J GEIL & JUDITH I GEIL J/T 100 100 0.001%
SUSAN M GEORGE & MICHELLE R PRICE J/T 300 300 0.002%
SCOTT GEORGE & RHONDA GEORGE J/T 100 100 0.001%
JAMES N GEORGE & SANDRA J GEORGE J/T 200 200 0.002%
GEORGE D NOLEN ASSOCIATES 200 200 0.002%
GAIL L GHORN & JOHN A THORN J/T 100 100 0.001%
GARY GIBBS & CAROL GIBBS J/T 300 300 0.002%
JAMES A GILBERTSON & JUDY GILBERTSON J/T 100 100 0.001%
JO ANN GILCHRIST 1,000 1,000 0.008%
DAVID G GILLASPIE & JANICE L GILLASPIE J/T 200 200 0.002%
HOWARD C GILLESPIE 200 200 0.002%
JOHN W GILMORE & ALICE J GILMORE J/T 400 400 0.003%
GARY L GLAWE 100 100 0.001%
EVANGELINE J GLAZEBROOK 200 200 0.002%
BRIAN GLEASON 200 200 0.002%
DICK GLESSNER 400 400 0.003%
ALLEN GOCHE & JANICE M GOCHE J/T 300 300 0.002%
CAROL A GOERDT 200 200 0.002%
RUSSELL W GOODMAN 100 100 0.001%
A DUANE GOODMANSON 200 200 0.002%
PAUL F GOODWIN & MARYLIN GOODWIN J/T 200 200 0.002%
GENE GORBY & KATHLEEN GORBY J/T 200 200 0.002%
DOUGLAS LORING GORDON 200 200 0.002%
DAVID L GORDON & PENNY L GORDON J/T 200 200 0.002%
CAROLINE GOULET 800 800 0.007%
STANLEY C GOURD & JUDY A GOURD J/T 100 100 0.001%
SAMUEL S GRABILL & SHIRLEY R GRABILL J/T 200 200 0.002%
STEVE GRAESSER 150 150 0.001%
ROBERT D GRAFF & N PAULETTE GRAFF J/T 300 300 0.002%
ROLLIE J GRAHAM & SONYA CAMPBELL J/T 200 200 0.002%
ROLLAND GRAHAM & WILMA GRAHAM J/T 500 500 0.004%
JERRY W GRAM & CHERYL D GRAM J/T 400 400 0.003%
JOHN T GRASER JR & EDITH T GRASER J/T 300 300 0.002%
MICHAEL GRASSO & PALOMA GRASSO J/T 200 200 0.002%
PATRICK ALAN GRAY AN/& JULIE ANN GRAY J/T 100 100 0.001%
WILLIAM GREATHOUSE & KIM GREATHOUSE J/T 200 200 0.002%
LINDA A GREENE 400 400 0.003%
MICHAEL E GREGER 100 100 0.001%
RICHARD D GREGORY 300 300 0.002%
MICHAEL DEAN GREIF 160 160 0.001%
BRUCE GRESS 100 100 0.001%
RAY KEITH GRESS & JUDITH SANDRA GRESS J/T 100 100 0.001%
RANDY GREUFE & SANDRA GREUFE J/T 101 101 0.001%
IB-14
<PAGE>
WILLIAM E GRIFFIN & MATTHEW E GRIFFIN J/T 1,000 1,000 0.008%
JARED GRIMES 100 100 0.001%
TODD GROAT 100 100 0.001%
JEAN GROEN 500 500 0.004%
CARROLL J GROEN REVOCABLE TRUST 1,000 1,000 0.008%
MARION J GROOT & LAURA E GROOT J/T 100 100 0.001%
JOSEPH A GROSS 100 100 0.001%
J WILLIAM GROVE & LOIS M GROVE J/T 100 100 0.001%
TERRY MICHAEL GROVE & MERRY JANE GROVE J/T 100 100 0.001%
PAUL E GROVERT 100 100 0.001%
HERBERT R GROVES & NINA J GROVES J/T 2,000 2,000 0.016%
MARK GRUBB & HOLLY GRUBB J/T 200 200 0.002%
OLGANIDA GRUBER 1,000 1,000 0.008%
JOHN GRUMAN & ADAM GRUMAN CUST 100 100 0.001%
JOHN GRUMAN & AMANDA NAGEL CUST 100 100 0.001%
JOHN GRUMAN & CHRISTOPHER GRUMAN CUST 100 100 0.001%
JOHN GRUMAN & CURTIS GRUMAN CUST 100 100 0.001%
JOHN F GRUMAN & DIANE M GRUMAN J/T 3,000 3,000 0.025%
JOHN GRUMAN & ELIZABETH GRUMAN CUST 100 100 0.001%
JOHN GRUMAN & EMILY GRUMAN CUST 100 100 0.001%
BERNARD M GRUMAN & MARCIA L GRUMAN J/T 400 400 0.003%
JOHN GRUMAN & OLIVIA NAGEL CUST 100 100 0.001%
JOHN GRUMAN & SARAH GRUMAN CUST 100 100 0.001%
JOHN GRUMAN & VERONICA NAGEL CUST 100 100 0.001%
JOHN GRUMAN C/F BENJAMIN NAGEL UGMA IA 100 100 0.001%
ILENE K GUARD 200 200 0.002%
JANICE & CARL GUIDAGER & STEPHANIE TORSKY J/T 500 500 0.004%
CHARLES R GUILLAUME & MARY ANN GUILLAUME J/T 1,000 1,000 0.008%
JANICE GULDAGER & CARL GULDAGER J/T 500 500 0.004%
JANICE & CARL GULDAGER & JACOB TORSKY J/T 500 500 0.004%
JAMES D HAAGE & JULIE A HAAGE J/T 600 600 0.005%
BEVERLY J HAAS & EARL F HAAS J/T 100 100 0.001%
JIM HACKBARTH 500 500 0.004%
NORMAN HACKNEY & CAROL HACKNEY J/T 200 200 0.002%
DONALD R HADENFELDT & REBECCA S HADENFELDT J/T 100 100 0.001%
JOHN L HAFNER & VICKI L HAFNER J/T 100 100 0.001%
BRUCE HAGEDORN & BETTY HAGEDORN J/T 400 400 0.003%
WALTER HAGER & ARDYTHE STRADER HAGER J/T 100 100 0.001%
ARLYN A HAKE 1,000 1,000 0.008%
ELVERN L HAKE 1,000 1,000 0.008%
THOMAS R HALL & AMBER FLEMING J/T 1,000 1,000 0.008%
JOHN DEAN HALL & VERLAINE GAIL HALL J/T 100 100 0.001%
AMANDA HALL & WAYNE HAWORTH J/T 1,000 1,000 0.008%
NEDRA E HALLBERG TRUST 100 100 0.001%
JAMES L HALLS & JANICE C HALLS J/T 400 400 0.003%
PATRICIA R HALSTEAD 1,400 1,400 0.011%
CLAYTON D HAMAN & NATHAN D HAMAN J/T 200 200 0.002%
BRAD HAMES & TRACY HAMES J/T 100 100 0.001%
IB-15
<PAGE>
JAMES L HAMILTON & MARGARET A HAMILTON J/T 120 120 0.001%
JERRY HAMMOND 100 100 0.001%
JOAN HAMMOND 100 100 0.001%
CHARLES E HAND & NIETA LEE HAND J/T 200 200 0.002%
JOHN M HAND & ROSIE V HAND J/T 200 200 0.002%
GARY HANDLAND & DIANE HANDLAND J/T 100 100 0.001%
WADE HANDLAND & LASEY HANDLAND J/T 200 200 0.002%
HANDLAND TRUCKING CORP 200 200 0.002%
DANIELLE M HANDSAKER 100 100 0.001%
DAVID LEE HANDSAKER 100 100 0.001%
LARRY HANKINS & RONALD S BEARMORE II 100 100 0.001%
FRAN HANLON & SEN HANLON J/T 300 300 0.002%
CHARLES L HANNAHS & LYONA F HANNAHS J/T 200 200 0.002%
CLAYTON HANSEN 300 300 0.002%
DALLAS L HANSEN 1,000 1,000 0.008%
DENNIS L HANSEN 2,000 2,000 0.016%
DONNA J HANSEN 100 100 0.001%
DONALD H HANSEN & CONSTANCE HANSEN J/T 1,000 1,000 0.008%
JODI HANSEN & CRAIG HANSEN J/T 400 400 0.003%
TIM MOHR JEAN HANSEN & PAULA WALLERSTEDT TENCOM 200 200 0.002%
ALAN T HANSEN & SIMONE J HANSEN J/T 200 200 0.002%
ELAINE HANSON 200 200 0.002%
KATHLEEN HANSON 300 300 0.002%
MARLYN D HANSON 200 200 0.002%
PERRY L HANSON & MARISSA KAY HANSON J/T WROS 100 100 0.001%
JOANNE B HANUS 100 100 0.001%
PAULA HAPPEL & JAMES HAPPEL J/T 100 100 0.001%
ROGER L HARDER & DARLENE M HARDER J/T 100 100 0.001%
FRANK HARGER & JANET HARGER J/T 500 500 0.004%
HARLEY HARMS & ANITA HARMS J/T 600 600 0.005%
LAURA & JILL & KENNETH & HARRINGTON J/T 100 100 0.001%
MICHAEL V HARRIS & DEBBIE E HARRIS J/T 300 300 0.002%
DEAN E HARRISON 400 400 0.003%
MICHAEL RAY HARRISON & ROSE ANN HARRISON J/T 200 200 0.002%
WANDA HARRY & DOUGLAS HARRY J/T 200 200 0.002%
DANIEL R HART & BEVERLY HART J/T 120 120 0.001%
LARRY HATTON 100 100 0.001%
GAYLORD HAUGE 100 100 0.001%
OD HAWKINS 200 200 0.002%
O.D. & MURIEL HAWKINS TRUST 300 300 0.002%
CLINTON HAWORTH & GARY HAWORTH J/T 1,000 1,000 0.008%
GARY HAWORTH & THERESA HAWORTH J/T 2,000 2,000 0.016%
WAYNE HAWORTH & LOUISE HAWORTH J/T 10,000 10,000 0.082%
ALAN L HAWORTH & MARSHA HAWORTH J/T 5,000 5,000 0.041%
WAYNE HAWORTH & STEPHANIE MURPHY J/T 1,000 1,000 0.008%
GARY HAWORTH & TERESA HAWORTH J/T 4,000 4,000 0.033%
LESTER HAY 200 200 0.002%
DAVID L HAYES 200 200 0.002%
IB-16
<PAGE>
DAVID HAYES & KATHLEEN B HAYES & JANET MOON J/T 200 200 0.002%
SHARON K HEADLEE 200 200 0.002%
NATHAN L HEADLEY 100 100 0.001%
LADONNA HEATH & CRAIG L HEATH J/T 500 500 0.004%
WILLIAM D HEBERER 100 100 0.001%
KARL J HECK & AUDREY J HECK J/T 160 160 0.001%
DARIN G HECKER & TERESA M HECKER J/T 100 100 0.001%
DANIEL LEE HEDDEN & JUDY DIANE HEDDEN J/T 200 200 0.002%
DANIEL HEDDEN & JUDY HEDDEN J/T 200 200 0.002%
STEVEN R HEDDINGER & DEBORAH A HEDDINGER J/T 100 100 0.001%
JAY W HEEREN & DENA M HEEREN J/T 200 200 0.002%
HAROLD HEESCH 200 200 0.002%
KENNETH L HEETLAND 100 100 0.001%
JASON HEFFELMEIER 100 100 0.001%
JEROME J HEGER 400 400 0.003%
GEORGE HEGSTROM & MARIDEE HEGSTROM REV TR DTD 35025 1,800 1,800 0.015%
KURT A HEIDEN & CARA K HEIDEN J/T 200 200 0.002%
MARC HEIDEN & DENISE HEIDEN J/T 100 100 0.001%
JOSEPH M HEINEN II & INGRID A HEINEN J/T 100 100 0.001%
MICHAEL J HEINRICH 100 100 0.001%
ROBERT W HEIRIGS IRA 2,000 2,000 0.016%
GEORGE W HEISS II 107 107 0.001%
KAY A HELD 100 100 0.001%
RAY D HELD & DONNA K HELD J/T 1,000 1,000 0.008%
LONNIE J HELMS & CONNIE M HELMS J/T 100 100 0.001%
RODNEY D HENDERSON & BRENDA L HENDERSON J/T 200 200 0.002%
JASON O HENDERSON & DEBRA J HENDERSON J/T 100 100 0.001%
JAMES W HENDERSON & MARJORIE A HENDERSON J/T 200 200 0.002%
BARBARA ANN HENDERSON KENNEDY 100 100 0.001%
ARDYS & EUGENE HENDRICKSON & DAVID & STEVEN LUPPES 200 200 0.002%
J/T
JEFF HENDRICKSON & JULEE HENDRICKSON J/T 200 200 0.002%
EDWARD HENG & DORIS HENG J/T 200 200 0.002%
ROGER D HENLEY & JUDY D HENLEY J/T 400 400 0.003%
DEANNE HENRY 100 100 0.001%
STEVE L HENRY & KARYL HENRY J/T 800 800 0.007%
DONALD HENSLEY & LISA HENSLEY J/T 100 100 0.001%
RONALD HENZE 100 100 0.001%
BEN HENZE & IRMA HENZE J/T 200 200 0.002%
DEBRA S HERSHBERGER 100 100 0.001%
MARVIN HERSHBERGER 100 100 0.001%
SHERRI K HERSHBERGER 100 100 0.001%
OLIVER D E HERZBERG & MARY JO HERZBERG TENCOM 500 500 0.004%
MARTIN T HEWITT 300 300 0.002%
AMY T HEYN & PAUL R HEYN J/T 1,000 1,000 0.008%
CHRISTY HIBBS & JEFF HIBBS J/T 200 200 0.002%
KENT J HICKMAN 100 100 0.001%
MARCIA D HICKMAN 100 100 0.001%
IB-17
<PAGE>
THOMAS DAL HIGBY & MARY JANE HIGBY J/T 1,000 1,000 0.008%
JAMES HIGDON & TAUNJIA HIGDON J/T 100 100 0.001%
RAYMOND J HIGGINS 200 200 0.002%
TERRY L HILDEBRAND 200 200 0.002%
GAVIN HILE 100 100 0.001%
KIERSTEN HILE 100 100 0.001%
MIKE HILE & MARSHA HILE J/T 100 100 0.001%
EARL W HILL 100 100 0.001%
KEITH L HIMMEL & JOAN HIMMEL J/T 100 100 0.001%
STEVEN L HIMSCHOOT 400 400 0.003%
JAMES H HINDERAKER & CAROLYN S HINDERAKER J/T 100 100 0.001%
CRAIG HINDERAKER & CATHYRN HINDERAKER J/T 200 200 0.002%
ELINOR A HINDERS & GLENN HINDERS J/T 100 100 0.001%
RICHARD HINMAN 100 100 0.001%
WILDA L HITE 100 100 0.001%
BRIAN J HOBBS & DEANNE M HOBBS J/T 100 100 0.001%
LORI E HOCKETT 100 100 0.001%
MABEL R HOEFER 200 200 0.002%
RICHARD W HOEFER & MARYLU A HOEFER J/T 200 200 0.002%
JOHN H HOELSCHER 1,000 1,000 0.008%
RODGER W HOELSCHER 600 600 0.005%
RODGER W HOELSCHER & DIAN HOELSCHER J/T 200 200 0.002%
JEFF HOEMANN & ANN HOEMANN J/T 1,000 1,000 0.008%
NANCY J HOFF & RYAN W HOFF J/T 400 400 0.003%
MYRON J HOFFERT & SAUNDRA L HOFFERT J/T 100 100 0.001%
ADAM PAUL HOFFMAN 100 100 0.001%
WILLIAM JOHN HOFFMAN 100 100 0.001%
RANDY D HOFFMAN & DIANNE L HOFFMAN J/T 100 100 0.001%
JAYNE L HOGAN 100 100 0.001%
DOROTHY HOGENDORN 400 400 0.003%
ROBERT D HOLCOMB & PATRICIA M HOLCOMB J/T 100 100 0.001%
PATRICIA M HOLCOMB C/F BENJAMIN MICHAEL SIMMENS 150 150 0.001%
PATRICIA M HOLCOMB C/F MATTHEW WILLIAM SIMMENS 150 150 0.001%
C GAA HOLDIMAN 200 200 0.002%
CLARION I HOLDSWORTH REV TRUST DATED JUNE 25, 1994 200 200 0.002%
HOWARD L HOLLANDER & LOIS D HOLLANDER J/T 400 400 0.003%
LEONARD L HOLLAR & BEVERLY A HOLLAR J/T 200 200 0.002%
DAVID HOLLOWAY & DONNA HOLLOWAY J/T 100 100 0.001%
KERRY A HOLLST & MICHAEL C HOLLST J/T 200 200 0.002%
DAVID G HOLMES 200 200 0.002%
JESSE HOLTZMAN & ESTHER HOLTZMAN TRUST DATED 33445 100 100 0.001%
JOHN J HOLVECK & DONNA L HOLVECK J/T 200 200 0.002%
DAVID R HOMMEL 100 100 0.001%
JANE R HOMMEL 100 100 0.001%
R TIMOTHY HOMMEL 100 100 0.001%
ROXANNE HOOVER 100 100 0.001%
G DEAN HOPKINS 200 200 0.002%
IMMANUEL M HOPPE 400 400 0.003%
IB-18
<PAGE>
SIEG HOPPE 400 400 0.003%
CURTIS D HOPPER & LAURA K HOPPER J/T 200 200 0.002%
EDGAR T HORN 500 500 0.004%
DAVID M HOUCH 100 100 0.001%
JON H HOUCK & KATHALEEN F HOUCK J/T 100 100 0.001%
LUTHER L HOUGEN & TAMARA L HOUGEN J/T 100 100 0.001%
TERENCE J HOULIHAN 200 200 0.002%
ALAN HOVDEN & DELORES HOVDEN J/T 200 200 0.002%
GARY L HOVEY & MARY HOVEY J/T 200 200 0.002%
ELLEN L HOWARD 100 100 0.001%
STEPHEN C HOWARD & JANICE K HOWARD J/T 600 600 0.005%
LONNIE A HOYT & NANCY J HOYT J/T 100 100 0.001%
DONNA M HUGHES 100 100 0.001%
ROGER L HUISINGA & JANET HUISINGA J/T 200 200 0.002%
ELDON HULST 200 200 0.002%
GERALD L HUMMEL & SUSAN J HUMMEL J/T 100 100 0.001%
MARLYN J HUMPHREY & DOROTHY L HUMPHREY J/T 200 200 0.002%
DARRYL E HUNT 100 100 0.001%
DAVID L HUOVINEN & CINDY B HUOVINEN J/T 100 100 0.001%
ALLEN M HURT 100 100 0.001%
MARY CATHERINE HURT 100 100 0.001%
VICTOR J HUSHAK & BEATRICE HUSHAK J/T 600 600 0.005%
SHARON HUSTON 200 200 0.002%
JOHN E HUTTON JR 200 200 0.002%
RANDY L HUYSER & NANCY L HUYSER J/T 100 100 0.001%
CLIFFORD E HYMES & FRANCES M HYMES TR HYMES LIV TR 500 500 0.004%
DTD 35702
JOHN G IBELING & PATRICIA IBELING J/T 200 200 0.002%
JOHN H IHLE & JEAN ANN IHLE J/T 300 300 0.002%
MERLE IHNE 600 600 0.005%
JOHNNIE D ILES & MEMORY J ILES 200 200 0.002%
MARVIN J INGRAHAM & PAMELA R INGERHAM J/T 200 200 0.002%
IOWA STATE BANK TRUSTEE FBO CECIL L JENNINGS 200 200 0.002%
TERRY IRA & AMY IRA J/T 400 400 0.003%
DOUGLAS L IRWIN 100 100 0.001%
LAWRENCE ISAACSON & GEORGIA ISAACSON J/T 200 200 0.002%
MIKE IVERSON 100 100 0.001%
LYLE A IZER 150 150 0.001%
STEVEN EDWARD JACKSON 100 100 0.001%
JON JACKSON & KATHLEEN JACKSON J/T 200 200 0.002%
WILLIAM ROBERT JACKSON JR & MARGRET JOAN JACKSON J/T 100 100 0.001%
ORVILLE J JACOBS & RUTH A JACOBS J/T 2,000 2,000 0.016%
WILLIAM J JAHNEL 100 100 0.001%
JOHN Q JAMESON 400 400 0.003%
RICHARD L JANES & JEANNE D JANES J/T 100 100 0.001%
CURTIS D JANS & BILLIE L JANS J/T 200 200 0.002%
HARLEY A JANSSEN 200 200 0.002%
DAVID W JANSSEN & SANDRA A JANSSEN J/T 200 200 0.002%
IB-19
<PAGE>
AUDRA A JARMAN 250 250 0.002%
JOHN P JARMAN 250 250 0.002%
CHRISTOPHER D JASS & DARCIE JASS J/T 5 5 0.000%
HAYLEY M JASS & DARCIE R JASS J/T 5 5 0.000%
WILLIAM JASS & DORIS JASS J/T 100 100 0.001%
JASON JEDELE 100 100 0.001%
BOB J JENSEN 200 200 0.002%
BRENT JENSEN 500 500 0.004%
BRYAN J JENSEN 100 100 0.001%
PHILLIP K JENSEN 100 100 0.001%
KAREN K JESSEN 300 300 0.002%
JIMMY DALE JESSOP 100 100 0.001%
TADD BENTON JESSOP 200 200 0.002%
JESTER INVESTORS IOWA CORPORATION 100 100 0.001%
JESTERS INVESTORS 200 200 0.002%
HARRY A JOCHEMS & JOYCE L JOCHEMS J/T 200 200 0.002%
LAURA L JOCHEMS & STEVE L JOCHEMS J/T 100 100 0.001%
RONNIE E JOENKS & BARBARA L JOENKS J/T 200 200 0.002%
VICTORIA M JOHN & LANCE K JOHN & MICHAEL T DAMSKE J/T 100 100 0.001%
ROBERT W JOHNS & KATHLEEN B JOHNS J/T 100 100 0.001%
BARRY JOHNSON 200 200 0.002%
DARIN S JOHNSON 100 100 0.001%
JOANN L JOHNSON 100 100 0.001%
LYLE JOHNSON 200 200 0.002%
PAUL H JOHNSON 400 400 0.003%
MICHAEL L JOHNSON & BEVERLY S JOHNSON J/T 100 100 0.001%
DWIGHT R JOHNSON & BONNIE R JOHNSON J/T 100 100 0.001%
F DALE JOHNSON & DONNA JOHNSON J/T 300 300 0.002%
JEFFREY G JOHNSON & ILENE B JOHNSON J/T 200 200 0.002%
WAYNE JOHNSON & JANIS JOHNSON J/T 100 100 0.001%
LYLE JOHNSON & REBECCA JOHNSON J/T 1,000 1,000 0.008%
KOMER A JOHNSON JR & DEB L JOHNSON J/T 100 100 0.001%
PAMELA A JOHNSRUD 100 100 0.001%
JAMES E JOHNSTON 100 100 0.001%
WILLIAM H JOHNSTON & EMILY M JOHNSTON J/T 200 200 0.002%
JAMES H JOHNSTON & MARY L JOHNSTON J/T 2,000 2,000 0.016%
GENE JONDALL & FRANCES JONDALL J/T 50 50 0.000%
EDWARD R JONES 700 700 0.006%
GERALD R JONES 600 600 0.005%
KARIN M JONES 300 300 0.002%
LOIS JONES 100 100 0.001%
JAMES LARRY JONES & DIANNE JONES J/T 500 500 0.004%
TIMOTHY S JONES & KATHY G JONES J/T 100 100 0.001%
KENNETH A JONES & LINDA A JONES J/T 200 200 0.002%
DONALD D JONES & LOIS J JONES J/T 200 200 0.002%
DAVID D JONES & SUSAN K JONES J/T 100 100 0.001%
KATHY G JONES & TIMOTHY S JONES J/T 100 100 0.001%
GLEN L JONES & TWILA J JONES J/T 200 200 0.002%
IB-20
<PAGE>
LLOYD E JONES JR 100 100 0.001%
DAVID JOST & JULIANNE HOST J/T 100 100 0.001%
JEFF J JUDGE & DANA L JUDGE J/T 100 100 0.001%
RONALD JUFFER 200 200 0.002%
DENNIS W JUHL & JUDITH A JUHL J/T 100 100 0.001%
LESTER D JUHL & NORMA E JUHL J/T 100 100 0.001%
ROBERT C JUNG & ELIZABETH J JUNG J/T 100 100 0.001%
MARK JUNGLING & NANCY JUNGLING J/T 300 300 0.002%
FREDERICK JUNKER 100 100 0.001%
HERBERT E JUNKMAN & NANCY L JUNKMAN J/T 200 200 0.002%
LARRY JUNKMAN & REBECCA JUNKMAN J/T 200 200 0.002%
DALE KAASISCHKE & JUNE KASISCHKE J/T 100 100 0.001%
GEORGE KADRMAS 100 100 0.001%
GEORGE L KADRMAS JR 200 200 0.002%
ROBERT R KAHLER & JUDY L KAHLER J/T 100 100 0.001%
SHAWN KAHLER & JULIE KAHLER J/T 100 100 0.001%
WILLIAM J KAHLER & PAMELA K KAHLER J/T 100 100 0.001%
MICHAEL DAVID KAKERT & JOANNE KAY KAKERT J/T 500 500 0.004%
JASON MICHAEL KAKERT & MICHAEL DAVID KAKERT J/T 100 100 0.001%
THOMAS L KANE 240 240 0.002%
ROBERT KAPPEL & BEVERLY KAPPEL J/T 200 200 0.002%
RICHARD A KARR & SR LAURA E KARR J/T 100 100 0.001%
ROBERT E KASISCHKE 100 100 0.001%
FRED R KAUFMANN & CYNTHIA A KAUFMANN J/T 200 200 0.002%
WILLIAM L KEEBLE & TERESA A KEEBLE J/T 1,000 1,000 0.008%
DAMON ALAN KEEBLE CUSTODIAL ACCOUNT 100 100 0.001%
DERIK KEEBLE CUSTODIAL ACCOUNT 100 100 0.001%
JANELLE SHAWN KEEBLE CUSTODIAL ACCOUNT 100 100 0.001%
RYAN EUGENE KEEBLE CUSTODIAL ACCOUNT 100 100 0.001%
RANDALL S KEEL 100 100 0.001%
DAVID G KEILLY & CAROL R KIELLY J/T 100 100 0.001%
LANCE KELLER & HEANNE HENRY J/T 100 100 0.001%
KENT KELSEY & SARA KELSEY J/T 100 100 0.001%
DOUG M KENNEDY 200 200 0.002%
ROBERT I KENNEDY & BEVERLY R KENNEDY J/T 100 100 0.001%
MARK A KERPER 200 200 0.002%
GEAROLD KIELLY 200 200 0.002%
ARTHUR KING & BONNIE KING J/T 200 200 0.002%
VICKI RAE KING & BRUCE ALAN KING J/T 200 200 0.002%
CHARLES KINGERY & REBECCA KINGERY J/T 200 200 0.002%
KINNETZ INC 200 200 0.002%
RYAN D KIPP 1,000 1,000 0.008%
KEITH B KIRBY 400 400 0.003%
KEUEE C KIRSHENBAUM & JEAN M KERSHENBAUM J/T 100 100 0.001%
KENT D KIRSTEIN 100 100 0.001%
TOBY KLAUENBERG & JENNIFER KLAUENBERG J/T 2,000 2,000 0.016%
JADON KLAVER 300 300 0.002%
BRYCE L KLAVER & MARY E KLAVER J/T 100 100 0.001%
IB-21
<PAGE>
BRYCE KLAVER & MARY KLAVER & JUSTIN KLAVER J/T 150 150 0.001%
REX R KLEEMEIER & CHARLOTTE J KLEEMEIER J/T 100 100 0.001%
RALPH L KLEIN 200 200 0.002%
JOHN D KLEMM & VIRGINIA C KLEMM J/T 1,500 1,500 0.012%
ANN KLEVER 100 100 0.001%
KENNY KLOCKE 100 100 0.001%
DOUGLAS KLOCKE & PAULA KLOCKE J/T 100 100 0.001%
DENNIS KLOKE & JOYCE KLOKE J/T 200 200 0.002%
HOWARD E KLOPPING 100 100 0.001%
VERNON KLOSTERBOER & ESTHER KLOSTERBOER J/T 100 100 0.001%
F DUANE KLUTE 100 100 0.001%
LARRY E KLYN & DONNA C KLYN J/T 300 300 0.002%
TIMOTHY J KNAAK & PATRICIA K KNAAK J/T 300 300 0.002%
DONALD L KNAPP & HEATHER L KNAPP J/T 100 100 0.001%
NORMAN KNEIP 500 500 0.004%
DAVID W KNIGHT 100 100 0.001%
GLENNA J KNIGHT 200 200 0.002%
RANDY KNIPFEL & JEAN KNIPFEL J/T 200 200 0.002%
WILLIAM T KNOLL 300 300 0.002%
GARY D KNOLL & CHRISTINE K KNOLL J/T 200 200 0.002%
RHETT S KNOLL & CHRISTINE K KNOLL J/T 368 368 0.003%
GREGORY KNOP & CAROLYN KNOP J/T 100 100 0.001%
MARY KNUTSON & ISAAC KNUTSON J/T 50 50 0.000%
MARY KNUTSON & LINDSAY KNUTSON J/T 50 50 0.000%
ROGER KNUTSON & MARY KNUTSON J/T 50 50 0.000%
MARY KNUTSON & ZACHARY KNUTSON J/T 50 50 0.000%
SVEND V KOCH & ELIN M KOCH J/T 100 100 0.001%
MICHAEL A KOCK 100 100 0.001%
ALAN GEORGE KOCKLER 300 300 0.002%
MAX A KOEBEL JR & LINDA D KOEBEL J/T 100 100 0.001%
ROBERT F KOERNER 200 200 0.002%
DARROL W KOHAGEN 100 100 0.001%
GARY L KOLBE 100 100 0.001%
BRIAN D KONVALINKA 100 100 0.001%
DARRELL D KOOZER & JANET C KOOZER J/T 100 100 0.001%
KEITH KOPACK 100 100 0.001%
C E PETE & PATRICIA L KOPPIN TR C E PETE & PATRICIA L 100 100 0.001%
KOPPIN TR
DENNIS KORSMO & DEBORAH R KORSMO J/T 200 200 0.002%
JEFFERY S KORTH & TAMARA S KORTH J/T 100 100 0.001%
DUANE KOSS & DIANE ZEDRICK J/T 100 100 0.001%
GREGG KOSS & JACKIE SCHWARTZ J/T 100 100 0.001%
BELEN KRABBE 200 200 0.002%
TIMOTHY J KRAL 400 400 0.003%
DAVID KRAMER & THERESA KRAMER J/T 200 200 0.002%
SCOTT KRAMME & DELILAH KRAMME J/T 100 100 0.001%
JEREMY D KRANTZ 100 100 0.001%
GREGORY D KRAUS & KATHERINE M KRAUS J/T 200 200 0.002%
ALBERT KRAUSE 80 80 0.001%
IB-22
<PAGE>
KENTON S KREAGER & ANNE C KREAGER J/T 300 300 0.002%
REBECCA H KREMER & GERALD J KREMER J/T 200 200 0.002%
NANCY SUE KREZELOK 50 50 0.000%
VICKI KRISTAN 100 100 0.001%
PATRICIA J KRUEGER & ROBERT J KRUEGER J/T 1,000 1,000 0.008%
MARLENE J KRUGER & RODGER G KRUGER J/T 200 200 0.002%
JAMES O KRUSE 200 200 0.002%
KATHRYN A KRUSE 100 100 0.001%
ERNEST KRUSE & EILEEN KRUSE J/T 100 100 0.001%
ALAN E KRUSZKA & CANDICE L KRUSZKA J/T 700 700 0.006%
ROBERT C KUEERA 100 100 0.001%
FAY KUHFUS & MRYANN KUHFUS J/T 200 200 0.002%
JON KUHFUS & PAULA KUHFUS J/T 200 200 0.002%
MICHAEL E KUKRAL 1,000 1,000 0.008%
ILENE KUMROW 100 100 0.001%
LEROY J KUNZ & BETTY L KUNZ J/T 1,000 1,000 0.008%
KENT KUNZE & JULIE KUNZE J/T 500 500 0.004%
GEORGE JOSEPH LAKTASH & JOLETA JEAN LAKTASH J/T 500 500 0.004%
VALERIE L LAMASTERS 200 200 0.002%
LUCY B LAMB 200 200 0.002%
MICHELLE LAMBERT & DANIEL LAMBERT J/T 100 100 0.001%
N. MICHAEL LANDAUER 100 100 0.001%
ALAN L LANDER & DONNA R LANDER J/T 100 100 0.001%
CHARLES D LANE & BETH A LANE J/T 150 150 0.001%
DENNIS LANGE 500 500 0.004%
LARRY L LANGE & COLLEEN S LANGE J/T 400 400 0.003%
WILLIAM KEITH LANGTON & SANDRA LEE LANGTON J/T 200 200 0.002%
ROGER LANMAN 100 100 0.001%
KERMIT M LARSEN 100 100 0.001%
LUKE E LARSEN 600 600 0.005%
JOSEPH LARSEN & IRIS LARSEN J/T 100 100 0.001%
WAYNE A LARSEN & JANA L LARSEN J/T 50 50 0.000%
JEROL M LARSEN & JOANN LARSEN J/T 100 100 0.001%
BRIAN W LARSEN & SALLY J LARSEN J/T 50 50 0.000%
ELIZABETH F LARSON 600 600 0.005%
ELIZABETH JEANNE LARSON 400 400 0.003%
LYNETTE LARSON 100 100 0.001%
MAX H LARSON 100 100 0.001%
MAX H LARSON & LOIS B LARSON J/T 200 200 0.002%
DALLAS C LARSON & PAMELA J LARSON J/T 1,000 1,000 0.008%
LYLE R LAUGHERY & CAROL A LAUGHERY J/T 1,000 1,000 0.008%
CAROL A LAWRENCE & LAWRENCE M LAWRENCE J/T 300 300 0.002%
EDNA F LEE 200 200 0.002%
LAURIE ANN LEE 100 100 0.001%
REX A LEE & JUSTINE S LEE J/T 100 100 0.001%
BARRY J LEFSTAD 100 100 0.001%
PAUL C LEHMAN & ROSEANN M LEHMAN J/T 200 200 0.002%
CHARLES E LEINENBACH 100 100 0.001%
IB-23
<PAGE>
JEFF LEINENBACH 778 778 0.006%
STAN LENSING & MARLYS LENSING J/T 200 200 0.002%
JUANITA LEON 100 100 0.001%
JERRY LEONARD & VI LEONARD J/T 400 400 0.003%
TERRY L LEPPER 200 200 0.002%
KEITH R LESS & GWEN K MONTAG J/T 400 400 0.003%
JOHN ANTHONY LETO 200 200 0.002%
LEWCO SECURITIES CORP 7,500 7,500 0.061%
JERRY L LEWIS & RAMONA M LEWIS J/T 200 200 0.002%
LLOYD LIGGETT & JANICE LIGGETT J/T 200 200 0.002%
COLLEEN LIMING & DELBERT M LIMING J/T 600 600 0.005%
RICHARD W LINDAHL & RITA J LINDAHL J/T 100 100 0.001%
CONNIE J LINETTE 200 200 0.002%
JOSHUA LINETTE 200 200 0.002%
MEL LINETTE 1,000 1,000 0.008%
ZONA LINT 20 20 0.000%
LITTLE FORT INC 500 500 0.004%
RODNEY A LIVINGS & IONA N LIVINGS J/T 1,000 1,000 0.008%
JOHN HUGH LIVINGSTON 400 400 0.003%
WILLIAM REX LIVINGSTON & BONNIE JEAN LIVINGSTON J/T 10,000 10,000 0.082%
HOPE M LLOYD & JOSEPH W LLOYD J/T 214 214 0.002%
CHARLES LOBIANCO REVOCABLE TRUST DATED 35731 100 100 0.001%
HARRY JOE LOFFLER & NANETTE LOFFLER J/T 100 100 0.001%
LILLIAN L LONERGAN & JAMES E LONERGAN J/T 600 600 0.005%
WILLIAM G LONG 100 100 0.001%
ROBERT A LONG & RUTH ANN R LONG J/T 100 100 0.001%
JOE LOONAN JR & SEAN O'ROURKE TIC 100 100 0.001%
GEORGE J LORBER 400 400 0.003%
JIM J LORBER & LEAH H LORBER J/T 1,000 1,000 0.008%
KEITH LEE LOUCKS 100 100 0.001%
KENNETH D LOUGHERY 200 200 0.002%
MARY S LOUPEE & DAVID G LOUPEE J/T 120 120 0.001%
GREGG A LOVIN 100 100 0.001%
JOY D LOWE 100 100 0.001%
JAMES M LOWE & VIRGINIA E BOULTON J/T 100 100 0.001%
LOWELL A LUHMAN 3,000 3,000 0.025%
OMA L LUHMAN 300 300 0.002%
JERRY LUKENSMEYER 1,000 1,000 0.008%
DAVID J LUTHRO 100 100 0.001%
GREG JOHN LUTTENEGGER & ANGELA JOYCE LUTTENEGGER 200 200 0.002%
J/T
DENNIS L LUTZ JR 200 200 0.002%
DENNIS L LUTZ SR & GLENDORIS LUTZ J/T 200 200 0.002%
DANA MAAKESTAD 100 100 0.001%
WENDELL D MAAKESTAD 200 200 0.002%
DUANE F MAAKESTAD & MABEL I MAAKESTAD J/T 100 100 0.001%
DALE H MAAKESTAD & MARY MAAKESTAD J/T 200 200 0.002%
CRAIG MAASDAM 200 200 0.002%
HAROLD MABE 200 200 0.002%
IB-24
<PAGE>
VERONICA R MACKEY & DAVID L MACKEY J/T 500 500 0.004%
WENDELL MACOMB 100 100 0.001%
SHERLIE A MAGARET & BRIAN K MAGARET J/T 400 400 0.003%
DON MAGEE & DARCY MAGEE J/T 100 100 0.001%
DENNIS MAGENNIS 200 200 0.002%
WILLIAM W MAGIE 300 300 0.002%
DARIN L MAHLOW 400 400 0.003%
MARK MAHLOW & BONNIE MAHLOW J/T 200 200 0.002%
RICHARD MAHLOW & JANET MAHLOW J/T 100 100 0.001%
DONALD D MAHLOW & JUDITH J MAHLOW J/T 400 400 0.003%
JOSEPH F MALECHEK 2,000 2,000 0.016%
ANN L MALLAMS & STEVE D MALLAMS J/T 200 200 0.002%
MICK R MALLOY 1,600 1,600 0.013%
JOHN WILLIAM MANN 300 300 0.002%
CHRISTOPHER D MANN & MICHELLE M MANN J/T 200 200 0.002%
JAMES E MANNING & LAVERNE J MANNING J/T 200 200 0.002%
JAIMIE L MARCHANT & BRAD L ENGELBY J/T 5 5 0.000%
BRADLEY J MARCUS 200 200 0.002%
SHERLIE A MARGARET & BRIAN K MARGARET J/T 400 400 0.003%
ROBERT S MARION & BONNIE L MARION J/T 400 400 0.003%
W JEFF MAROLF 500 500 0.004%
MARSH COMPANY PC 100 100 0.001%
LAWRENCE F MARSHALL & DEBRA J MARSHALL J/T 100 100 0.001%
LINDA R MARTENS & GEORGE LEE MARTENS J/T 100 100 0.001%
BENJAMIN MARTIN 100 100 0.001%
HAROLD LEWIS MARTIN 400 400 0.003%
RUSSELL JAMES MARTIN & CHENOA MARTIN J/T 200 200 0.002%
WAYNE D MARTIN & JOANN M MARTIN J/T 500 500 0.004%
DARYL MARTIN & MARIA MARTIN J/T 900 900 0.007%
DOUG MARTIN & SUSAN MARTIN J/T 1,000 1,000 0.008%
EMMA JEAN MARTIN REV TR 3/1/94 HAROLD J MARTIN CO TTEE 1,000 1,000 0.008%
RALPH G MASON 1,000 1,000 0.008%
SCOT MASON 100 100 0.001%
WALLACE A MASON 200 200 0.002%
RICHARD MASON & MATT MASON J/T 200 200 0.002%
RICHARD E MASON & TERI J MASON J/T 200 200 0.002%
WILLIAM M MATTISON & CLAUDIA M MATTISON J/T 200 200 0.002%
VANCE MATTISON & MICHELLE MATTISON J/T 400 400 0.003%
BRUCE K MAXWELL & DIANE K MAXWELL J/T 100 100 0.001%
DARLENE M MC DANIEL 500 500 0.004%
PHILIP M MC LAREN & LANA S MC LAREN J/T 400 400 0.003%
ARTHUR A MCBRIDE 400 400 0.003%
DALE W MCBRIDE 500 500 0.004%
DAN MCCABE 100 100 0.001%
MARC MCCARTNEY 1,000 1,000 0.008%
SHAWN MCCARTY & JILL MCCARTY J/T 100 100 0.001%
CHRISTEN LYN MCCLAIN 100 100 0.001%
DAVID MCCLELLAN & CHARLOTTE MCCLELLAN J/T 100 100 0.001%
IB-25
<PAGE>
WM HOWARD MCCLENNAN JR DBA HKM & ASSOCIATES 365 365 0.003%
ANDY E MCCOMB 500 500 0.004%
NANCY R MCCULLOUGH & OLIN L SHANE J/T 100 100 0.001%
MARY JO MCCURRY & DAVID P MCCURRY J/T 200 200 0.002%
DENNIS D MCCURRY & ELAINE R MCCURRY J/T 200 200 0.002%
BRUCE E MCDOWELL & LINDA L MCDOWELL J/T 3,000 3,000 0.025%
DAVID L MCFARLAND 200 200 0.002%
HOMER F MCFARLAND 100 100 0.001%
MARK R MCGUIRE & MELISSA J MCGUIRE J/T 100 100 0.001%
TIM MCINTYRE 800 800 0.007%
JOE MCKEE 200 200 0.002%
JAMES D MCKINESS & HEATHER JP MCKINESS J/T 100 100 0.001%
DOUGLAS E MCKINNEY & JOANN D MCKINNEY J/T 300 300 0.002%
DAWN K MCLAUGHLIN 100 100 0.001%
THOMAS E MCMANUS & DIANE K MCMANUS J/T 400 400 0.003%
BRENT D MCMANUS & LINDA S MCMANUS J/T 100 100 0.001%
GINA S MCNAIR & EDWARD F MCNAIR J/T 1,000 1,000 0.008%
THOMAS J MCNAMARA & BEVERLY J MCNAMARA J/T 400 400 0.003%
NANCY L MCSTOCKARD & DANNY E MCSTOCKARD J/T 100 100 0.001%
RICHARD L MCVEIGH & KATHY A MCVEIGH TENCOM 200 200 0.002%
BILL MEEK & JOAN MEEK J/T 100 100 0.001%
THOMAS MEEKIN & SHARON MEEKIN J/T 2,000 2,000 0.016%
WAYNE MEIER & ROBERTA MEIER J/T 600 600 0.005%
GARY L MEIER JR 400 400 0.003%
SHARON D MEIKLE 100 100 0.001%
DENNIS MEINTS & ROBERTA MEINTS J/T 200 200 0.002%
JAN M MEIRICK 5,000 5,000 0.041%
RICHARD C MELICK & ANNE M MELICK J/T 500 500 0.004%
JOSEPH P MELLON & MARY L MELLON J/T 100 100 0.001%
RODNEY DEAN MELTON & JANET L MELTON J/T 300 300 0.002%
D CHAD MERCER 100 100 0.001%
DERALD MERRILL & CONNIE MERRILL J/T 200 200 0.002%
JODY L MESCH & CONNIE J MESCH J/T 200 200 0.002%
MITCH MESSERLI 400 400 0.003%
VIVIAN V METTLEN 100 100 0.001%
ALAN MEYER 600 600 0.005%
ANNABEL MEYER 200 200 0.002%
BEVERLY J MEYER 20 20 0.000%
STEVEN MEYER 400 400 0.003%
WAYNE MEYER & JANET PETERSON J/T 1,200 1,200 0.010%
STEVEN D MEYER & SHERI M MEYER J/T 100 100 0.001%
MEYERS SHEET METAL WORKS, INC 200 200 0.002%
JOEL E MEZ 500 500 0.004%
WILMA E MIDDENDORF 600 600 0.005%
RAMONA E MIDDLETON 100 100 0.001%
RON MIKKOLA 100 100 0.001%
MATTHEW MILLBURN & KIMBERLY MILLBURN J/T 200 200 0.002%
LEO A MILLEMAN 100 100 0.001%
IB-26
<PAGE>
CURT A MILLER 200 200 0.002%
DANIEL S MILLER 200 200 0.002%
DANNY P MILLER 100 100 0.001%
DONALD DUANE MILLER 100 100 0.001%
JOHN E MILLER 200 200 0.002%
JOYCE E MILLER 200 200 0.002%
MARY MILLER 100 100 0.001%
DARWIN G MILLER & JAMES D MILLER J/T 500 500 0.004%
MARK D MILLER & JUDY M MILLER J/T 100 100 0.001%
MINNIE MILLER & KURT KNAPP J/T 100 100 0.001%
MINNIE MILLER & MARILEE KNAPP J/T 100 100 0.001%
RICHARD D MILLER & MARY KAY MILLER J/T 100 100 0.001%
LARRY JAMES MILLER & NANCY A MILLER J/T 100 100 0.001%
WILLIAM W MILLER & PAMELA A MILLER J/T 100 100 0.001%
WILLIAM W MILLER & PAMELA A MILLER J/T 100 100 0.001%
KENNETH A MILLER & PAULA J MILLER J/T 200 200 0.002%
CARROLL MILLER & SANDRA MILLER J/T 200 200 0.002%
TONY MILLER & SANDRA MILLER J/T 200 200 0.002%
ROBERT E MILLER & SCOTT R MILLER J/T 200 200 0.002%
CHARLES F MILLER III & CAMERON L MILLER J/T 200 200 0.002%
CAROL JO MILLIGAN 100 100 0.001%
KARMEN J MILLIGAN 200 200 0.002%
KELLY A MILLIGAN 100 100 0.001%
LOREN E MILLIGAN 800 800 0.007%
MATTHEW MILLIGEN 300 300 0.002%
ROBERT A MILLS 100 100 0.001%
BRENT MITCHELL 100 100 0.001%
CHARLES RANDY MITCHELL 400 400 0.003%
JOHN MITCHELL 600 600 0.005%
JANICE MOE 100 100 0.001%
GORDON G MOELLER 20 20 0.000%
LARRY W MOELLER 220 220 0.002%
RICHARD A MOFFITT 300 300 0.002%
RICHARD A MOFFITT JR & SHERIE L MOFFITT J/T 400 400 0.003%
TIMOTHY J MOHR & ANN MARIE MOHR J/T 800 800 0.007%
DAVID J MOLNAR & JANA L MOLNAR J/T 200 200 0.002%
LAWRENCE A MONACO II & VICKI L MONACO J/T 200 200 0.002%
JANET L MOON 100 100 0.001%
RONALD D MOON & DONNA M MOON J/T 400 400 0.003%
JACK S MOORE 1,400 1,400 0.011%
JURINE BORTON MOORE 100 100 0.001%
LELAND H MOORE 800 800 0.007%
MICHAEL L MOORE & LAURA L MOORE J/T 100 100 0.001%
JURINE BORTON MOORE & MARSHALL RANA NEMER J/T 100 100 0.001%
MICHAEL J MOREHOUSE 100 100 0.001%
SPENCER M MOREHOUSE 100 100 0.001%
LEO MORK JR 600 600 0.005%
PETE J MORRIS 300 300 0.002%
IB-27
<PAGE>
WALTER F MORRISON 400 400 0.003%
ORAH MORRISON & JAMES MORRISON J/T 100 100 0.001%
LYLE E MORSE 200 200 0.002%
DOUGLAS E MORSE & ANN M MORSE J/T 100 100 0.001%
ROBERT MORTON 100 100 0.001%
ROBERT E MORTON 500 500 0.004%
MARTY MORTVEDT 100 100 0.001%
DOUGLAS MOSS & CAROL MOSS J/T 300 300 0.002%
BRIAN H MOUDRY & GLORIA J MOUDRY J/T 200 200 0.002%
THOMAS A MOUNSDON 500 500 0.004%
MARCUS A MUELLER 300 300 0.002%
DONALD A MUFFLEY & KATHLEEN J MUFFLEY J/T 100 100 0.001%
THOMAS A MULLEN & LINDA S MULLEN J/T 100 100 0.001%
SONYA R MULLEN & RICHARD A KARR J/T 100 100 0.001%
SONYA R MULLEN & RICHARD A KARR JR J/T 100 100 0.001%
LAVELLE MULLER 500 500 0.004%
ROBERT V MUMM 400 400 0.003%
RONALD MURPHEY & CARLENE MURPHY J/T 100 100 0.001%
DAVID K MURPHY 200 200 0.002%
RONALD A MURPHY & CARLENE MURPHY J/T 100 100 0.001%
STEPHEN F MURPHY & CAROL A MURPHY J/T 1,000 1,000 0.008%
GRANT MURPHY & CAROL MURPHY & STEVE F MURPHY J/T 100 100 0.001%
WILLIAM L MURRA & VICTORIA L MURRA J/T 300 300 0.002%
JAMES L MURRAY & DIANNA L MURRAY J/T 300 300 0.002%
LARRY J MURRAY & SANDRA R MURRAY J/T 100 100 0.001%
M ELAINE MUSSELMAN & GENE A MUSSELMAN J/T 200 200 0.002%
MUTUAL INTEREST GROUP 100 100 0.001%
LACY L MYLES & DOROTHY F MYLES J/T 400 400 0.003%
JAMES W NACHAZEL 200 200 0.002%
JEFF NACHAZEL 400 400 0.003%
LADDIE J NACHAZEL FAMILY LIVING TRUST U/A 35738 1,000 1,000 0.008%
LANCE NATH 600 600 0.005%
JOHN C NAYLOR & DANYELLE JIRSA-NAYLOR TIC 200 200 0.002%
RONALD D NAYLOR & LENA F NAYLOR J/T 200 200 0.002%
NATHAN C NEALSON 100 100 0.001%
ALAN NEBOLA & ANGELA NEBOLA J/T 100 100 0.001%
NORMAN C NEDERHOFF & MARY M NEDERHOFF J/T 400 400 0.003%
ROLAND L NEIGHBOR & LINDA S NEIGHBOR J/T 400 400 0.003%
JAMES L NELEMAN 200 200 0.002%
JAMES SCOTT NELSON 200 200 0.002%
MICHAEL J NELSON & MARY E NELSON J/T 200 200 0.002%
JAMES W NELSON & MAXINE M NELSON J/T 200 200 0.002%
GENTRY L NEPPER 200 200 0.002%
ROGER NERLAND & DEB NERLAND J/T 100 100 0.001%
JULIE A NESHEIM 200 200 0.002%
MYRON J NESS 2,000 2,000 0.016%
MARVIN NESS & KATHY NESS J/T 3,000 3,000 0.025%
DELMAR D NESSA & JANET NESSA J/T 200 200 0.002%
IB-28
<PAGE>
DON NETTLETON 600 600 0.005%
RONALD C NEUERBURG & MARILYN F NEUERBURG J/T 200 200 0.002%
JOSEPH E NEUMANN & SUE A NEUMANN J/T 200 200 0.002%
MICHAEL NEWHALL & KARENA NEWHALL J/T 100 100 0.001%
COLETTE NEWHALL & LONNIE NEWHALL J/T 300 300 0.002%
RICHARD W NEWHALL & SUSAN E NEWHALL J/T 200 200 0.002%
STEVE M NEWTON & KRISTIN M NEWTON J/T 100 100 0.001%
CALVIN K NEYMEYER & BARBARA A NEYMEYER J/T 100 100 0.001%
DONOVAN NIBE & REBECCA NIBE J/T 150 150 0.001%
BRENDA K NICHOLS & ANGELA R DETERS J/T 100 100 0.001%
DONNA J NICHOLSON & DANIEL H NICHOLSON J/T 200 200 0.002%
GEORGE T NICKOLAS 500 500 0.004%
STEVEN H NICOLL & JONI L NICOLL J/T 100 100 0.001%
ALLAN J NIE & TERI L NIE J/T 400 400 0.003%
WILLIAM NIELS HAGEY & DENA P HAGEY J/T 100 100 0.001%
JOHN W NIESEN & DORIS J NIESEN TR 100 100 0.001%
RICO J NIZZI ROTH IRA 100 100 0.001%
ROLLAND NOITE 100 100 0.001%
SCOTT D NOLL 800 800 0.007%
CAROL NORDBERG 100 100 0.001%
PATRICK M NORDHOFF 1,000 1,000 0.008%
GARY S NOVAK 3,000 3,000 0.025%
BRYAN T NOWLIN & M TABEN NOWLIN J/T 100 100 0.001%
NSF INVESTMENTS 100 100 0.001%
DAVID D NUGENT & PAULA L NUGENT J/T 200 200 0.002%
NYBERG ELECTRIC SERVICE, INC. 400 400 0.003%
LEONARD NYCE & BONNALYN NYCE J/T 100 100 0.001%
DOUGLAS OAKE & CHERYL OAKE J/T 100 100 0.001%
REVA L OAKES & JAMES A OAKES J/T 100 100 0.001%
ERIC R OAKLEY & JONATHON A OAKLEY J/T 100 100 0.001%
REVA L OAKS & JIM A OAKS J/T 200 200 0.002%
RANDOLPH F OBRANOVIC & ROBIN I OBRANOVIC J/T 200 200 0.002%
LELAND G ODOM & SHARON K GROSS J/T 100 100 0.001%
MYRON OKKEN 200 200 0.002%
MARILEE OLDORF 100 100 0.001%
NATHAN M OLDORF 100 100 0.001%
WILLIAM ARTHUR OLESEN & MELANY KAY OLESEN J/T 100 100 0.001%
LONNIE OLLENDIECK & MINDY OLLENDIECK J/T 100 100 0.001%
CAROLE E OLSON 200 200 0.002%
DEAN OLSON 100 100 0.001%
GEORGE A OLSON 100 100 0.001%
KEVIN OLSON 200 200 0.002%
MARTIN D OLSON 300 300 0.002%
MICHAEL PAUL OLSON 200 200 0.002%
ORVILLE OLSON & SUZETTE OLSON J/T 100 100 0.001%
KEVIN J O'ROURKE 300 300 0.002%
LARRY D ORSER & JULIA J ORSER REV LIV TR 400 400 0.003%
MICHAEL JAMES OSBORN 100 100 0.001%
IB-29
<PAGE>
FLORANCE OSTHUS 200 200 0.002%
SHARON OSTHUS 100 100 0.001%
JANICE A OSTHUS-KAPLAN 100 100 0.001%
JASON OSTREM 100 100 0.001%
RICHARD D OSTREM & NANCY J OSTREM J/T 100 100 0.001%
JOSHUA G OTTEN 100 100 0.001%
MICHAEL D OWEN 600 600 0.005%
P & P HOMES- DEAN POTTEBAUM RANDY PAULSEN - PAR 200 200 0.002%
VIRGINIA R PADOVAN 100 100 0.001%
DIANE K PAGLIA 200 200 0.002%
FRANK PAGLIA & DARLENE PAGLIA J/T 100 100 0.001%
NORMAN L PANZI 100 100 0.001%
JASON PARCHER & KAREN PARCHER J/T 100 100 0.001%
GARY D PARISHO 400 400 0.003%
CHRISTOPHER H PARKER 100 100 0.001%
NEIL PARMENTER & TERESA PARMENTER J/T 200 200 0.002%
RAJESH PATEL & HEMLATA PATEL J/T 200 200 0.002%
RAJESH A PATEL & HEMLATA PATEL J/T 200 200 0.002%
DAVID W PATTEN 200 200 0.002%
JAMES R PATTEN & CHERYL A PATTEN J/T 200 200 0.002%
ANN L PATTERSON 100 100 0.001%
STEVEN R PATTERSON & KELLY J PATTERSON J/T 500 500 0.004%
ANDREW PATZ 100 100 0.001%
BRIAN PATZ 100 100 0.001%
GARY WAYNE PAUL 1,000 1,000 0.008%
HARVEY PAULL 1,200 1,200 0.010%
BRIAN T PAULSEN 200 200 0.002%
ROBERT A PAULSEN 500 500 0.004%
NICK PEARSON 100 100 0.001%
RON PEDERSEN & LORI PEDERSEN J/T 600 600 0.005%
CHARLENE KAY PEDERSON 100 100 0.001%
BENJAMIN J PEGRAM & KARLA K PEGRAM J/T 400 400 0.003%
DAVID J PEITZMAN 400 400 0.003%
RONALD D PENN 200 200 0.002%
MARY ANN PENNY 100 100 0.001%
BRADLEY C PERKINS 200 200 0.002%
BENJAMIN E PERKINS & ALTA D PERKINS J/T 500 500 0.004%
DAVID M PERKINS & WILMA A PERKIN J/T 200 200 0.002%
MICHAEL D PERRY 100 100 0.001%
ALLEN PERSON & BECKY PERSON J/T 100 100 0.001%
JOHN PETERS & CHARLOTTE PETERS J/T 50 50 0.000%
LARRY R PETERSEN 20 20 0.000%
DANIEL J PETERSEN & SHANNON R RAMSEY PETERSEN J/T 100 100 0.001%
DANIEL SCOTT PETERSON 400 400 0.003%
DOUGLAS A PETERSON 100 100 0.001%
KAREN K PETERSON 100 100 0.001%
SONDRA M PETERSON 200 200 0.002%
CARYE PETERSON & MARIANN PETERSON J/T 500 500 0.004%
IB-30
<PAGE>
STEVEN K PETERSON & MARY A PETERSON J/T 300 300 0.002%
DAVID PHELPS 200 200 0.002%
EUGENE PHELPS 200 200 0.002%
MARK PHELPS 200 200 0.002%
TERRY PHELPS & PENNY PHELPS J/T 200 200 0.002%
JOHN W PHILBROOK 200 200 0.002%
GROVER J PHILLIPS & EMMA L PHILLIPS J/T 100 100 0.001%
VAUGHN PHILLIPS & RACHEL ELLER J/T 100 100 0.001%
WALTER RUSSELL PHILLIPS TR WALTER RUSSELL PHILLIPS TR 100 100 0.001%
LARRY PHIPPS & DEAN SHARP PARTNERSHIP 200 200 0.002%
JOSEPH B PICKARD & DEBBIE L PICKARD J/T 100 100 0.001%
KATHIE PICKARD & ZACHARY PICKARD J/T 150 150 0.001%
ROBERT PIERCE & INGRID PIERCE J/T 200 200 0.002%
RANDALL E PIERSON & TONYA PIERSON J/T 200 200 0.002%
KEVIN PIETERS & SOLENE PIETERS J/T 200 200 0.002%
DOUGLAS T PINE & JANET M PINE J/T 400 400 0.003%
PAUL L PINNEY 100 100 0.001%
CARL PITTS & CLETA PITTS J/T 500 500 0.004%
LE ROY PITTS & MARIE THERESE PITTS J/T 800 800 0.007%
JOSEPH PITTS & PEGGY PITTS J/T 100 100 0.001%
JEFF PITTS & SHARON PITTS J/T 1,000 1,000 0.008%
MICHAEL N PLASIER 100 100 0.001%
TIM L PLATE 100 100 0.001%
PLAZA RV INC 400 400 0.003%
SCOTT POCHOBRADSKY 100 100 0.001%
TERRY L POLEY 700 700 0.006%
DONALD S POLK & ANGELA F POLK J/T 3,000 3,000 0.025%
POMEROY RENTAL LLC 100 100 0.001%
DEVERE C PONTENBERG & NORMA PONTENBERG J/T 200 200 0.002%
VICKI J PORTER 20 20 0.000%
RICHARD J PORTER & JOLENE M PORTER J/T 200 200 0.002%
LARRY J PORTER & LINDA KAY PORTER J/T 500 500 0.004%
RICHARD J PORTER & MICHAEL R PORTER J/T 100 100 0.001%
RICHARD J PORTER & SARAH M PORTER J/T 100 100 0.001%
HOWARD R POTTEBAUM & DORIS M POTTEBAUM J/T 100 100 0.001%
DEAN POTTEBAUM & ROXANNE POTTEBAUM J/T 100 100 0.001%
ROGER E POTTS & KENNETH E POTTS J/T 400 400 0.003%
DONALD L POWERS & KATHERINE M POWERS J/T 100 100 0.001%
PRAIRIE REAL ESTATE LC 1,000 1,000 0.008%
PAULINE E PRALL TR PRALL FAM TR UAD 1-11-94 FBO AMY E 25 25 0.000%
PRALL
PAULINE PRALL TR PRALL FAM TR UAD 1-11-94 FBO DOUGLAS G 25 25 0.000%
PRALL
PAULINE E PRALL TR PRALL FAM TR UAD 1-11-94 FBO JASON D 25 25 0.000%
PRALL
PAULINE E PRALL TR PRALL FAM TR UAD 1-11-94 FBO MICHAEL 25 25 0.000%
T PRALL
PAULINE E PRALL TR PRALL FAM TR UAD 1-11-94 FBO REBECCA 25 25 0.000%
S SCHAEFFER
PAULINE E PRALL TR PRALL FAM TR UAD 1-11-94 FBO STACIE R 25 25 0.000%
PRALL
IB-31
<PAGE>
PAULINE E PRALL TR PRALL FAMILY TR UAD 1/11/94 450 450 0.004%
BRADLEY T PRESTON 100 100 0.001%
JERRY F PRICE 200 200 0.002%
JERRY W PRICE & SONDRA IRENE PRICE J/T 200 200 0.002%
ANTHONY D PULS & MARGARET E PULS J/T 200 200 0.002%
JACK PUMPHREY & BETTY PUMPHREY J/T 100 100 0.001%
HAROLD PUTNEY & GLORIA PUTNEY J/T 200 200 0.002%
GENE QUANDT & KATHY QUANDT J/T 1,000 1,000 0.008%
PHILLIP QUANDT & SUSAN QUANDT J/T 100 100 0.001%
SHERI QUASDORF 200 200 0.002%
ROGER JOHN QUINT 300 300 0.002%
GARY E QUIRK & JANIS M QUIRK J/T 200 200 0.002%
RADCLIFFE INVESTMENT CLUB % WILBUR MOLENDORP 500 500 0.004%
RADCLIFFE ST JOHNS METHODIST CHURCH 400 400 0.003%
LYNN R RAHFELDT & JEAN M RAHFELDT J/T 500 500 0.004%
LESLIE R RAISCH 200 200 0.002%
FRANK M RAMEY & EDNA EILEEN RAMEY J/T 800 800 0.007%
MEINARD RAMEYER 100 100 0.001%
JAMES F RAMLER & LINDA M RAMLER J/T 200 200 0.002%
TIMOTHY W RANCH & CATHEY L RANCH J/T 1,000 1,000 0.008%
JAMES Z RANSOM & TRESA RANSOM J/T 400 400 0.003%
TIM RASKA & RENEA RASKA J/T 100 100 0.001%
FRED S RATHER & HELEN L RATHER J/T 200 200 0.002%
LARRY E RAVLIN & JUDITH S RAVLIN J/T 100 100 0.001%
ETHEL M REAMES 100 100 0.001%
LEROY J RECKER & EDNA RECKER J/T 200 200 0.002%
LORRIE J REDDISH & REVA J REDDISH J/T 100 100 0.001%
MATTHEW REED & KRISTIN REED J/T 100 100 0.001%
BARTON REINKE & CONNIE REINKE J/T 100 100 0.001%
SUSAN E REISER 100 100 0.001%
IRMA M REISER & ARTHUR REISER J/T 100 100 0.001%
MERRITT REISETTER 600 600 0.005%
THOMAS W REISETTER & JANIS F REISETTER J/T 100 100 0.001%
JANIS F REISETTER & THOMAS W REISETTER J/T 100 100 0.001%
JOHN V REIST 240 240 0.002%
CHAD A REMMERS 100 100 0.001%
HAROLD D RENSHAW & BETTY E RENSHAW J/T 100 100 0.001%
LINDA L RHOADES 100 100 0.001%
JEAN M RHODES 100 100 0.001%
SCOTT RHODES 400 400 0.003%
NEIL BENJAMIN RICH 100 100 0.001%
TERRY L RICH 1,000 1,000 0.008%
DANIEL L RICHARD & PATRICIA L RICHARD J/T 200 200 0.002%
DOUGLAS A RICHTER RENELL S RICHTER J/T 200 200 0.002%
JAMES RICKY FLETCHER & SALLY EVA FLETCHER J/T 100 100 0.001%
RAYMOND H RIENIETS & LORNA M RIENIETS J/T 200 200 0.002%
JASON RIENKE 100 100 0.001%
VIRGINIA ZOE RIERSON 200 200 0.002%
IB-32
<PAGE>
LINDA D RIES 200 200 0.002%
JOHN RIGGINS & LUCY RIGGINS J/T 500 500 0.004%
DAVID R RIGGINS & VELMA E RIGGINS J/T 400 400 0.003%
DAVID RIGGINS & VELMA RIGGINS J/T 800 800 0.007%
ROBERT E RIGGLE 100 100 0.001%
JIM RIGGS & SUE RIGGS J/T 100 100 0.001%
JAMES E RILEY & DEANNA D RILEY J/T 1,000 1,000 0.008%
CAPTAIN RICHARD RILEY USN (RET) 1,000 1,000 0.008%
DR NORMAN K RINDERKNECHT 250 250 0.002%
STEVE RINGGENBERG & LINDA RIGGENBERG J/T 200 200 0.002%
DUANE RINNAN 100 100 0.001%
JOANN A RJEDELL 20 20 0.000%
NANATE DORN ROBBINS 100 100 0.001%
ALBERT LEE ROBERTS 200 200 0.002%
CHRIS JAY ROBERTS 400 400 0.003%
CHRISTINA ROBERTS 200 200 0.002%
HAROLD L ROBERTS 100 100 0.001%
REGINALD D ROBERTS 300 300 0.002%
RONALD L ROBERTS & YVONNE M ROBERTS J/T 3,200 3,200 0.026%
ALETHEA ROBINETTE 60 60 0.000%
DAVID J ROBINETTE 100 100 0.001%
MICHAEL G ROBINETTE 50 50 0.000%
RANDALL K ROCKHILL 100 100 0.001%
KENNY ROEDER 100 100 0.001%
TODD ROELFS & DEE ROELFS J/T 60 60 0.000%
MICHAEL J ROETHLER 20 20 0.000%
LORI A ROGERS 1,000 1,000 0.008%
MICHAEL C ROGERS & KELLI ROGERS J/T 100 100 0.001%
ROBERT ROHLENA 500 500 0.004%
GARY EUGENE ROLL 200 200 0.002%
FRANK J ROMAN & PAUL F ROMAN J/T 1,000 1,000 0.008%
JOSEPH W ROMAN SR & FRANK JL ROMAN J/T 100 100 0.001%
RANDALL A ROMENS & THERESA G ROMENS J/T 200 200 0.002%
DAVID A ROOZEBOOM 100 100 0.001%
JENNIFER R ROOZEBOOM 100 100 0.001%
SIDNEY H ROSKENS 200 200 0.002%
STEVEN ROSKENS 200 200 0.002%
DELBERT ROSS 200 200 0.002%
TONY WILLIAM ROSS 200 200 0.002%
ALVIN ROTTINGHAUS 100 100 0.001%
ROBERT ROTTINGHAUS & DORIS ROTTINGHAUS J/T 400 400 0.003%
KEITH ROTTINGHAUS & JANE ROTTINGHAUS J/T 600 600 0.005%
CHARLES A ROTTINGHAUS & RHONDA L ROTTINGHAUS J/T 1,800 1,800 0.015%
LAWRENCE ROUW & DONNA F ROUW J/T 1,000 1,000 0.008%
LEROY G ROUW & KAREN K ROUW J/T 100 100 0.001%
MELVIN HARTMAN ROZELLA HARTMAN FAMILY TRUST 100 100 0.001%
ROXY C RUBENDALL 20 20 0.000%
ALLEN RUDY & MARGARET RUDY J/T 200 200 0.002%
IB-33
<PAGE>
WILLIAM E RUHS & NANCY A RUHS J/T 300 300 0.002%
STEPHEN D RUNNER 1,000 1,000 0.008%
ROBERT D RUNYON 3,000 3,000 0.025%
DELORES J RUS & CHARLES L RUS ROTH IRA 400 400 0.003%
ROBERT H RUSER & SHIRLEY A RUSER J/T 200 200 0.002%
KEVIN RYAN 100 100 0.001%
MICHAEL L RYAN & TIMOTHY M RYAN J/T 100 100 0.001%
HELEN M SAGAR & JOHN L SAGAR J/T 200 200 0.002%
SCOTT A SAGE 600 600 0.005%
DOUGLAS H SAGE & KAY J SAGE J/T 2,000 2,000 0.016%
MIKE SALZMAN 400 400 0.003%
DAVID R SANDAHL 620 620 0.005%
RON L SANDKAMP & CAROLYN PHILLIPS-SANDKAMP J/T 300 300 0.002%
LINDA L SAWIN 100 100 0.001%
STEVEN C SAXTON 200 200 0.002%
SEAN SAXTON & BETH SAXTON J/T 200 200 0.002%
SCENIC CITY STOCKING STUFFERS 200 200 0.002%
GARY R SCHAEFER 200 200 0.002%
LAURIE SCHAFER & CHRIS SCHAFER J/T 100 100 0.001%
VIRGIL DEAN SCHEFFERT & JANICE K SCHEFFERT J/T 4,000 4,000 0.033%
JAMES SCHEMMEL & KAREN SCHEMMEL J/T 200 200 0.002%
IRVIN SCHICK 100 100 0.001%
DANIEL SCHIRM 100 100 0.001%
DANIEL JAY SCHIRM 200 200 0.002%
DOUGLAS P SCHLADER 200 200 0.002%
JOHN E SCHLEMMER & DONNA L SCHLEMMER J/T 500 500 0.004%
JEFFREY L SCHLEMMER & KRIS R SCHLEMMER J/T 200 200 0.002%
LLOYD SCHLUMBOHM & SANDY SCHLUMBOHM J/T 200 200 0.002%
RAYMOND SCHMIDT & JEAN SCHMIDT J/T 100 100 0.001%
DAVID A SCHMITT 200 200 0.002%
LELAND M SCHMITZ 500 500 0.004%
LOUIS W SCHMITZ 1,000 1,000 0.008%
JACK R SCHMOLL & BARBARA L SCHMOLL J/T 200 200 0.002%
KEVIN L SCHNARR 1,800 1,800 0.015%
RONALD A SCHNECK & CAROL J SCHNECK J/T 500 500 0.004%
NANCY SCHNEIDER & RICHARD SCHNEIDER J/T 100 100 0.001%
MICHELE M SCHNOES & BRIAN L SCHNOES J/T 100 100 0.001%
STEVE D SCHNORMEIER 200 200 0.002%
MELVIN SCHOEPPNER 100 100 0.001%
MELVIN SCHOEPTNER 100 100 0.001%
DAWN SCHOPPE 300 300 0.002%
MARILYNN K SCHOPPE & DARYL A SCHOPPE J/T 1,400 1,400 0.011%
DANA SCHOPPE & MARILYNN & DARYL SCHOPPE J/T 100 100 0.001%
GARY A SCHREIBER & BARBARA A SCHREIBER J/T 200 200 0.002%
KEVIN SCHROCK 400 400 0.003%
NANCY SCHROCK 300 300 0.002%
TIMOTHY DANIEL SCHROCK 400 400 0.003%
M ROBERT SCHRODER 100 100 0.001%
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CLEM SCHROEDER 1,473 1,473 0.012%
DON W SCHROEDER 100 100 0.001%
CLEM SCHROEDER & DEBBI HARGADON J/T 601 601 0.005%
DENNIS L SCHROEDER & JEANETTE A HARTUNG-SCHROEDER 100 100 0.001%
MARILYN J SCHRUM 100 100 0.001%
RONALD C SCHUELLER & DORIS D SCHUELLER J/T 100 100 0.001%
GRANT WYATT SCHULTZ 200 200 0.002%
WAYNE M SCHULTZ & BETTY J SCHULTZ 100 100 0.001%
WAYNE M SCHULTZ & BETTY J SCHULTZ J/T 100 100 0.001%
DAKIN S SCHULTZ & CURTH SCHULTZ J/T 100 100 0.001%
DENTON E SCHULTZ & JOAN L SCHULTZ J/T 1,600 1,600 0.013%
LEON SCHWARTZ & SHARON SCHWARTZ J/T 100 100 0.001%
VICTOR F SCHWEER 200 200 0.002%
JOHN J SCIESZINSKI & BRENDRA L SCIESZINSKI J/T 100 100 0.001%
ALICE A SCOTT 200 200 0.002%
RANDY J SCOTT 200 200 0.002%
JEFFREY ALAN SCOTT & KIMBERLY ANN SCOTT J/T 100 100 0.001%
RONY C SEARS & SUSAN R SEARS J/T 500 500 0.004%
LARRY SEBETKA & KAY SEBETKA J/T 240 240 0.002%
KENNETH H SEEMANN & JULIE D SEEMANN J/T 200 200 0.002%
MARK D SEIVERT & MELISSA A SEIVERT J/T 100 100 0.001%
BETTY N SERAN 700 700 0.006%
WILLIAM B SEVENBERGEN JR & SUZANNE L SEVENBERGEN J/T 200 200 0.002%
JOANN M SEVERIN & JOHN F SEVERIN J/T 400 400 0.003%
JEFFREY H SEVERSEIKE & LISA M SEVERSEIKE J/T 400 400 0.003%
SEVERSEIKE TRUCKING 400 400 0.003%
JAMES R SEVERSON & CHERYL K SEVERSON J/T 300 300 0.002%
STAN SEVERSON & ROXANN DITTME J/T 300 300 0.002%
STAN SEVERSON & ROXANN DITTMER J/T 700 700 0.006%
LYLE G SEYDEL 500 500 0.004%
DALE A SHAFER & DEBORAH A SHAFER J/T 100 100 0.001%
KENNETH A SHANDRI & BARBARA P SHANDRI J/T 600 600 0.005%
OLIN L SHANE & KATHERINE J SHANE J/T 100 100 0.001%
KIMBERLY J SHARAN 100 100 0.001%
LINCOLN SHARAR 500 500 0.004%
DOUGLAS GLEN SHEELEY & NEDRA SUE SHEELEY J/T 100 100 0.001%
RONALD D SHELLEY & MARLENE A SHELLEY J/T 400 400 0.003%
BILLIE SHELTON 100 100 0.001%
HELEN L SHELTON 100 100 0.001%
DAVID D SHEPARD & TRUDY M SHEPARD J/T 200 200 0.002%
JERRY SHINN 200 200 0.002%
TINDAL SHOLTZ & LEE ANN SHOLTZ J/T 100 100 0.001%
CHARLES M SHORE & RUTH M SHORE J/T 100 100 0.001%
RPBERT LEON SHOUP & MARGARET HELEN SHOUP J/T 200 200 0.002%
JOHN W SHOUP & MARGARET SHOUP J/T 100 100 0.001%
KELLY SHRYOCK & DAWN SCHEEL J/T 100 100 0.001%
PAMELA SHUGAR 500 500 0.004%
HARRY F SILBHUGH & JANET K SILBHUGH J/T 100 100 0.001%
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RICKIE W SILVEST & KATHLEEN A SILVEST J/T 100 100 0.001%
DOUGLAS SIMMONS & PAMELA SIMMONS J/T 200 200 0.002%
JEFFREY SIMONEAU & MICHELLE L SIMONEAU J/T 200 200 0.002%
LEONARD W SIMONS & MARY A SIMONS J/T 150 150 0.001%
DAVID SIMPSON 200 200 0.002%
MICHAEL SINGER 4,000 4,000 0.033%
FRANK B SINGER & BETTY W SINGER J/T 300 300 0.002%
MICHAEL SINGER & JOANIE SINGER J/T 2,000 2,000 0.016%
REGINA SINNOTT 100 100 0.001%
SIOUXLAND INVESTMENT CHICKS 100 100 0.001%
THOMAS L SIX & LINDA A SIX J/T 200 200 0.002%
KEVIN SKARTVEAT 100 100 0.001%
BRIAN SKARTVEDT 100 100 0.001%
PAUL SKARTVEDT & SHANNON SKARTVEDT J/T 100 100 0.001%
STEVEN M SKARTVEDT (KEVIN R SKARTVEDT) 100 100 0.001%
C A SKAUGSTAD M D 2,000 2,000 0.016%
JOAN L SKOGLUND 100 100 0.001%
JOHN SKUGLUND 200 200 0.002%
JERRY SLYKHUIS & MATTHEW SLYKHUIS J/T 100 100 0.001%
STEVEN V SMALL & TERESA M SMALL J/T 600 600 0.005%
MARY M SMART 100 100 0.001%
JODI SMILEY 200 200 0.002%
DENNIS S SMITH 1,000 1,000 0.008%
DOREEN SMITH 400 400 0.003%
GEORGE SMITH 100 100 0.001%
MICHAEL J SMITH 100 100 0.001%
ROBERT J SMITH & CAROL R SMITH J/T 100 100 0.001%
BEVERLY J SMITH & CHARLES L POWER J/T 300 300 0.002%
RANDALL D SMITH & JASON L VAN FOSSON J/T 100 100 0.001%
ROBERT SMITH & JEAN SMITH J/T 200 200 0.002%
KEITH ALLEN SMITH & JEANNIE MARIE SMITH J/T 600 600 0.005%
DC SMITH & LUCILLE E SMITH J/T 200 200 0.002%
BENJAMIN SMITH & MICHELLE SMITH J/T 100 100 0.001%
O VERNON SMITH & ROBERTA L SMITH J/T 200 200 0.002%
PAUL Q SMITH & SUSAN E Q'BRIEN-SMITH J/T 300 300 0.002%
COLLIN DEE SMITH FBO KEITH ALLEN SMITH UGMA 200 200 0.002%
ROBERT M SMYTH 100 100 0.001%
MARILYN C SNYDER 70 70 0.001%
MARK RICHARD SNYDER 10 10 0.000%
MARY ROSE SNYDER 10 10 0.000%
MICHAEL JOSEPH SNYDER 10 10 0.000%
LARRY L SNYDER & SALLY J SNYDER J/T 200 200 0.002%
ARLEN L SODAHL 100 100 0.001%
THOMAS J SOENEN 200 200 0.002%
MCDOWELL & SONS LIME CO 2,000 2,000 0.016%
JOHN J SOULIS & DIXIE M SOULIS J/T 100 100 0.001%
JAMI L SPAID 10 10 0.000%
JIM L SPAID 20 20 0.000%
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DIANA D SPARKS 100 100 0.001%
SCOTT O SPICER & PAT A SPICER J/T 200 200 0.002%
JAMES W SPRY & NANCY D SPRY J/T 200 200 0.002%
COLLEEN ANN STAGGS & ROBERT PAUL STAGGS CO TR OF THE 200 200 0.002%
COLLEE
BETTY L STALEY & WILLIAM C STALEY J/T 100 100 0.001%
DARYL STALL & DONNA STALL J/T 400 400 0.003%
ALLAN STANDORF & SANDRA STANDORF J/T 100 100 0.001%
RAY STANGELAND 100 100 0.001%
LARRY E STANTON & PATRICIA L STANTON J/T 200 200 0.002%
ALAN F STAPLES & JUDY M STAPLES J/T 100 100 0.001%
TERRY L STEDING & THERESA M STEDING J/T 1,000 1,000 0.008%
WILLIAM A STEEL & FLORENCE STEEL J/T 200 200 0.002%
JODY W STEELMAN & SHARON L STEELMAN J/T 200 200 0.002%
JIM STEFFENSMEIER & CAROLYN STEFFENSMEIER J/T 100 100 0.001%
ROBERT J STEINBACH & KATHY J STEINBACK J/T 100 100 0.001%
FRANK STEINBACH III & LISA K. STEINBACH J/T 100 100 0.001%
MATTHEW W STEITZER & JULIE C STEITZER J/T 100 100 0.001%
MARK STELTER & JENNIFER STELTER J/T 500 500 0.004%
RUSSEL STENSLAND & MARJORIE EA STENSLAND J/T 200 200 0.002%
STEVE STEPHAN 100 100 0.001%
JACOB R STERNBERG & LEIGH A ROLLINS J/T 100 100 0.001%
RICK I STERNBERG & MARSHA M STERNBERG J/T 100 100 0.001%
MARK STEWART 200 200 0.002%
LARRY J STIENBLOCK & ELIZABETH A STIENBLOCK J/T 100 100 0.001%
GARY STIENBLOCK & ROSE STIENBLOCK J/T 100 100 0.001%
BRIAN K STILLE & KARLA J STILLE J/T 300 300 0.002%
WESLEY STILLER & CAROLYN STILLER J/T 100 100 0.001%
KEN STOCK 800 800 0.007%
STOCK BUSTERS INVESTMENT CLUB 100 100 0.001%
RAYMOND STOCKDALE 4,000 4,000 0.033%
FRED STOEKER 400 400 0.003%
ERNEST L STOERMER & JANICE L STOERMER J/T 400 400 0.003%
WALTER E STOHLGREN 400 400 0.003%
FRANCES J STOHLGREN FAMILY TRUST JUNE 23, 1992 600 600 0.005%
JANET G STOKESBARY 200 200 0.002%
PAMELA A STOLEE & MARCUS S STOLEE J/T 100 100 0.001%
C R STOLTENOW & SANDRA J STOLTENOW J/T 200 200 0.002%
PAUL R STONER & ESTHER STONER J/T 100 100 0.001%
JANE STOREY 400 400 0.003%
RICK D STORJOHANN & BARBARA J STORJOHANN J/T 400 400 0.003%
STORM FLYING SERVICE 2,000 2,000 0.016%
MATT STRASSER & JESSICA STRASSER J/T 100 100 0.001%
DENNIS A STRAUBE & CYNTHIS J STRAUBE J/T 100 100 0.001%
NICHOLAS STREFF 100 100 0.001%
JEAN A STROTTMANN 200 200 0.002%
M PAUL STROTTMANN 700 700 0.006%
ROBERT A STRUBLE & KATHLEEN M STRUBLE J/T 100 100 0.001%
RICHARD L STRUBLE & PAT STRUBLE J/T 100 100 0.001%
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SHARON K STRUTZENBERG 100 100 0.001%
MATTHEW STUART 100 100 0.001%
REECE STUART lll 500 500 0.004%
JAMES DALE STUCKER & ANNA SUE STUCKER J/T 100 100 0.001%
SCOTT STUECKRADT 100 100 0.001%
STEVE STUECKRADT & ELEANOR STUECKRADT J/T 100 100 0.001%
DOUGLAS L STURTZ 200 200 0.002%
SHIRLEEN STURTZ & DOUGLAS STURTZ J/T 200 200 0.002%
BRIAN S STURTZ & TERRY J STURTZ & MICHAEL D STURTZ & 200 200 0.002%
JENNIFER K S
DAVID D STURTZ & NORMA JOAN STURTZ J/T 200 200 0.002%
DENNIS SULT 2,000 2,000 0.016%
ALBERT WJ SUNDT & WENDY L SUNDT J/T 100 100 0.001%
KATHY ANN SURBRUGG 50 50 0.000%
JAMES SWAN 2,100 2,100 0.017%
KENNETH A SWANEY & BETTY A SWANEY J/T 200 200 0.002%
JOHN SWARTZ & JUDITH SWARTZ REV TR DTD APRIL 27 400 400 0.003%
TONY A SWARTZENDRUBER 200 200 0.002%
DONALD SWEDBERG & MARJORIE SWEDBERG J/T 200 200 0.002%
DALE SWENSON 100 100 0.001%
ROBERT S SWENSON & PAMELA L SWENSON J/T 1,000 1,000 0.008%
EDWARD D SWINGER 100 100 0.001%
SYNHORST LIVESTOCK & GRAIN INC 500 500 0.004%
KEVIN SYVERSON & MARSHA SYVERSON J/T 200 200 0.002%
RICHARD TAFT & TRISH TAFT J/T 300 300 0.002%
MARK TAKES 300 300 0.002%
JOSEPH R TAMSE 500 500 0.004%
KIRT D TAYLOR & RITA J TAYLOR J/T 100 100 0.001%
TEAM DODGE INVESTMENT CLUB 100 100 0.001%
THOMPSON L TEASDALE & MARJORIE J TEASDALE J/T 200 200 0.002%
RODNEY D TEEGARDEN 100 100 0.001%
WALTER G TEGTMEIER 100 100 0.001%
STEPHEN J TEMPEL 200 200 0.002%
MELVIN R TEMPLE SR & DONNA L TEMPLE J/T 100 100 0.001%
TEN BUCKS PARTNERSHIP 200 200 0.002%
MARK A TERPSTRA 200 200 0.002%
STEVEN C TERPSTRA & JULIA A TERPSTRA J/T 200 200 0.002%
BOB E TERRY & CRAIG ALLEN TERRY J/T 100 100 0.001%
BOB E TERRY & KATHY L TERRY J/T 300 300 0.002%
CECIL S TESDAHL & JEAN L TESDAHL J/T 100 100 0.001%
ROBERT H TESKE & LAVINE A TESKE J/T 400 400 0.003%
GEORGE W THARP & CAROLINE ANN THARP J/T 100 100 0.001%
CAROLINE ANN THARP & GEORGE W THARP J/T 100 100 0.001%
MERLIN E THEIS 300 300 0.002%
GARY M THELEN 200 200 0.002%
JAMES L THEYER & CHERYL D THAYER J/T 100 100 0.001%
DAVID R THIELEKE 300 300 0.002%
CARLA THIELEN & MICHAEL THIELEN J/T 100 100 0.001%
ALBERTA THIEN 100 100 0.001%
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JEFFREY L THOMAS 100 100 0.001%
MERLYN E THOMPSON 20 20 0.000%
TERRY L THOMPSON 200 200 0.002%
HAROLD D THOMPSON & BEVERLY M THOMPSON J/T 1,200 1,200 0.010%
RICHARD H THOMPSON & ESTHER R THOMPSON J/T 200 200 0.002%
CECIL J THOMPSON & ILENE E THOMPSON J/T 400 400 0.003%
MARVIN K THOMPSON & JANET L THOMPSON J/T 100 100 0.001%
GREGORY D THOMPSON & KATHLEEN S THOMPSON J/T 400 400 0.003%
CLYDE R THOMPSON & SANDRA M THOMPSON J/T 400 400 0.003%
PHILIP M THOMPSON & SUSAN L THOMPSON J/T 100 100 0.001%
LEW W THROSSEL 1,000 1,000 0.008%
JAMES G TIBBOTT 400 400 0.003%
ALLEN TIBBS & JACQUELINE TIBBS J/T 200 200 0.002%
LUKE J TIBBS & LISA J TIBBS J/T 200 200 0.002%
KENNETH TIETJE & DEBORAH TIETJE J/T 100 100 0.001%
TKODERT PARTNERSHIP 600 600 0.005%
JAMES D TODD & DEBORA L TODD J/T 100 100 0.001%
DAVE TOFT 100 100 0.001%
ALLEN R TOMASZEK & MARGARET L TOMASZEK J/T 100 100 0.001%
PAUL TONDERUM 500 500 0.004%
TONICO LLC 1,000 1,000 0.008%
MARI BETH TOOMSEN 200 200 0.002%
JOHN TOOMSEN & GRACE TOOMSEN J/T 200 200 0.002%
CALVIN TOPP 100 100 0.001%
KARENE M TOPP 400 400 0.003%
MATT B TOPP 1,000 1,000 0.008%
RAYNOLD TOPP 1,200 1,200 0.010%
ROSE TOPP 400 400 0.003%
STEVEN D TOPP & STACEY L JACOBSON J/T 100 100 0.001%
STEVEN E TORGERSON & JOANN R TORGERSON J/T 100 100 0.001%
STEVE TORNQUIST 100 100 0.001%
STEPHEN H TOST & DIANE R TOST J/T 400 400 0.003%
STEVEN E TOYNE 200 200 0.002%
DENNIS G TRENARY 200 200 0.002%
RONALD L TRENARY & JOAN M TRENARY J/T 100 100 0.001%
RONALD TRENARY & KRISTINE TRENARY J/T 100 100 0.001%
JERRY J TRITTIEN 1,000 1,000 0.008%
L DENNIS TROLLOPE & JOYCE TROLLOPE J/T 400 400 0.003%
LOREN TUNGESVICK 100 100 0.001%
KIA M TUNGESVIK 100 100 0.001%
LOREN R TUNGESVIK & MARY JO TUNGESVIK J/T 2,000 2,000 0.016%
KATHLEEN JO TURNER 100 100 0.001%
DAVID A TURNER & DEANNA TURNER J/T 200 200 0.002%
GARY LEE TUXHORN 100 100 0.001%
DONALD L TWEDT 100 100 0.001%
KAREN J TWEDT 100 100 0.001%
TOBAN M TYLER 100 100 0.001%
SIDNEY E TYLER & JANE C TYLER J/T 100 100 0.001%
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CHARLES E TYRREL 800 800 0.007%
DALE UBBEN 100 100 0.001%
DALE UBBEN & LORI UBBEN J/T 100 100 0.001%
DALE UBBEN C/F MACY L UBBEN UTMA IA 100 100 0.001%
PAUL B UBBEN SHARON A UBBEN PARTNERSHIP 200 200 0.002%
EVERETT UHRHAMMER 50 50 0.000%
W ALLAN UHRHAMMER 2,000 2,000 0.016%
JAMES J ULBRICH 100 100 0.001%
KENNETH ULFERS 400 400 0.003%
MARY ANN UMSCHEID 100 100 0.001%
GEORGE E UMSCHEID & TERESA A UMSCHEID J/T 400 400 0.003%
REUBEN D UNSETH 200 200 0.002%
ANDREW UNSETH & ELAINE UNSETH J/T 400 400 0.003%
NATHAN UNSETH & RUTH UNSETH J/T 100 100 0.001%
US BANCORP PIPER JAFFRAY C/FBO LINDSAY R UPCHUR 500 500 0.004%
DENNIS W USHER 100 100 0.001%
JUDITH A USHER 100 100 0.001%
STEVEN C USHER & ROSEMARY L USHER J/T 100 100 0.001%
MATTHEW DAVID USHER & TINA MARIE USHER J/T 200 200 0.002%
ARVID L VALEN & DM VALEN J/T 500 500 0.004%
VICTORIA ANN VALLEY 300 300 0.002%
ALVIN W VAN DEEST 1,500 1,500 0.012%
BENJAMIN J VAN DEEST 1,600 1,600 0.013%
KAMERON F VAN DEEST 400 400 0.003%
KIMBERLY W VAN DEEST 600 600 0.005%
KIPP L VAN DEEST 400 400 0.003%
NORMAN VAN DEEST & JOYCE VAN DEEST J/T 200 200 0.002%
RONALD JAMES VAN DEEST GENNEP & DORIS JANET VAN 200 200 0.002%
GENNEP J/T
DOUG VAN GORKOM & SUSAN VAN GORKOM J/T 400 400 0.003%
CURTIS VAN GORP 200 200 0.002%
BARBARA J VAN HAAFTEN 100 100 0.001%
VAN HAUEN AUTO & TRUCK INC 200 200 0.002%
JUNE VAN OORT 100 100 0.001%
JOSEPH H VAN OORT 100 100 0.001%
MANDY VAN OORT 100 100 0.001%
MIKE VAN OORT 100 100 0.001%
RICHARD J VAN OORT 100 100 0.001%
NOLAN J VAN OTTERLOO JULIE B VAN OTTERLOO J/T 100 100 0.001%
CHRIS VAN SCHEPEN 400 400 0.003%
DONALD L VANA & JUDY L VANA J/T 200 200 0.002%
MARK W VANDER SCHEL & NELLIE M VANDER SCHEL J/T 1,000 1,000 0.008%
RICHARD G VANDER WEL 100 100 0.001%
DENNIS J VANDERHEI & MARILYN J VANDERHEI J/T 200 200 0.002%
MARLYS J VANEVERY 100 100 0.001%
WADE VANHAUEN & LAREE VANHAUEN 1,000 1,000 0.008%
DENNIS VANLANINGHAM & JUANITA VANLANINGHAM J/T 100 100 0.001%
MARK A VANPELT 100 100 0.001%
CHARLES VANSICE & LINDA VANSICE J/T 100 100 0.001%
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LEONE D VARGASON & LYNN M VARGASON J/T 200 200 0.002%
LOIS VARLAND 600 600 0.005%
THOMAS J VARNUM 600 600 0.005%
JUDY VASKE & BRIAN VASKE J/T 200 200 0.002%
GEORGE L VASS & ELSA J KAPLAN-VASS J/T 100 100 0.001%
ROBERT L VAUGHAN & MORGAN SIERRA VAUGHAN J/T 300 300 0.002%
JORDAN J VAUGHAN FBO JAN VAUGHAN CUST 100 100 0.001%
LARRY G VAUX 200 200 0.002%
GARY VAVRICEK & CARLENE VAVRICEK J/T 100 100 0.001%
RUFUS L VAWTER JR 100 100 0.001%
G MATTHEW VEON 300 300 0.002%
MARTHA M VEON 500 500 0.004%
DWIGHT E VER STEEGT 100 100 0.001%
ROBERT D VERNON & MARIAN K VERNON J/T 1,000 1,000 0.008%
ABE J VIDAL 300 300 0.002%
STEVEN J VITIRITTO & SHEILA J VITIRITTO J/T 200 200 0.002%
GARY VOLKERT 200 200 0.002%
MARJORIE W VORLAND 600 600 0.005%
CURTIS VORWALD & KAY VORWALD J/T 1,000 1,000 0.008%
MICHAEL D WADE 100 100 0.001%
KATHERINE ANN WADLE 100 100 0.001%
KEVIN J WADLE 400 400 0.003%
JUDITH W WAGNER 300 300 0.002%
TINA LOUISE WAGNER 100 100 0.001%
BILL L WAKEFIELD & PAULA J WAKEFIELD J/T 100 100 0.001%
JOAN WAKEMAN & MATT WAKEMAN J/T 100 100 0.001%
ROBERT G WALDO 200 200 0.002%
JOHN J WALDRON & MARY ANNETTE WALDRON J/T 500 500 0.004%
RONALD ALLEN WALINE 300 300 0.002%
MIKE WALKER 100 100 0.001%
GROVER WALKER & FLORENCE WALKER J/T 100 100 0.001%
ARTHUR M WALL 500 500 0.004%
DWAYNE WALLUKAIT & LORNA WALLUKAIT J/T 300 300 0.002%
R MICHAEL WALSH 1,000 1,000 0.008%
MARK A WALTER & CURT A BEAN TIC 200 200 0.002%
TODD J WALTON 400 400 0.003%
CHESTER D WARD 100 100 0.001%
DANNY J WARD 100 100 0.001%
JOSEPH C WARD 100 100 0.001%
ROBERT J WARD & ROBERTA K WARD J/T 100 100 0.001%
JEFF WARFORD & BETH WARFORD J/T 500 500 0.004%
GARRETT L WARNER 100 100 0.001%
LON WARREN 200 200 0.002%
DENNIS A WAY & LINDA F WAY J/T 1,400 1,400 0.011%
DAVID M WAYTENICK & KAREN S WAYTENICK J/T 200 200 0.002%
TRAVIS WEARDA 100 100 0.001%
KENNETH H WEBB & MARVEL P WEBB J/T 200 200 0.002%
MRS HENRY A WEBBER 500 500 0.004%
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DARWIN A WEBER 100 100 0.001%
RICHARD A WEBER & JANET E WEBER J/T 400 400 0.003%
JAMES E WEBER & LINDA M WEBER J/T 200 200 0.002%
WARREN WEBER & MARILYN WEBER J/T 200 200 0.002%
JON WEEKS 100 100 0.001%
DRU WEIDNER 100 100 0.001%
GAYLE WEIDNER 100 100 0.001%
KENNETH E WEINRICK & RUTH WEINRICK J/T 200 200 0.002%
JERRY A WELLS & CAROL WELLS J/T 1,000 1,000 0.008%
JAMES WELSH & MARY I WELSH J/T 200 200 0.002%
ALAN WELTER 100 100 0.001%
DANIEL WELTER 200 200 0.002%
LES WELTER 300 300 0.002%
JAMES J WELTER & DENISE M WELTER J/T 200 200 0.002%
JOHN WELTER & TAMI WELTER J/T 100 100 0.001%
PAUL D WENTE 400 400 0.003%
YVONNE M WENTE 400 400 0.003%
BRENDA LYNN WERNING 100 100 0.001%
FREDERICK J WESSELS & MARY A WESSELS J/T 100 100 0.001%
LADD WESSELS & MARY LEE WESSELS J/T 200 200 0.002%
PHILIP P WEST & SHAWNNL WEST J/T 200 200 0.002%
PENNY L WESTERN 200 200 0.002%
HANNA B WESTON & CHARLES H NADLER J/T 100 100 0.001%
JAMES F WESTPHAL & ELAINE R WESTPHAL J/T 400 400 0.003%
MARK WESTRUM 100 100 0.001%
ROBERT L WESTRUM & JANET L WESTRUM J/T 500 500 0.004%
JAMES T WHEELER & GINA WHEELER J/T 100 100 0.001%
DOULGAS WHEELER & KATHRYN WHEELER J/T 100 100 0.001%
JASON WADE WHEELOCK 100 100 0.001%
G A WHETSTINE 100 100 0.001%
GALE S WHITACRE 300 300 0.002%
ROBERT D WHITAKER & CONNIE K WHITAKER TIC 100 100 0.001%
DENISE M WHITE 100 100 0.001%
KATHERINE R WHITE 50 50 0.000%
RICHARD L WHITE 400 400 0.003%
JERRY WHITE & SANDRA WHITE J/T 100 100 0.001%
JEFF L WHITHAM & LAURY E WHITHAM J/T 1,000 1,000 0.008%
LLOYD V WHITING & DEDEE A WHITING J/T 150 150 0.001%
HUGH D WHITLATCH 100 100 0.001%
GLENN CRAIG WHITNEY 100 100 0.001%
IRENE M WHITSON 500 500 0.004%
DENNIS W WHITSON & IRENE M WHITSON J/T 200 200 0.002%
ARTHUR B WHITWORTH 100 100 0.001%
THOMAS D WIARDA 100 100 0.001%
JOHN A WIBHOLM 200 200 0.002%
DANIEL WICHHART & KRISTY WICHHART J/T 1,000 1,000 0.008%
CHAD C WICKS 1,000 1,000 0.008%
MAVIS J WIDLUND 200 200 0.002%
IB-42
<PAGE>
DOUG L WIERSON & PEGGY J WIERSON J/T 100 100 0.001%
DONALD B WILCOX & GENEVA M WILCOX J/T 1,000 1,000 0.008%
DAVID J WILHELM & BETHEL R WILHELM J/T 400 400 0.003%
GREGORY E WILKIE & KIMBERLY R WILKIE J/T 400 400 0.003%
LAVERNE D WILL 160 160 0.001%
KENNETH B WILLEMS & BECKY WILLEMS J/T 600 600 0.005%
DANIEL C WILLEMS & CHERRIE K WILLEMS J/T 400 400 0.003%
JOHN ARTHUR WILLEMS & DANIEL CLARK WILLEMS J/T 600 600 0.005%
ARTHUR L WILLEMS & JUDITH E WILLEMS J/T 500 500 0.004%
RONALD V WILLEMS & LANETTE F WILLEMS J/T 1,100 1,100 0.009%
RORY WILLETT 600 600 0.005%
BLAKE C WILLIAMS 100 100 0.001%
CURTIS WILLIAMS 300 300 0.002%
JAMES WILLIAMS 100 100 0.001%
KENNETH W WILLIAMS 200 200 0.002%
SCOTT EARL WILLIAMS 300 300 0.002%
PAUL L WILLIAMS & ALICE M WILLIAMS J/T 100 100 0.001%
MIKE WILLIAMS & DOREEN WILLIAMS J/T 1,000 1,000 0.008%
CURTIS WILLIAMS & JAIME WILLIAMS J/T 100 100 0.001%
JAMES WILLIAMS & JERRY DEAN GRIFFIN J/T 200 200 0.002%
CURTIS WILLIAMS & JESSICA WILLIAMS J/T 100 100 0.001%
CURTIS WILLIAMS & JILL WILLIAMS J/T 100 100 0.001%
SCOTT E WILLIAMS & MARLA K WILLIAMS J/T 300 300 0.002%
ELDON WILLIS 200 200 0.002%
CAROLE RODBERG WILLIS, C OLSON, R RODBERG & JULIE 200 200 0.002%
BIRKHOLZ &
DAVID JOHN WILLITS 200 200 0.002%
MARILYN MORRISON WILLITS 1,000 1,000 0.008%
WADE A WILSON 2,000 2,000 0.016%
DAVID G WILSON & JENNIFER L WILSON J/T 200 200 0.002%
DENNIS H WILSON & LORRI A WILSON J/T 100 100 0.001%
WILLIAM D WILSON & PEGGY M WILSON J/T 100 100 0.001%
BERNARD J WILWERDING & MARY E WILWERDING J/T 200 200 0.002%
DONALD N WINGROVE 150 150 0.001%
GAIL WINKELPLECK 2,000 2,000 0.016%
BERNARD R WINKLER & ALICE J WINKLER J/T 300 300 0.002%
KELLY J WINN & DANIEL T WINN J/T 1,000 1,000 0.008%
MARION WINN & DELORES WINN J/T 1,000 1,000 0.008%
RICHARD D WINTER & SHARON K WINTER J/T 200 200 0.002%
GARY L WINTERHOF & KIM A WINTERHOF J/T 100 100 0.001%
AARON WIRTH 100 100 0.001%
PAUL L WIRTH & CARMEN C WIRTH J/T 300 300 0.002%
ROBERT P WISE & MARY LEE WISE J/T 200 200 0.002%
JAMES R WITHROW & JAMIE W WITHROW J/T 500 500 0.004%
WOLF CREED INVESTMENT CLUB 100 100 0.001%
JASON WOLFE 600 600 0.005%
WILLIAM C WOLFE & LINDA C WOLFE J/T 100 100 0.001%
SHAWN D WOLFE & SHAUN D WOLFE J/T 100 100 0.001%
LYLE R WOLFF & MARY R WOLFF J/T 200 200 0.002%
IB-43
<PAGE>
CRAIG A WOOD & DOROTHY J WOOD J/T 1,000 1,000 0.008%
STACIE A WOODS & BRYCE M WOODS J/T 300 300 0.002%
BRIAN J WOSTER 200 200 0.002%
CECIL G WRAGE 100 100 0.001%
RICHARD L WRIGHT 1,000 1,000 0.008%
JACK WRIGHT & DOROTHY WRIGHT J/T 400 400 0.003%
MURRAY WYKLE 200 200 0.002%
RANDY VAN WYNGARDEN 100 100 0.001%
DAMON A YAEGER & KATHY YAEGER J/T 200 200 0.002%
ROBERT L YEAGER JR 100 100 0.001%
MICHAEL J YETMAR & KATHRYN R YETMAR J/T 150 150 0.001%
DENNIS R YODER 100 100 0.001%
BRIAN K YORK 300 300 0.002%
KENNETH D YOUNG 100 100 0.001%
RUTH YOUNG 100 100 0.001%
ROGER ZAHRT & BEVERLY ZAHRT J/T 50 50 0.000%
DIRK M ZAISER 200 200 0.002%
ARNHILD M ZAISER & DIRK M ZAISER & REX D ZAISER J/T 200 200 0.002%
EDWARD T ZALETEL & NANCY J ZALETEL TIC 200 200 0.002%
PATRICK S ZEDRICK & PAMELA G ZEDRICK J/T 200 200 0.002%
JUDY L ZEGERS & MURRAY D ZEGERS J/T 100 100 0.001%
SHIRLEY C ZIEBELL & BRUCE A & STEVEN M ZIEBELL & ANDREA 100 100 0.001%
L LA
MICHAEL W ZIMMERMAN & SHARON D ZIMMERMAN J/T 100 100 0.001%
CORY J ZORN 400 400 0.003%
VICTOR L ZORN MARY L ZORN J/T 200 200 0.002%
JANET A ZOSKE 200 200 0.002%
LUVERNE ZOSS & KATHRYN INEZ ZOSS J/T 140 140 0.001%
RICHARD ANTHONY ZROSTLIK & JOANNE ELLEN ZROSTLIK J/T 200 200 0.002%
ROGER M ZULEGER 160 160 0.001%
MARY JO BANKS 400 400 0.003%
CURTIS WAYNE BARRETT 200 200 0.002%
AARON BEIK 100 100 0.001%
ROBERT E BENNETT BETTIE L BENNETT JTWROS 200 200 0.002%
CHARLES BONAVIA 100 100 0.001%
THOMAS M BROWN GERALDINE BROWN JTWROS 160 160 0.001%
LAWRENCE D CAMP JANICE V CAMP JTWROS 100 100 0.001%
BRYAN E CARSRUD 100 100 0.001%
MATTHEW T CROUSE DIANE K CROUSE TENNANTS IN COMMON 300 300 0.002%
CYNTHIA MARIE DONAHUE 300 300 0.002%
SCOTT THOMAS ETZEL 200 200 0.002%
LEE EVANS LOGAN EVANS JTWROS 100 100 0.001%
JAMES A FRANKLIN NANCY J FRANKLIN JTWROS 200 200 0.002%
PAMELA SUE FRANKVILLE 100 100 0.001%
CLINT FREUND 200 200 0.002%
JAMES L GOYETTE SHIRLEY M GOYETTE JTWROS 200 200 0.002%
JAMES B HAHT ALICE J HAHT JTWROS 100 100 0.001%
BILLY MICHAEL HOLDER JESTINA LOUISE HOLDER JTWROS 200 200 0.002%
IB-44
<PAGE>
PATTY L HOLTZ DENNIS R HOLTZ JTWROS 200 200 0.002%
JAMES F JACOBS 200 200 0.002%
MRS PHYLLIS JORGENSEN GERALD J JORGENSEN JUDY A 200 200 0.002%
MCLARTY JTWROS
DENNIS P LAMOREUX 200 200 0.002%
IVAN MCBRIDE LYN MCBRIDE JTWROS 600 600 0.005%
KENNETH A MILLER PAULA J MILLER JTWROS 200 200 0.002%
LOREN MILLIGAN 2000 2,000 0.016%
BRIAN L MYERS 200 200 0.002%
RONALD OSTHUS LORA OSTHUS JTWROS 800 800 0.007%
DAVID A PATRICK DIANE R PATRICK JTWROS 100 100 0.001%
LLOYD PATRICK DIANNA PATRICK JTWROS 100 100 0.001%
MICHAEL PATRICK 100 100 0.001%
JEFFREY J PATRICK 100 100 0.001%
ELIZABETH ANNE PINNICK 100 100 0.001%
DWAYNE H RETTIG 1000 1,000 0.008%
ROGER JAMES RICE BARBARA JEAN RICE JTWROS 100 100 0.001%
IREY N ROSE ANN M ROSE JTWROS 100 100 0.001%
TODD SAFLY 200 200 0.002%
LARRY SINDT JACKIE L SINDT JTWROS 100 100 0.001%
WILLARD W SMIT ARLENE A SMIT JTWROS 100 100 0.001%
THOMAS R STOCKMAN 200 200 0.002%
JACK L TOPP CARRIE L TOPP JTWROS 150 150 0.001%
W ALLAN UHRHAMMER 275 275 0.002%
TORI UPCHURCH 100 100 0.001%
BRIAN J VAN HAAFTEN 100 100 0.001%
BRIAN T VAUGHAN JOSHUA W KRUSE TENCOM 100 100 0.001%
DETERMAN EXCAVATING 1000 1,000 0.008%
KIPP L VAN DEEST 600 600 0.005%
JOEL W SMIT 100 100 0.001%
ROBERT BOOM JANET BOOM JTWROS 100 100 0.001%
KENNETH H CARDER 100 100 0.001%
ROBERT M CARSON 200 200 0.002%
TERRY L CLARK DEANNA F CLARK JTWROS 200 200 0.002%
GIFFORD A COVAULT RUTH E COVAULT JTWROS 100 100 0.001%
MS. KRISTIN J CRIM 800 800 0.007%
JOHN A CROSSER JR WILLIAM J CROSSER 150 150 0.001%
MARK HEESCH 1000 1,000 0.008%
ARHTUR HITZ SHARON HITZ JTWROS 100 100 0.001%
ROD HOUGE 100 100 0.001%
KAY E HURD LARRY L HURD JTWROS 100 100 0.001%
RONALD G JAEGER 200 200 0.002%
ASA LEE KING WANDA LOU KING JTWROS 100 100 0.001%
ALAN G KOCKLER 1300 1,300 0.011%
JEFF LIENING JULIE LIENING JTWROS 100 100 0.001%
S. RAMI MAKKAPATI 200 200 0.002%
MARGARET MCCLEARY 100 100 0.001%
KATIE ANN MCMEEKIN 200 200 0.002%
KIMBERLY JEAN MCMEEKIN 200 200 0.002%
IB-45
<PAGE>
SHARON D MEIKLE 100 100 0.001%
JERRY MITCHELL KAREN MITCHELL JTWROS 100 100 0.001%
CHRISTOPHER P NICOLAISEN LISA A NICOLAISEN JTWROS 100 100 0.001%
STEVEN H NORDEN 2000 2,000 0.016%
MICHAEL RAY PAGE 100 100 0.001%
EDWARD S PECENKA DEBRA L BROWNS-PECENKA JTWROS 100 100 0.001%
KENT PICHT 1000 1,000 0.008%
DONALD R RIORDAN REBECCA A RIORDAN JTWROS 100 100 0.001%
RUSSELL H SMITH GILDA L SMITH JTWROS 100 100 0.001%
MARK D SMITH SUSAN K SMITH 200 200 0.002%
JEREMY M SMITH 100 100 0.001%
DEAN E SOGARD BETTY A SOGARD JTWROS 1000 1,000 0.008%
DAVID H SPRING JANETTE L SPRING JTWROS 500 500 0.004%
STEVE STEPHAN 200 200 0.002%
JAMES A SUTTON 100 100 0.001%
ANTHONY WHITMORE SUSANNE WHITMORE JTWROS 100 100 0.001%
CONNIE L WINDERS 100 100 0.001%
JAMES E AGGEN BONNIE L AGGEN JTWROS 100 100 0.001%
ELMER BAKER BETTY C BAKER JTWROS 100 100 0.001%
EUGENE F BERTRAND JUDY A BERTRAND JTWROS 200 200 0.002%
DON R BLAZEK 400 400 0.003%
DONALD P BLAZEK KIM J BLAZEK JTWROS 200 200 0.002%
BART CROUSE MICHELE CROUSE JTWROS 100 100 0.001%
KEVIN DUBBERT 300 300 0.002%
EVA V EDEN 100 100 0.001%
GORDON ESPELUND RUTH-ANNE ESPELUND JTWROS 500 500 0.004%
ROBERT D FRAME 100 100 0.001%
GLENN F FREEMAN JOLENE A FREEMAN JTWROS 300 300 0.002%
RALPH R FRIESEN 200 200 0.002%
KATHERINE M GILLMAN GARY R GILLMAN TENANTS IN COMMON 100 100 0.001%
JAMES L HAMILTON MARGARET A HAMILTON JTWROS 100 100 0.001%
LINDA A HARRISON 400 400 0.003%
EUGENE HENDRICKSON ARDYS HENDRICKSON JTWROS 200 200 0.002%
RODGER W HOELSCHER DIAN HOELSCHER 400 400 0.003%
RODGER W HOELSCHER 200 200 0.002%
DOUGLAS D HOLLIDAY 100 100 0.001%
ALBERT R JOHNSON 200 200 0.002%
KEITH B KIRBY 100 100 0.001%
ANTHONY B LONG JONI L LONG JTWROS 100 100 0.001%
LAWRENCE MARTIN 500 500 0.004%
GLENDON R MATHESON JUDITH A MATHESON JTWROS 100 100 0.001%
THOMAS E MCMANUS DIANE K MCMANUS JTWROS 200 200 0.002%
MICHAEL HARRIS KEVIN PIETERS SCOTT WILLIAMS 100 100 0.001%
PARTNERSHIP
KIRT D PARIZEK 100 100 0.001%
DONALD J RHEAD PHYLLIS J RHEAD JTWROS 100 100 0.001%
JOHN J SOULIS DIXIE M SOULIS JTWROS 100 100 0.001%
ROBERT D VERNON MARIAN K VERNON JTWROS 1000 1,000 0.008%
IB-46
<PAGE>
G A WHETSTINE 100 100 0.001%
ROLLAND G WILLIAMS ARDEN R WILLIAMS JTWROS 100 100 0.001%
JOHN P WITHHART CAROL J WITHHART JTWROS 200 200 0.002%
DON C ARPY JO ANN ARPY JTWORS 200 200 0.002%
RANDALL M CAMP CAROL L CAMP JTWROS 400 400 0.003%
EVLYN CONLEY 100 100 0.001%
TIM DANIELS PAT DANIELS JTWROS 100 100 0.001%
BRIAN J DREES MELINDA J DREES JTWROS 100 100 0.001%
DANNY D FOREMAN DOTTIE FOREMAN JTWROS 200 200 0.002%
CARMEN C GASPERI DAVE E GASPERI JTWROS 100 100 0.001%
CARMEN C GASPERI DAVE E GASPERI JTWROS 100 100 0.001%
LYLE A HELLYER 1000 1,000 0.008%
LEE ANN S KAUZLARICH WILLIAM J KAUZLARICH JTWROS 500 500 0.004%
DARRELL E KINNEY FLORENCE E KINNEY JTWROS 200 200 0.002%
NORMAN T LAFOLLETTE SHIRLEY J FOLLETTE JTWROS 100 100 0.001%
CORINNE E LAFOLLETTE 100 100 0.001%
OSCAR T LENNING LORENE J LENNING JTWROS 200 200 0.002%
LEONA E MARTIN ROBERT L MARTIN JTWROS 100 100 0.001%
CHARLES D MATTHEWS MALISSA A MATTHEWS JTWROS 100 100 0.001%
STANLEY E MOBERG SR 100 100 0.001%
SHERIE L MOFFITT 100 100 0.001%
SHERIE L MOFFITT 500 500 0.004%
NORMA POMMREHN 200 200 0.002%
LARRY L SNYDER SALLY J SNYDER JTWROS 200 200 0.002%
STEVE J STEFFENSMEIER PATRICIA J STEFFENSMEIER JTWROS 100 100 0.001%
DUANE D STOLL BETTY J STOLL JTWROS 200 200 0.002%
H. THOMAS WALKER MIKIE S. WALKER JTWROS 400 400 0.003%
LYLE R WOLFF MARY R WOLFF JTWROS 100 100 0.001%
LINDA SUE WYMORE JAMES FRANCES WYMORE JTWROS 100 100 0.001%
JOHN A THRAILKILL 600 600 0.005%
J. F. MEYERS 1000 1,000 0.008%
PETER J FERNANDEZ JR CONSERVATORSHIP 1000 1,000 0.008%
STOCK HAWK INVESTMENT CLUB 100 100 0.001%
DANIEL J BRADY BARBARA L BRADY JTWROS 200 200 0.002%
GREOGORY DEJONG BONNIE DEJONG JTWROS 10000 10,000 0.082%
MERCEDES DREES LLOYD J DREES JTWROS 100 100 0.001%
SCOTT FOSSEEN 500 500 0.004%
JOHN GILMORE ALICE GILMORE JTWROS 600 600 0.005%
LEONARD F JANDIK JOYCE E JANDIK JTWROS 100 100 0.001%
ARNOLD D JOHNSON ELIZABETH R JOHNSON JTWROS 100 100 0.001%
KEVIN CURTIS KENNEDY 200 200 0.002%
KEITH LEE LOUCKS 100 100 0.001%
LINDA ANN MILBRANDT 200 200 0.002%
VERNON A MOORMAN GLORIA G MOORMAN JTWROS 100 100 0.001%
DARRELL J SCHMITZ JUDY M SCHMITZ JTWROS 100 100 0.001%
DAVID STROCK SUSAN KAY STROCK JTWROS 200 200 0.002%
STEVEN C WILLIAMS 500 500 0.004%
RALPH P ARENS 500 500 0.004%
IB-47
<PAGE>
JIMMIE BERHOW JANEAN BERHOW JTWROS 300 300 0.002%
GARY J DUSIL PATRICIA R DUSIL JTWROS 1000 1,000 0.008%
ED HANSEN CAROL HANSEN JTWROS 100 100 0.001%
DONALD L HENDERSON MADOLYN M HENDERSON JTWROS 200 200 0.002%
J RUSSELL JAHN 100 100 0.001%
CHAD KRUCKENBERG 100 100 0.001%
TYLER KRUCKENBERG 100 100 0.001%
JOEL KRUCKENBERG CINDY KRUCKENBERG JTWROS 100 100 0.001%
KEITH L KULISKY PATRICIA M KULISKY JTWROS 100 100 0.001%
JIM J LORBER 1000 1,000 0.008%
EDWARD J LOVETINSKY MICHELLE L LOVETINSKY JTWROS 100 100 0.001%
WAYNE M LOVETINSKY DOROTHY K LOVETINSKY JTWROS 100 100 0.001%
MICK R MALLOY 400 400 0.003%
BLAINE MCCURRY LORI MCCURRY JTWROS 600 600 0.005%
MICHAEL BLAINE MCCURRY LORI LYNNE MCCURRY JTWROS 100 100 0.001%
SARAH ANNE MCCURRY LORI LYNNE MCCURRY JTWROS 100 100 0.001%
DERALD MERRILL CONNIE MERRILL JTWROS 1000 1,000 0.008%
RICHARD P MINEAR COLEEN MINEAR JTWROS 100 100 0.001%
PROGRESS INC 300 300 0.002%
DON NETTLETON 400 400 0.003%
ELWOOD L RAFDAL 100 100 0.001%
RONALD L ROBERTS YVONNE M ROBERTS JTWROS 2000 2,000 0.016%
RONALD L ROBERTS MARVIN GEIS TENCOM 200 200 0.002%
STEVEN F SAFLY CONNIE R SAFLY JTWROS 1200 1,200 0.010%
ARLENE R SAMPSON 100 100 0.001%
NICHOLE L SCHIPPERS C/F COLE G SCHIPPERS UTMA IOWA 100 100 0.001%
J MILFORD SEVERAID 400 400 0.003%
CLS TRUST 300 300 0.002%
PATRICIA M SMITH 100 100 0.001%
ALAN HOWARD SOKOLOFF 100 100 0.001%
JOHN SPENCER EILEEN SPENCER JTWROS 100 100 0.001%
PAUL R STONER ESTHER STONER JTWROS 100 100 0.001%
OLIN STRAIT 200 200 0.002%
BONNIE TAYLOR 100 100 0.001%
LORI J WELCH 100 100 0.001%
CAROL J WINCHESTER DAVID L WINCHESTER JTWROS 100 100 0.001%
DOUGLAS EUGENE BARTLOW 200 200 0.002%
DANA T BRENNEMAN MONA K BRENNEMAN JTWROS 1000 1,000 0.008%
IVEN C BRUSH GAIL M BRUSH JTWROS 400 400 0.003%
IVEN C BRUSH ELISE R BRUSH JTWROS 100 100 0.001%
MARLYN D HANSON PAUL M HANSON JTWROS 200 200 0.002%
MARLYN D HANSON TODD J HANSON JTWROS 400 400 0.003%
LOREN CURTIS HOELSCHER 100 100 0.001%
STEVEN J HOFF BETH A HOFF JTWROS 400 400 0.003%
KAYLA MARIE KRUCKENBERG 100 100 0.001%
T ADAM ENTENZA & CA MURPHY JTWROS 100 100 0.001%
ASHLEY ENTENZA & CA MURPHY JTWROS 100 100 0.001%
ROLLAND NOLTE 100 100 0.001%
IB-48
<PAGE>
DAVID A PATRICK DIANE R PATRICK JTWROS 100 100 0.001%
TIM SCHARENBROCH BRENDA SCHARENBROCH JTWROS 100 100 0.001%
DAVID J SQUIERS LINDA E SQUIERS JTWROS 100 100 0.001%
RAYNOLD TOPP 100 100 0.001%
W ALLAN UHRHAMMER 2000 2,000 0.016%
W ALLAN UHRHAMMER 200 200 0.002%
RYAN W WOLFE 100 100 0.001%
MICHAEL R GILBERT TERRI R GILBERT JTWROS 200 200 0.002%
ALAN L HAWORTH MARSHA HAWORTH JTWROS 500 500 0.004%
ALAN L HAWORTH MARSHA HAWORTH JTWROS 500 500 0.004%
ALAN L HAWORTH MARSHA HAWORTH JTWROS 500 500 0.004%
JOHN HOLLINGSWORTH DONNA HOLLINGSWORTH JTWROS 400 400 0.003%
DAN HOUSER 100 100 0.001%
DAN HOUSER 250 250 0.002%
DAN HOUSER 250 250 0.002%
DAN HOUSER 250 250 0.002%
RICHARD L JOHNSON PHYLLIS J JOHNSON JTWROS 100 100 0.001%
MICHAEL DAVID KAKERT JOANNE KAY KAKERT JTWROS 500 500 0.004%
JAMES D KALBACH BARBARA G KALBACH JTWROS 400 400 0.003%
KERMIT M LARSEN 50 50 0.000%
LELAND H MOORE 200 200 0.002%
RONALD L ROBERTS YVONNE M ROBERTS JTWROS 1000 1,000 0.008%
RONALD L ROBERTS YVONNE M ROBERTS JTWROS 400 400 0.003%
RONALD L ROBERTS MARVIN GEIS JTWROS 200 200 0.002%
RONALD L ROBERTS BONNIE J TAYLOR JTWROS 100 100 0.001%
HELEN M SAGAR JOHN L SAGAR JTWROS 200 200 0.002%
HELEN M SAGAR JOHN L SAGAR JTWROS 200 200 0.002%
BEN SHOLAR MAGGIE SHOLAR JTWROS 400 400 0.003%
LYNN EDWARD SILVER KRISTA ANN SILVER JTWROS 100 100 0.001%
RICHARD SKINNER DOROTHY SKINNER JTWROS 100 100 0.001%
STEVEN C STAMP LYNN A STAMP JTWROS 200 200 0.002%
LYNN A STAMP KELLY N STAMP 100 100 0.001%
LYNN A STAMP BRIAN R STAMP JTWROS 100 100 0.001%
LYNN A STAMP KRISTIN M STAMP JTWROS 100 100 0.001%
RICHARD SWASAND MARY SWASAND REVOCABLE TRUST 300 300 0.002%
DAVID L SWEET BARBARA E SWEET JTWROS 100 100 0.001%
SHAWN TOOMSEN 100 100 0.001%
CHAD TYSDAHL 100 100 0.001%
W ALLAN UHRHAMMER 500 500 0.004%
NORMAN VAN DEEST JOYCE VAN DEEST JTWROS 2000 2,000 0.016%
LAWRENCE VAN HEUKELOM LOIS VAN HEUKELOM JTWROS 400 400 0.003%
HENRY G VANDERZYDEN VERDA M VANDERZYDEN JTWROS 1000 1,000 0.008%
CHAD R WHITAKER 100 100 0.001%
THOMAS G WIESE 300 300 0.002%
RAY E BRIDGES 200 200 0.002%
TOURS, INC 400 400 0.003%
LUKE CHAPMAN 8 8 0.000%
MILTON E DIXON MARY R DIXON JTWROS 100 100 0.001%
IB-49
<PAGE>
MARVIN L FINDLEY FRANCES M FINDLEY JTWROS 100 100 0.001%
RON FRIDOLFSON TRAUDEL FRIDOLFSON JTWROS 200 200 0.002%
GREGORY A FRITZ KYRA L FRITZ JTWROS 200 200 0.002%
MICHAEL J GOODIN JACELYN K GOODIN JTWROS 800 800 0.007%
LLOYD L HEINSELMAN CYNTHIA S HEINSELMAN JTWROS 500 500 0.004%
JOSH HIEMSTRA 4 4 0.000%
ROBERT A HULTQUIST SHIRLEY A HULTQUIST JTWROS 1000 1,000 0.008%
GERALD R JONES 200 200 0.002%
TOBY E KLAUENBERG JENNIFER S KLAUENBERG JTWROS 88 88 0.001%
ERIC JAHN LANDMEIER 200 200 0.002%
PERCY J LAUE 100 100 0.001%
NOEL D LINDO 200 200 0.002%
DAVID M LOFTUS 100 100 0.001%
WILLIAM K MATHEWS TINA D MATHEWS JTWROS 600 600 0.005%
JAMES R MCCLAIN NANCY L MCCLAIN JTWROS 340 340 0.003%
KEVIN A MCNEAL 300 300 0.002%
GORDON G MOELLER 200 200 0.002%
JOHN B MOSER 200 200 0.002%
KATHIE PICKARD ZACHARY PICKARD JTWROS 50 50 0.000%
JASON PIPPERT ANGIE PIPPERT JTWROS 600 600 0.005%
JOHN RISINGER 300 300 0.002%
RONALD L ROBERTS YVONNE M ROBERTS JTWROS 500 500 0.004%
RONALD L ROBERTS RALPH D ROBERTS JTWROS 300 300 0.002%
MICHAEL ROZENDAAL SANDRA ROZENDAAL JTWROS 100 100 0.001%
BRUCE M SMTH 100 100 0.001%
CHESTER TABER GERTRUDE TABER JTWROS 100 100 0.001%
DON E THORNBURG JOYCE E THORNBURG JTWROS 200 200 0.002%
MICHAEL E TRICARICO JOYCE M TRICARICO JTWROS 100 100 0.001%
JOHN A TWOMBLY 100 100 0.001%
MRS HENRY A WEBBER 500 500 0.004%
RAYMOND B WEE JANET M WEE 200 200 0.002%
RICK T WEISS 200 200 0.002%
KIM L ANDERSON LAYNE C ANDERSON JTWROS 200 200 0.002%
MARY ANN BELLVILLE DEAN D BELLVILLE JTWROS 100 100 0.001%
ARCHIE R. BRITCHER UTMA C/O CONNIE S. M. BRITCHER 1000 1,000 0.008%
CUSTODIAN
GARY F BROWN DONNA E BROWN JTWROS 1000 1,000 0.008%
R SCOTT EMERSON ROBERTA A EMERSON JTWROS 100 100 0.001%
THOMAS FARRELL 20 20 0.000%
KATHLEEN A FREYBACK 20 20 0.000%
CAROLYN F FREYLACK 100 100 0.001%
THOMAS P FREYLACK 20 20 0.000%
DAVID L FREYLACK 20 20 0.000%
JOHN C FREYLACK 20 20 0.000%
JOSEPH T FREYLACK 20 20 0.000%
MATHEW P FREYLACK 20 20 0.000%
LINDSAY FREYLACK 10 10 0.000%
SARAH FREYLACK 10 10 0.000%
GREGG A GOOS THERESA M GOOS JTWROS 100 100 0.001%
IB-50
<PAGE>
MICHAEL HOHL 10 10 0.000%
THOMAS E HOLM BONNIE F HOLM JTWROS 200 200 0.002%
KAREN K JESSEN 300 300 0.002%
DANIEL L KESTER LORA L KESTER JTWROS 200 200 0.002%
JOHN D KLEMM VIRGINA C KLEMM JTWROS 200 200 0.002%
GARY KNUTSON ROBERTA KNUTSON JTWROS 400 400 0.003%
JACK WILLIAM MOBERG LOIS MAY MOBERG JTWROS 200 200 0.002%
MARCUS A MUELLER 200 200 0.002%
LLOYD PATRICK DIANNA PATRICK JTWROS 100 100 0.001%
RANDALL R PATRICK JANICE MB PATRICK JTWROS 100 100 0.001%
ROBERT E RIGGLE 50 50 0.000%
LOIS RIGGLE ROBERT E RIGGLE JTWROS 100 100 0.001%
CLEM SCHROEDER 4000 4,000 0.033%
CLEM SCHROEDER 200 200 0.002%
MARY K SMAHAJ 20 20 0.000%
BONNY SUE SMITH 200 200 0.002%
RICHARD D SPAIN PAMELA SUE SPAIN JTWROS 100 100 0.001%
RICHARD J SPORRER SHARON A SPORRER JTWROS 202 202 0.002%
EVERETTE E STERNS JR CORINNE S STERNS JTWROS 200 200 0.002%
GAYLE V STRICKLER JR LOIS E STRICKLER JTWROS 500 500 0.004%
MICHAEL SYNGERGAARD JODY SINGERGAARD JTWROS 100 100 0.001%
JOHN ALLAN TURNER 100 100 0.001%
NANCY R VALONE 20 20 0.000%
JAMES R VALONE C/O SUSAN C FREYLACK CUSTODIAN 10 10 0.000%
JORDON VALONE C/O SUSAN C FREYLACK CUSTODIAN 10 10 0.000%
LANCE VAN HAUEN 100 100 0.001%
LINDA VAN PELT 100 100 0.001%
CHAD W WILE 200 200 0.002%
CORY J WILTSE 260 260 0.002%
GREGORY G BANKS SUSAN L BANKS JTWROS 100 100 0.001%
SYLVIA P BOEHMKE DUANE T BOEHMKE TENANTS IN COMMON 150 150 0.001%
HOPE BOSSARD 400 400 0.003%
GETTY FARM, LTD 200 200 0.002%
LARRY BRIM TRUST DATED FEB 25, 2000, LARRY BRIM TRUSTEE 400 400 0.003%
ALLEN R BROWN PATRICIA K BROWN JTWROS 100 100 0.001%
ROGER G BRYAN 400 400 0.003%
WAYNE F BUDDING 400 400 0.003%
LARRY LYNN CLARK RICKY LYNN CLARK JTWROS 100 100 0.001%
DENNIS C COPPES DEBRA K COPPES JTWROS 200 200 0.002%
DENNIS L DAMMAN JUDITH A DAMMAN JTWROS 120 120 0.001%
GERALD F DETERS SALLY K DETERS JTWROS 50 50 0.000%
ERIC DETERS FBO GERALD F DETERS CUSTODIAN 25 25 0.000%
ERIN DETERS FBO GERALD F DETERS CUSTODIAN 25 25 0.000%
BOB A ELLIOTT CAROLE A ELLIOTT JTWROS 200 200 0.002%
LARRY T GOSSET RICHAEL H GOSSET JTWROS 100 100 0.001%
STEVEN L HEIL VICKI A HEIL JTWROS 200 200 0.002%
BRYAN HUDSON DIANA HUDSON JTWROS 100 100 0.001%
NANCY H KAUFMAN 100 100 0.001%
IB-51
<PAGE>
YVONNE M KIRKPATRICK 400 400 0.003%
JOSEPH E KNIGHT PATRICIA A KNIGHT TENANTS IN COMMON 400 400 0.003%
MARY E KONGABLE KEITH E KONGABLE JTWROS 100 100 0.001%
DAVID P LEONARD DIANE K LEONARD JTWROS 200 200 0.002%
WALTER D LUTHER MAVIS E LUTHER JTWORS 200 200 0.002%
WILLIAM W MAGIE 200 200 0.002%
DENISE MARTIN 600 600 0.005%
WAYNE D MARTIN JOANN M MARTIN JTWROS 200 200 0.002%
JAMES L MCGRIFF 1200 1,200 0.010%
THOMAS E MILLER 200 200 0.002%
KEN J PARRY SHARON K PARRY JTWROS 100 100 0.001%
MICHAEL F POHLMEIER 1600 1,600 0.013%
KIRK J REQUIST GARNET REQUIST JTWROS 100 100 0.001%
E DALE RIEDL PRISCILLA J RIEDL JTWROS 300 300 0.002%
DR NORMAN K RINDERKNECHT 150 150 0.001%
SHAFFER CONSTRUCTION 100 100 0.001%
W ALLAN UHRHAMMER 800 800 0.007%
JEFF ULLESTAD 200 200 0.002%
JULIE WILLENBORG DENNY WILLENBORG JTWROS 200 200 0.002%
CHAD CHRISTIANSON NICOLE CHRISTIANSON JTWROS 100 100 0.001%
MARK A ELDRIDGE 200 200 0.002%
JEFFREY L ENGLE DIANE M ENGLE JTWROS 1200 1,200 0.010%
ROY A GELHAUS SHEILA GELHAUS JTWROS 500 500 0.004%
RICHARD L HARMON CHERYLE L HARMON JTWROS 1000 1,000 0.008%
ROGER HUPFELD 400 400 0.003%
RONALD H JARBOE DIXIE L JARBOE JTWROS 200 200 0.002%
ARTHUR JENISON JUDY JENISON JTWROS 600 600 0.005%
STEVE KRAUSE 200 200 0.002%
JOHN ANTHONY LETO 200 200 0.002%
HOWARD T MARQUARDT ERSILEEN M MARQUARDT JTWROS 100 100 0.001%
GERALD P NYE JOZELLA C NYE JTWROS 100 100 0.001%
TODD SIEFERT PEGGY SIEFERT JTWROS 200 200 0.002%
W ALLAN UHRHAMMER 1500 1,500 0.012%
MINDY A WILLIAMS WAYNE L WILLIAMS JTWROS 300 300 0.002%
DANIEL J CASTLE 600 600 0.005%
MATT ERGER 100 100 0.001%
MATT ERGER SHARON ERGER JTWROS 100 100 0.001%
ARNOLD L ESPE IRENE K ESPE JTWROS 100 100 0.001%
LEONARD L HOLLAR BEVERLY A HOLLAR JTWROS 300 300 0.002%
EDWIN D HYMER MARGARET R HYMER JTWROS 200 200 0.002%
LAWRENCE LAPLUME 1000 1,000 0.008%
RODNEY H LARSEN 200 200 0.002%
DENNIS R MARTIN SUSAN L MARTIN TENANTS IN COMMON 200 200 0.002%
CHARLES R MITCHELL NANCY A MITCHELL JTWROS 400 400 0.003%
RONALD L MOORE 300 300 0.002%
KENDELL DEAN MOORMAN 1000 1,000 0.008%
JULIE QUAMME BENNETT QUAMME JTWROS 200 200 0.002%
LOREN V RENZE LUCILLE H HAAN-RENZE JTWROS 200 200 0.002%
IB-52
<PAGE>
DARWIN ROUW ANDREA ROUW JTWROS 100 100 0.001%
LORINDA J CROPSEY DAVID A TURNER JTWROS 200 200 0.002%
DANIEL R WICHHART KRISTY A WICHHART JTWROS 1000 1,000 0.008%
DAVID J WILHEM BETHEL R WILHELM JTWROS 600 600 0.005%
DENNIS BAKER KATHY BAKER JTWROS 20 20 0.000%
DENNIS BAKER KATHY BAKER JTWROS 20 20 0.000%
DENNIS BAKER KATHY BAKER QUINN MICHAEL BAKER JTWROS 20 20 0.000%
DENNIS BAKER KATHY BAKER JACK HENRY BAKER JTWROS 20 20 0.000%
MARK DOUGLAS BARTLOW 100 100 0.001%
WARREN W BLAKE 100 100 0.001%
ANNETTE M BREIER SARAH L MARTINEAU TENANTS IN COMMON 100 100 0.001%
SHERRI CAMPBELL 200 200 0.002%
DOUGLAS R DORN KIM J DORN JTWROS 1000 1,000 0.008%
EUGENE J OR COLLEEN R DOWIE TRUST 1000 1,000 0.008%
GAIL L FLEMING 100 100 0.001%
CURT F GROEN 200 200 0.002%
CHRIS M GROEN 200 200 0.002%
RONALD L JACKSON MARY E JACKSON JTWROS 300 300 0.002%
STEVEN JOHNSON 200 200 0.002%
RUSSELL JOHNSON 200 200 0.002%
GARY JOHNSON 200 200 0.002%
RICHARD A KARR SR 100 100 0.001%
L CALEB KNUTSON 100 100 0.001%
EARL H LUDWIG CAROLE LUDWIG JTWROS 100 100 0.001%
STEVEN H NORDEN 100 100 0.001%
STEVEN H NORDEN 100 100 0.001%
STEVEN H NORDEN 100 100 0.001%
DAVID I SCOTT CAROLYN C SCOTT JTWROS 200 200 0.002%
GREG SHAEFFER 200 200 0.002%
CHERYL L TANDY 240 240 0.002%
TIM WEIDAUER CAROL WEIDAUER JTWROS 600 600 0.005%
STAN SEVERSON ROXANN DITTMER JTWROS 500 500 0.004%
ANDREW D DOUGAN KIMBERLY J DOUGAN JTWROS 100 100 0.001%
LILLIAN FEDLER 500 500 0.004%
SCOTT C GROEN 200 200 0.002%
JEAN GROEN REVOCABLE TRUST 1000 1,000 0.008%
DAVID JOST JULIANNE JOST JTWROS 100 100 0.001%
KAROL K KELSEY BRYAN D HOBBS JTWROS 100 100 0.001%
TODD R LOUWAGIE SHELLEY R LOUWAGIE JTWROS 100 100 0.001%
MICHAEL D MACHULA MELODY D MACHULA JTWROS 100 100 0.001%
WILLIAM J MILLER V EARLENE MILLER JTWROS 200 200 0.002%
DAVID GREGG ROBERTS 600 600 0.005%
NICK ROBERTS 400 400 0.003%
JERRY P SHARP NANCY J SHARP JTWROS 100 100 0.001%
KEN STOCK 400 400 0.003%
VICTORIA TELFORD NEAL TELFORD 100 100 0.001%
JOHN A THRAILKILL 600 600 0.005%
DOUGLAS C WILLIAMS 200 200 0.002%
IB-53
<PAGE>
GRUNDY NATIONAL BANK, CUSTODIAN DOUGLAS O JORDAN 800 800 0.007%
ROTH IRA
GRUNDY NATIONAL BANK, CUSTODIAN NEVA S JORDAN ROTH 800 800 0.007%
IRA
DON C ARPY JO ANN ARPY JTWORS 200 200 0.002%
RODNEY D ARROWOOD PAMELA J ARROWOOD JTWROS 200 200 0.002%
BRAD A ARROWOOD DARREL D ARROWOOD JTWORS 200 200 0.002%
LEO A ARROWOOD DARREL ARROWOOD JTWROS 200 200 0.002%
JOHN J BALOUN BONNIE M BALOUN JTWROS 200 200 0.002%
RAYMOND E BAXTER 500 500 0.004%
RONALD L ROBERTS GARY F BROWN JTWROS 200 200 0.002%
GARY W DAVIS LISA DAVIS JTWROS 100 100 0.001%
MERCEDES DREES LLOYD J DREES JTWROS 100 100 0.001%
KEVIN DUBBERT 200 200 0.002%
SHERRIE L DVORAK THOMAS W DVORAK JTWROS 100 100 0.001%
CARMA R FAUST 1000 1,000 0.008%
STEVE HALL MEGAN HALL ROBIN HALL TENANTS IN COMMON 120 120 0.001%
BRYANT LEE HAYS 100 100 0.001%
RICHARD HIGGINBOTTOM DARLENE J HIGGINBOTTOM JTWROS 500 500 0.004%
JADON KLAVER 100 100 0.001%
RICHARD KEITH KLOPPING DORIS MAXINE KLOPPING JTWROS 100 100 0.001%
MARVIN R LANCASTER 200 200 0.002%
NATHANIEL M MCLAREN 100 100 0.001%
DANIEL S PETERSEN 300 300 0.002%
WILLIAM MARK RILEA WANDA JEAN RILEA JTWROS 1000 1,000 0.008%
ROBERT A SCHULTZ REVOCABLE TRUST 300 300 0.002%
ROLLINS M SHORT ELEANOR M SHORT JTWROS 400 400 0.003%
EMJAYCO FBO RILEY UGLUM PROFIT SHARING PLAN # 4206 5000 5,000 0.041%
MATT VANPELT 200 200 0.002%
ARTHUR WHITWORTH 100 100 0.001%
RICHARD L WRIGHT 1000 1,000 0.008%
ALLAN P DAHL 100 100 0.001%
BRYAN EMERY 100 100 0.001%
MICHAEL J GOODIN JACELYN K GOODIN JTWROS 200 200 0.002%
CHAD W HOTZ 100 100 0.001%
JOEL M HUYSER 200 200 0.002%
DARL L HUYSER 200 200 0.002%
DUSTIN L HUYSER 200 200 0.002%
PHILLIP L JORDAN NONA B JORDAN JTWROS 800 800 0.007%
MICHAEL T LEUCHS SUSAN J LEUCHS 200 200 0.002%
DAVID M MACHULA MARLA J MACHULA JTWROS 200 200 0.002%
ROGER E MCFARLAND JOYCE M MCFARLAND JTWROS 100 100 0.001%
PHILIP M MCLAREN LANA S MCLAREN JTWROS 100 100 0.001%
GARY OLSOWSKI TRACEY OLSOWSKI JTWROS 100 100 0.001%
KEVIN N PALUMBOS 1000 1,000 0.008%
CURTIS VORWALD KAY M VORWALD JTWROS 1000 1,000 0.008%
DONALD B WILCOX GENEVA M WILCOX JTWROS 500 500 0.004%
DONALD B WILCOX GENEVA M WILCOX JTWROS 500 500 0.004%
CHRIS ANN BUITENWERF 100 100 0.001%
IB-54
<PAGE>
LLOYD M DUFFE 1000 1,000 0.008%
GERALD K FEE 200 200 0.002%
LARRY E MORTENSON DARLENE A MORTENSON JTWROS 200 200 0.002%
RONALD OSTHUS LORA OSTHUS JTWROS 200 200 0.002%
NORMAN L PANZI 100 100 0.001%
ALLAN STANDORF SANDRA STANDORF JTWROS 200 200 0.002%
LEO VAN DE KROL NELLIE VAN DE KROL TENNANTS IN COMMON 200 200 0.002%
NORMA L VANDERLOO VIRGIL P VANDERLOO JTWROS 120 120 0.001%
BOBBY BAKER LINDA BAKER JTWROS 400 400 0.003%
JOANNE COOP 200 200 0.002%
LYNN L EBEL TAMMY L EBEL JTWROS 140 140 0.001%
ROGER FRITZ VICKI FRITZ JTWROS 300 300 0.002%
MARK R GREMLER BETH A GREMLER JTWROS 500 500 0.004%
WILLARD H HERZBERG JOANNE KAY HERZBERG TENANTS IN 200 200 0.002%
COMMON
CURTIS D HUSSKE MARY C HUSSKE JTWROS 500 500 0.004%
RICK T KETCHER JR 200 200 0.002%
JOSEPH E KODIS MARY BETH KODIS JTWROS 100 100 0.001%
DENNIS LEACH VIOLET LEACH JTWROS 200 200 0.002%
RONALD L MOORE 200 200 0.002%
GUY R REDDISH JOHN H REDDISH JTWROS 100 100 0.001%
ROBERT L VAUGHAN 200 200 0.002%
DAVID R WENGER 200 200 0.002%
MID-IOWA WOMEN'S INVESTMENT CLUB 100 100 0.001%
STEVEN J BAILIN AUDREY M PORTER JTWROS 400 400 0.003%
DRU C DAVIS MARVAH J DAVIS JTWROS 200 200 0.002%
IVAN W HART Z MAXINE HART JTWROS 100 100 0.001%
MARY A HOPPERSTAD 200 200 0.002%
RICKY DON KELLENBERGER KAREN JOY KELLENBERGER 1000 1,000 0.008%
JTWROS
DAVID JOHN MARTINEAU BRENDA RUTH MARTINEAU JTWROS 100 100 0.001%
LESLIE ANNE POTTER 100 100 0.001%
STEVEN C RIGGS TERRIE A RIGGS JTWROS 200 200 0.002%
RANDY ROZENDAAL SHELLY ROZENDAAL TENANTS IN COMMON 100 100 0.001%
NAOMA L SHAFFER DANIEL F SHAFFER JTWROS 100 100 0.001%
DANIEL F SHAFFER NAOMA L SHAFFER JTWROS 100 100 0.001%
BEN SHOLAR MAGGIE SHOLAR JTWROS 100 100 0.001%
RAYNOLD TOPP 200 200 0.002%
MARINELLA VAN HAL CORNELIUS VAN HAL JTWROS 200 200 0.002%
[Balance of page left intentionally blank.]
</TABLE>
IB-55
<PAGE>
APPENDIX II
FINANCIAL STATEMENTS
AND
REPORT OF INDEPENDENT
CERTIFIED PUBLIC ACCOUNTANTS
MIRENCO, INC.
(a development stage company)
December 31, 1999 and 1998
<PAGE>
C O N T E N T S
Page
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 3
BALANCE SHEETS 4
STATEMENTS OF OPERATIONS 5
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY 6
STATEMENTS OF CASH FLOWS 7
NOTES TO FINANCIAL STATEMENTS 8
<PAGE>
REPORT OF INDEPENDENT
CERTIFIED PUBLIC ACCOUNTANTS
Board of Directors
MIRENCO, Inc.
We have audited the accompanying balance sheet of MIRENCO, Inc. (a development
stage company) as of December 31, 1999, and the related statements of
operations, changes in stockholders' equity, and cash flows for the years ended
December 31, 1999 and 1998 and for the period from February 21, 1997 (inception)
to December 31, 1999. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of MIRENCO, Inc. as of December
31, 1999 and the results of its operations and its cash flows for the years
ended December 31, 1999 and 1998 and for the period from February 21, 1997
(inception) to December 31, 1999, in conformity with generally accepted
accounting principles.
/S/ GRANT THORNTON LLP
----------------------
Kansas City, Missouri
May 15, 2000
<PAGE>
MIRENCO, Inc.
(a development stage company)
BALANCE SHEETS
<TABLE>
March 31
December 31, 2000
1999 (unaudited)
----------- -----------
<S> <C> <C>
CURRENT ASSETS
Cash $711,612 $2,223,050
Accounts receivable 108,709 16,403
Inventories 37,050 62,550
Other 77,034 78,998
----------- -----------
Total current assets 934,405 2,381,001
PROPERTY AND EQUIPMENT - net 19,001 26,912
PATENTS, net of accumulated amortization 9,472 9,349
of $328 (note D)
----------- -----------
$962,878 $2,417,262
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $83,058 $11,010
Accrued expenses 43,791 35,974
----------- -----------
Total current liabilities 126,849 46,984
COMMITMENTS AND CONTINGENCIES (notes B,C, D, E and F) - -
STOCKHOLDERS' EQUITY (notes E and F)
Common stock, no par value,
30,000,000 shares authorized,
11,863,999 and 12,218,775,respectively 1,707,878 3,452,304
Additional paid-in capital 1,955,154 1,955,154
Deficit accumulated during development stage (2,827,003) (3,037,180)
----------- -----------
836,029 2,370,278
----------- -----------
$962,878 $2,417,262
=========== ===========
</TABLE>
The accompanying notes are an integral part of these statements
<PAGE>
MIRENCO, Inc.
(a development stage company)
STATEMENTS OF OPERATIONS
<TABLE>
Period from Three Three
February 21, months months
Year Year 1997 ended ended
ended ended (inception) to March 31, March 31,
December 31, December 31, December 31, 2000 1999
1999 1998 1999 (unaudited) (unaudited)
----------- ------------ ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Net sales $ 195,295 $ 33,992 $ 247,445 $31,864 $57,505
Cost of sales 152,901 52,801 212,869 29,739 28,672
----------- ------------ ----------- ------------ ------------
Gross profit (loss) 42,394 (18,809) 34,576 2,125 28,833
Operating expenses 579,244 2,186,919 2,873,010 226,720 96,065
----------- ------------ ----------- ------------ ------------
Loss from operations (536,850) (2,205,728) (2,838,434) (224,595) (67,232)
Interest income 12,351 13,186 26,631 14,418 1,654
----------- ------------ ----------- ------------ ------------
NET LOSS $ (524,499) $ (2,192,542) $(2,811,803) $ (210,177) $ (65,578)
=========== ============ =========== ============ ============
Net loss per share
available for
common shareholders-
basic and diluted $(0.05) $(0.19) $(0.26) $(0.02) $(0.01)
=========== ============ =========== ============ ============
Weighted-average
shares outstanding -
basic and diluted 11,735,001 11,412,219 10,735,090 12,100,515 11,630,800
=========== ============ =========== ============ ============
The accompanying notes are an integral part of these statements
</TABLE>
<PAGE>
<TABLE>
MIRENCO, Inc.
(a development stage company)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Deficit
Common stock Additional accumulated
---------------------------------- paid-in during
Shares Amount capital development stage Total
----------------- --------------- ------------------ ------------------- ---------------
<S> <C> <C> <C> <C> <C>
Balance at February 21, 1997,
(inception) 600,000 $ 500 $ - $- $ 500
Issuance of stock 49,970 249,850 - - 249,850
Net loss - - - (94,762) (94,762)
----------------- --------------- ----------------- ---------------- ---------------
Balance at December 31, 1997 649,970 250,350 - (94,762) 155,588
Issuance of stock 71,035 355,175 - - 355,175
Issuance of stock for
services rendered 6,000 30,000 - - 30,000
Issuance of stock 36,675 183,375 - - 183,375
Issuance of stock for
services rendered 7,800 39,000 - - 39,000
Three-for-one stock split 1,542,960 - - - -
Issuance of stock for
services rendered 11,720 58,600 - - 58,600
Issuance of stock options - - 1,730,454 - 1,730,454
Net loss - - - (2,192,542) (2,192,542)
----------------- --------------- ---------------- ---------------- ---------------
Balance at December 31, 1998 2,326,160 916,500 1,730,454 (2,287,304) 359,650
Five-for-one stock split 9,304,640 - - - -
Distribution to stockholders - - - (15,200) (15,200)
Issuance of stock 66,979 334,895 - - 334,895
Issuance of stock 166,220 831,100 - - 831,100
Offering costs - (374,617) - - (374,617)
Issuance of warrants for
service rendered - - 149,700 - 149,700
Issuance of stock options - - 75,000 - 75,000
Net loss - - - (524,499) (524,499)
----------------- --------------- ---------------- ---------------- ---------------
Balance at December 31, 1999 11,863,999 1,707,878 1,955,154 2,827,003) 836,029
Issuance of stock - (unaudited) 354,776 1,773,880 - - 1,773,880
Offering costs - (unaudited) - (29,454) -- (29,454)
Net loss - (unaudited) - - - (210,177) (210,177)
----------------- --------------- ---------------- ---------------- ---------------
Balance at March 31, 2000 (unaudited) 12,218,775 $ 3,452,304 $ 1,955,154 $ (3,037,180) $2,370,278
================= =============== ================ ================ ===============
The accompanying notes are an integral part of these statements
</TABLE>
<PAGE>
<TABLE>
MIRENCO, Inc.
(a development stage company)
STATEMENTS OF CASH FLOWS
Period from
February 21, Three months Three months
1997 ended ended
Year ended Year Ended (inception) to March 31, March 31,
December 31, December 31, December 31, 2000 1999
1999 1998 1999 (unaudited) (unaudited)
-------------- ------------- -------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
Cash flows from operating activities
Net loss $ (524,499) $ (2,192,542) $ (2,811,803) $ (210,177) $ (65,578)
Adjustments to reconcile net loss to net
cash used in operating activities:
Stock-based compensation 75,000 1,858,054 1,933,054 - -
Warrants issued for services 74,850 - 74,850 - -
Depreciation and amortization 1,229 - 1,229 1,870 -
(Increase) decrease in assets
Accounts receivable (102,988) (2,010) (108,709) 85,983 (323)
Inventories 59,150 (85,457) (37,050) (25,500) 11,768
Other 11,719 12,449 (9,337) 4,360 (1,282)
Increase (decrease) in liabilities
Accrued payable 78,123 (4,209) 83,058 (45,401) 6,404
Accrued expenses 43,791 (3,537) 43,791 (34,465) 13,689
-------------- ------------- -------------- ------------- --------------
Net cash used in operating activities (283,625) (417,252) (830,917) (223,330) (35,322)
Cash flows from investing activities
Purchase of patent (9,800) - (9,800) - -
Purchase of equipment (19,902) - (19,902) (9,658) -
------------ ------------- ------------ ------------ --------------
Net cash used in investing activities (29,702) - (29,702) (9,658) -
Cash flows from financing activities
Proceeds from sale of stock, net of
offering costs 791,378 538,550 1,580,278 1,744,426 -
Distribution to stockholders (15,200) - (15,200) - -
-------------- ------------- -------------- ------------- --------------
Net cash provided by financing activities 776,178 538,550 1,565,078 1,744,426 -
-------------- ------------- -------------- ------------- --------------
Increase (decrease) in cash 462,851 121,298 711,612 1,511,438 (35,322)
Cash, beginning of year 248,761 127,463 - 711,612 248,761
-------------- ------------- -------------- ------------- --------------
Cash, end of year $ 711,612 $ 248,761 $ 711,612 $ 2,223,050 $ 213,439
============== ============= ============== ============= ==============
The accompanying notes are an integral part of these statements
</TABLE>
<PAGE>
MIRENCO, Inc.
(a development stage company)
NOTES TO FINANCIAL STATEMENTS
December 31, 1999 and 1998
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A summary of the significant accounting policies consistently applied in
the preparation of the accompanying financial statements follows.
1. Nature of Business
MIRENCO, Inc. (the Company) was incorporated as an Iowa corporation in 1997. The
Company is a marketing company that distributes a variety of automotive and
after-market products of which they have exclusive licensing rights. The
products primarily reduce emissions and increase vehicle performance. The
Company's products are primarily sold in the domestic market.
2. Revenue Recognition
Revenue is recognized from sales when a product is shipped and from services
when they are performed.
3. Inventories
Inventories are stated at the lower of cost (as determined by the first-in,
first-out method) or market.
4. Income Taxes
The Company uses the asset and liability method in providing income taxes on all
transactions that have been recognized in the financial statements. That method
requires the adjustment of deferred taxes to reflect the tax rates at which
future taxable amounts will be settled or realized. The effects of tax rate
changes on future deferred tax liabilities and deferred tax benefits, as well as
other changes in income tax laws, are recognized in net earnings in the period
such changes are enacted. Valuation allowances are established when necessary to
reduce deferred tax assets to the amounts expected to be realized.
5. Patents
The Company acquired certain patents which will be amortized on the
straight-line method over their remaining legal lives.
6. Property and Equipment
Property and equipment are stated at cost. The Company provides for depreciation
on the straight-line method over the estimated useful lives of three to five
years.
7. Stock Based Compensation
The Company accounts for stock-based employee compensation arrangements in
accordance with the provisions of Accounting Principles Board Opinion (APB) No.
25, "Accounting for Stock Issued to Employees" and related interpretations, and
complies with the disclosure provisions of SFAS No. 123, "Accounting for
Stock-Based Compensation". The Company accounts for equity issued to
non-employees in accordance with the provisions of SFAS No. 123.
<PAGE>
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
8. Net Loss Per Share
Basic net loss per share is calculated on the basis of the weighted-average
number of common shares outstanding during the periods, which includes the
effects of all stock splits. Net loss per share assuming dilution is calculated
on the basis of the weighted-average number of common shares outstanding and the
dilutive effect of all potential common stock equivalents. Net loss per share
assuming dilution for the years ended December 31, 1999 and 1998 is equal to
basic net loss per share since the effect of common stock equivalents
outstanding during the periods is anti-dilutive.
9. Fair Value of Financial Instruments
The Company's financial instruments include cash, accounts receivable, accounts
payable and accrued liabilities. The carrying amounts of financial instruments
approximates fair value due to their short maturities.
10. Royalty Expense
Royalty expense is recorded and paid based upon sale of product, services and
rights related to patents (See Note E).
11. Advertising
Advertising costs are expensed as incurred and are $27,797 and $31,313 for the
years ended December 31, 1999 and 1998, respectively.
12. Use of Estimates
In preparing financial statements in conformity with generally accepted
accounting principles, management is required to make estimates and assumptions
that affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements and
revenues and expenses during the reporting period. Actual results could differ
from those estimates.
NOTE B - CONCENTRATION OF CUSTOMERS
The Company had four customers that accounted for 91% of their 1999 sales and
one customer that accounted for 79% of their 1998 sales. A major customer is
considered to be any customer who accounts for 10% or more of the Company's
total sales.
NOTE C - LEASES
The Company leases office space and equipment from a related party under a
noncancelable operating lease expiring in December 2000. Future minimum lease
payments at December 31, 1999 are $14,400 for the year ending December 31,
2000.
Total rental expense for this operating lease was $14,400 for the years ended
December 31, 1999 and 1998.
<PAGE>
NOTE D - INCOME TAXES
Deferred taxes relate to amounts recognized for financial reporting which have
not yet been recognized for income tax reporting. The tax effects of temporary
differences related to assets and liabilities shown on the balance sheets were
as follows at December 31,
<TABLE>
<S> <C> <C>
1999 1998
--------- ---------
Deferred tax assets
Net operating loss carryforward $181,657 $157,000
Stock option expense 613,854 588,354
--------- ---------
795,511 745,354
Less: valuation allowance (795,511) (745,354)
--------- ---------
Net deferred tax $ - $ -
========= =========
</TABLE>
The valuation allowance was established to reduce the deferred tax asset to an
amount that will more likely than not be realized. The reduction is necessary
given the Company's development stage, inability to generate profitable
operations, and uncertainty about its ability to utilize net operating loss
carryforwards before they expire starting in 2007.
NOTE E - RELATED PARTY TRANSACTIONS
The Company rents office space and equipment from a company that is wholly
owned by the majority stockholder of the Company. Rental payments for these
operating leases were $14,400 for the years ended December 31, 1999 and 1998.
The Company paid royalty fees to a company partially owned by the majority
stockholder of the Company for the years ended December 31, 1999 and 1998 in
the amounts of $8,739 and $7,415, respectively.
The Company had an agreement with a company that is wholly owned by the
majority stockholder of the Company to provide personnel and administrative
services for part of 1999 and 1998. Total expenses incurred under this
agreement were $71,911 and $226,573 for the years ended December 31, 1999 and
1998, respectively.
The Company entered into an agreement to acquire patents from a company whose
stockholders also have controlling ownership in the Company for an initial
price of $25,000. The patents were recorded at the affiliate's carrying value,
$9,800 at the date of purchase. The remaining $15,200 is recorded as a
distribution to stockholders. The agreement calls for additional payments in
the amount of $225,000 upon the completed sale of 1,000,000 shares of stock
offered to the public. Also, the agreement provides for royalty payments in
the amount of 3% of gross sales for the next 20 years commencing June 1999.
This agreement can be terminated by the seller if the Company fails to make
the above payments, or becomes insolvent.
NOTE F - COMMON STOCK OPTIONS
During 1998, the Company established a non-qualified stock option plan (1998
Plan) pursuant to which options for up to 1,200,000 shares of the Company's
authorized but un-issued common stock may be granted to employees and certain
non-employees. During 1999, the Company adopted the 1999 Stock Option Plan
(1999 Plan), which provides for granting of options to officers, employees,
advisors and consultants of the Company, or the purchase of up to a total of
750,000 shares of the Company's authorized but un-issued common stock. At
December 31, 1999, options for an aggregate of 1,027,400 shares had been
granted as shown below. The Company accounts for stock options in accordance
with APB Opinion No. 25 and related Interpretations, and compensation expense
has been recorded in the amount of $75,000 and $1,730,454 for the years ended
December 31, 1999 and 1998, respectively, related to stock options.
On December 31, 1998, the Company granted 367,400 options to employees
Pursuant to its 1998 plan. The options are fully vested. The option price is
$0.29. Compensation expense of $1,730,454 was recorded related to these
options. The options expire December 31, 2008.
On June 15, 1999, the Company granted 100,000 options to an employee pursuant
to its 1998 plan. The options vest 50,000 shares at January 1, 2000 and the
remaining shares vest and are exercisable at January 1, 2001. Compensation
expense of $75,000 was recorded related to these options. The option price is
$4.25 and expires June 15, 2009.
On December 31, 1999 the Company ranted 560,000 options to two key employees
pursuant to its 1999 plan. The options vest quarterly starting January 1,
2000 through September 30, 2003. The option price is $5.00 and expires
September 30,2008. No compensation expense was recorded related to these
options.
<TABLE>
Weighted-
average
Number of shares exercise
------------------------------------ price
Outstanding Exercisable per share
----------------- ----------------- -------------------
<S> <C> <C> <C>
Outstanding, January 1, 1998 - - $ -
Granted 367,400 367,400 0.29
----------------- ----------------- -------------------
Outstanding, December 31, 1998 367,400 367,400 0.29
Granted 660,000 - 4.88
----------------- ----------------- -------------------
Outstanding, December 31, 1999 1,027,400 367,400 $ 3.24
================= ================= ===================
</TABLE>
Had compensation cost for the plan been determined based on the fair value of
the options at the grant date the Company's net loss would have increased by
$638,000 in 1999 and $14,696 in 1998 resulting in a net loss for the years
ended December 31, 1999 and 1998 in the amount of $1,162,499 and $2,207,238,
respectively. Net loss per share would have been $(0.10) and $(0.19) for the
years ended December 31, 1999 and 1998, respectively.
The fair value of the options granted was estimated on the date of grant using
the Black-Scholes option-pricing model with the following weighted average
assumptions for 1999 and 1998: dividend yield of zero percent; risk-free
interest rate of 6%; assumed forfeiture of zero percent; and expected lives of
8-10 years.
NOTE G -STOCKHOLDERS' EQUITY
In May 1997 the Company's Board of Directors authorized the Company to sell up
to 200,000 shares of common stock at $5 per share in a SCOR offering in the
State of Iowa. Total shares issued were 156,680, which resulted in proceeds of
$788,400.
In 1998, the Company issued 6,000 shares of stock at $5 per share for legal
fees incurred.
In 1998, the Company's Board of Directors authorized the issuance of 19,520
shares of common shares to key employees for services rendered in 1998 and
1999. In conjunction with the issuance of the shares, the Company recorded
compensation expense of $97,600, which approximated fair market value of
shares at time of issuance.
The Company's common stock was split three-for-one in June 1998 and
five-for-one in April 1999. All stock options issued in 1998 have been
restated to give effect to the stock splits pursuant to the option agreements.
On May 15, 1999, the Company's stockholders authorized the Company to sell up
to 150,000 shares of the Company's common stock at $5 per share. These shares
will also require the Company to issue four stock warrants for each share of
common stock purchased. The exercise price for these warrants are $5 per share
and may be exercised at any time prior to June 15, 2002. Total shares issued
were 66,979, which resulted in proceeds of $334,895. At December 31, 1999 the
Company has 267,916 outstanding warrants.
The Company's stockholders authorized the Company to sell up to 2,000,000
shares of common stock at $5 per share in a direct public offering in the
State of Iowa. The proceeds from the offering will be used to fund additional
sales and marketing activities, research and development efforts for new
products, working capital, and operational costs. In addition, funds will be
used to construct a state-of-the-art warehouse and distribution center, which
will also house the corporate offices of the Company. As of December 31, 1999,
166,220 shares had been sold.
In 1999, the Company issued 30,000 warrants at an exercise price of $0.01 for
legal fees. As of December 31, 1999, $74,850 has been accounted for as
offering costs. The remaining $74,850 will be expensed upon the completion of
the Company's registration under the Securities Act of 1933.
[Balance of page left intentionally blank.]
<PAGE>
No dealer, salesperson or other individual has been authorized to give any
information or to make any representations not contained in this Prospectus with
the offering covered by this Prospectus. If given or made, such information or
representation must not be relied upon as having been authorized by the Company.
This Prospectus does not constitute as an offer to sell, or a solicitation of an
2,100,000 Shares of offer to buy, the common stock in any jurisdiction where, or
to any person to Common Stock whom, it is unlawful to make such offer or
solicitation. Neither the delivery of this Prospectus nor any sale made
hereunder shall, under any circumstances, create an implication that there has
not been any change in the facts set forth in this Prospectus or in the affairs
of the Company since the date hereof. MIRENCO, INC.
<TABLE>
TABLE OF CONTENTS
Descriptive Title Page
----------------- ----
<S> <C>
PROSPECTUS SUMMARY...............................................4
SUMMARY FINANCIAL DATA...........................................4
PRO FORMA FINANCIAL INFORMATION..................................5
RISK FACTORS.....................................................5
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS...................11
FIDUCIARY RESPONSIBILITY OF THE COMPANY'S MANA13MENT.............13 PROSPECTUS
SELLING SHAREHOLDERS.............................................13
APPLICATION OF PROCEEDS..........................................15
CAPITALIZATION...................................................15
DESCRIPTION OF BUSINESS..........................................15
SELECTED FINANCIAL DATA..........................................28 August ___, 2000
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS..................................29
CONCURRENT PUBLIC MARKET AND DIVIDEND POLICY.....................32
DESCRIPTION OF CAPITAL STOCK.....................................33
PLAN OF DISTRIBUTION.............................................34
ERISA CONSIDERATIONS.............................................35
LEGAL MATTERS....................................................35
EXPERTS..........................................................35
AVAILABLE INFORMATION............................................36
APPENDIX I (SELLING SHAREHOLDER INFORMATION).....................I-1
APPENDIX II (FINANCIAL STATEMENTS)...............................II-1
</TABLE>
<PAGE>
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 27. Index to Exhibits
(a)(1) Financial Statements -- Included in Prospectus:
Independent Certified Public Accountants' Report.
Balance Sheets as of December 31, 1999 and March 31, 2000.
Statements of Operations for the years ended December 31, 1999 and 1998
and the three months ended March 31, 2000 and 1999
Statement of Changes in Stockholder's Equity for the years ended December
31, 1999 and 1998 and the three months ended March 31, 2000.
Statement of Cash Flows for the years ended December 31, 1999 and 1998 and
the three months ended March 31, 2000 and 1999
Notes to Financial Statements.
(a)(2)Included Separately from Prospectus: Consent of Independent
Public Accountants (see Exhibits below>).
Other than the Financial Data Schedule, no schedules are included for the
reason that all required information is contained in the financial
statements included in the Prospectus.
(c) Exhibits:
*27.1 Certificate of Incorporation of Registrant.
*27.2 Certificates of Amendment to the Certificate of Incorporation.
*27.3 Bylaws of Registrant
*27.4 Form of Stock Certificate
*27.5 Opinion of Counsel as to the legality of the Shares.
*27.6 Consent of Counsel (Duncan, Blum & Associates).
*27.7 Consent of Auditors (Grant Thornton LLP).
*27.8 Employment Agreements between Registrant and Dwayne L. Fosseen, J.
Richard Relick, Wayne Allison and Darrell Jolley, respectively.
*27.9 Stock Option Agreements between Registrant and Wayne Allison,
Bruce Bergeson, Richard Evans, Betty Fosseen, Darrell Jolley, J.
Richard Relick, and Dave Stone, respectively.
*27.10 American Technologies LLC, Fosseen Manufacturing & Development,
Mirenco, Inc., Ethaco Agreements to Terminate Prior Agreements
and Transfer License, respectively.
*27.11 Purchase Agreement Between Registrant and American Technologies,
LLC.
**27.12 Environmental Regulatory Approvals with the U.S. Environmental
Protection Agency and California Air Resources Board.
**27.13 Summary of Patents and Associated Service Marks.
*27.14 Copies of U.S. and Canadian Patents Issued to Dwayne L. Fosseen.
**27.15 Copies of Mexican Patents Issued to Dwayne L. Fosseen.
*27.16 Rental Agreement between Registrant and Fosseen Manufacturing &
Development, Inc.
*27.17 March 31, 2000 Warrant Agreement between Registrant and Duncan,
Blum & Associates.
*27.18 Registrant`s 1999 Stock Compensation Plan.
*27.19 Registrant`s 1998 Stock Compensation Plan.
* These exhibits were filed in the July 10, 2000 Registration
Statement and, since changes thereto have not occurred and/or are
not material, are not filed herewith and are hereby incorporated
by reference.
** To be supplied by Amendment
[Balance of page left intentionally blank.]
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form SB-2 and has duly caused this Pre-Effective
Amendment No. 1 to the Registration Statement to be signed on its behalf by the
Undersigned, thereunto duly authorized, in the City of Radcliffe, State of Iowa,
on the 8th day of August, 2000.
Mirenco, Inc.
By: /s/ Dwayne W. Fosseen
-------------------------
Dwayne W. Fosseen, Chairman and Chief
Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this
Pre-Effective Amendment No. 1 to the Registration Statement has been signed
below by the following persons in their respective capacity as officer and/or
director of the Registrant on the date indicated.
Signatures/Title Date
---------------- ----
/s/ Dwayne Fosseen August 8, 2000
------------------
Dwayne Fosseen, Chairman and Chief
Executive Officer and Treasurer
/s/ J. Richard Relick August 8, 2000
---------------------
J. Richard Relick, Director and
Chief Operating Officer and Secretary
/s/ Wayne Allison August 8, 2000
-----------------
Wayne Allison, President
/s/ Darrell R. Jolley August 8, 2000
---------------------
Darrell R. Jolley, Chief Financial Officer
/s/ Don Williams August 8, 2000
----------------
Don Williams, Director
/s/ Jerrold Handsaker August 8, 2000
---------------------
Jerrold Handsaker, Director
