agm, page-16

Cotik,

I am sure Con will manage the company well. His son, Kos impressed me so much with his presentation skills and knowledge about the business/Coldy process. Kos is about 40 years old, and has recently joined the company. I think he is employed as a consultant. Prior to joining ECT, he worked for Siemens in UK for 10 years as a salesman doing deals with major industries with minimal sales transactions circa $500M per transaction. His family is still in the UK. This goes to show his determination in not only making this business a success, but more importantly, to secure his future. He stated that the Coldy project was the easiest one to implement in the last 5 years for him, and he was confident that with his contacts, expertise and skills, the technology would be successfully sold to industry. He added that Siemen's was ranked in the top 10 companies in Europe.

He added that ESI was currently working on a Bankable Feasibility Study with a reputable firm (Deloitte). He indicated that whenever Deloitte ratified a BFS, financial institutions have no hesitation in approving loans...even up to $160M (cost of a coldry plant).