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Summary of Operational Progress (Updated as of July 12, 2002) Highlights of Progress Made During the First Twenty-One Months Since the Company Began Operations   Rate of Growth Over the First 21 Months Total Participating Businesses Added: Per Month As of 7/12/02 Buyers 25 520 Foundries 21 442 Suppliers 9 196 Request-For-Quotes* Placed by Buyers 33 695 Foundries Agreeing to Pay Commisions 8 167 Supliers Agreeing to Pay Commissions 3 50 In addition to the accelerating the growth of E-Commerce activities on its site, the Company also: Qualified for Ohio Technology Investment Tax Credit, November 2000, allowing all Ohio investors to receive 25% tax credit on their investment in the Company. * Please note that the RFQ's are all done in a collaborative manner. The time period between RFQ to P.O. ranges from a few weeks to several months, typically. Out of approximately 700 quotes for various parts, less than 5% have closed with over 75 still being quoted, the rest either the need went away or the projects were cancelled. Also, note that Buyers include 350,000+ manufacturers (just in the U.S.), sellers include 3,000 foundries in the U.S. (12,000 worldwide) and suppliers of materials and services are 18,000+ in the U.S. Highlights of progress (10/3/00 - 7/16/02) We are proud of what we have accomplished in the first 21 months of operation. Highlights are summarized below: buyCASTINGS, Inc. purchased the buyCASTINGS assets from EMTEC on Oct. 3, 2000. Developed all investor Offering documentation - Close Corporation Agreement, Subscription Agreement, and Disclosure Letter for all pre-seed investors. Partnered with ITaC and AGM to redesign the site. The metal casting marketplace of the future, with a new look, new logo, and new features launched at a foundry trade show in Dallas, Texas on Oct. 15, 2000. Negotiated partnerships with two legal and one accounting firm for discounted rates and deferred payment terms. Hired a Chief Strategic Officer on a part-time retainer basis. Foundries' Terms and Conditions Agreement placed on-line Oct. 25, 2000. buyCASTINGS brochures developed & printed. Details on how buyCASTINGS cuts costs and adds value for the Buyers placed on-line Oct. 27, 2000. Contracted with an HR firm to handle payroll, healthcare benefits, taxes, etc. Purchased a general business insurance policy. Oct. 28, 2000: The following pages were added to the site: Foundry Benefits Foundries Reduce Cost and Expand Markets Supplier Benefits Suppliers Reduce Cost and Access New Markets Buyer Benefits Buyers Cut Costs and Add Value Advertising Rates Advertising Request Form Fees Oct. 29, 2000: The following pages were added under Frequently Asked Questions: Buyer/Designer Benefits Through the buyCASTINGS Marketplace, What Are They? Buyer/Designer buyCASTINGS Marketplace, What is it? Foundry Benefits Through the buyCASTINGS Marketplace, What Are They? Foundry buyCASTINGS Marketplace, What is it? Supplier Benefits Through the buyCASTINGS Marketplace, What Are They? Supplier buyCASTINGS Marketplace, What is it? Oct. 29, 2000: The following page was added under buyCASTINGS NEWS: B2B E-Marketplace Launched for the Metal Casting Industry. Nov. 6, 2000: A Supplier Agreement Acceptance Form and Supplier Agreement were added to the Suppliers Section. Did a small direct mailing of about 200 "postcards" to Buyers. Hired part-time assistant for Dayton-Office. Opened a Cleveland based office by hiring a commission-only Sales/Market Coordinator. Began mass e-mail campaign to recruit Suppliers. Experimented with sales by trying a couple of commissioned sales reps Experimented with marketing by trying direct mailings, mass e-mails, trade shows, conferences, phone calls. Nov. 10, 2000: The following upgrades were made to the site: An Upcoming Events page was added to the site. Industry links were added to the Industry News page. Filed application for tax credit and made a presentation to ITEAC Board. Nov. 9-11, 2000: Attended E-Business conference in LA, California and visited with a potential large Customer/Investor/Partner in San Diego, California. Nov. 11, 2000: Ohio approved buyCASTINGS for Investor's Tax Credit. Nov. 16, 2000: The following upgrades were made to the site: We now accept IonGate payments. This payment method is being integrated into the site for yearly fee payments. You may now purchase and pay for Button Ads, Strip Ads, and Banners in the Suppliers Universe and Foundry Universe from the Advertising Rates page. Nov. 22, 2000: The following upgrades were made: Foundries and Suppliers sign-up process revised to include the options to pay by credit card though IonGate, sending e-mail with a Purchase Order Number, or requesting an invoice. December 11, 2000: The following upgrades made to the site: Three new FAQ's were added: How buyCASTINGSWorks - Buyers How buyCASTINGSWorks - Foundries How buyCASTINGSWorks - Suppliers The Buyer Agreement Form placed on-line. Foundries signed-up with us have grown to 250+ from 200. Traffic on the site has increased 40% since we upgraded it. Request for quotes: 25 received, 20 in process now. We have over 100 registered Buyers. 38 Suppliers listed in last 7 weeks, up from 0 in October. Signed an agreement with a shipping/freight company to give our customers a preferred rate as well as a percent commission to buyCASTINGS. Presented at the Marketing Managers Meeting of the AFS in Orlando, Nov. 15-17, 2000. In discussions with the world's largest product development company to do all their castings and that of their customers. 2001 Got free press and articles published in Business News, Internet Week, and completed a very long series of interviews over the phone for an article to be published in the Ohio Business Magazine in Jan - Feb 2001. Worked with legal to develop, publish, and post the Privacy Policy on the site. Negotiated and completed a comprehensive legal contract with ITaC, AGM, and the Database consultants to provide technology support for the next three years. Ohio Business article featuring buyCASTINGS.com among other startup companies. buyCASTINGS Inc. Brings New Business to its Member Companies while Helping Them Cut Costs - May 7, 2001 buyCASTINGS Inc. Brings Energy Savings to its Member Companies - June, 15, 2001 buyCASTINGS Inc. Brings New Business to its Member Companies while Helping Them Cut Costs, update on company progress - July 24, 2001 Newsletter Vol. 1, No. 1, completed and sent out to prospects and currently foundries using buyCASTINGS - October 4, 2001 buyCASTINGS, Inc. Teams with TechSolve to Help Manufacturers Get Lean by Applying e-Commerce Tools - November 1, 2001 buyCASTINGS, Inc. Brings Human Resource Solutions to its' Member Companies - November 27, 2001 2002 Just-In-Time Advertisements implemented through e-mails - January 1, 2002 Second Newsletter mailed to all participants - January 1, 2002 Sent second newsletter out to 2,500+ companies and 3,500+emailed- January 1, 2002 Ability to view drawings/CAD files on-line - January 1, 2002 The Winter 2001/2002 edition of the Newsletter is on-line - Jan 28, 2002 A link to the Inaugural Newsletter can be found on the Site Map. February 8, 2002 - Established a Digital Fax - When you submit a Request for a Quote on a casting and have drawings of the casting, you can now send the drawings via digital fax which is then processed electronically for posting on the buyCASTINGS.com Collaborative Engineering Site. The FAX number is listed on the Directory page. BuyCASTINGS.com sets new record for New Visitors per week - 6700 with over 50,000 hits per month. buyCASTINGS looks to partner with casting reps - in discussion with several potential partners to increase sales. buyCASTINGS hits the Trade Shows hard - attending and exhibiting at six national trade shows with over 40,000 attendees - Nov. 2001 to Feb. 2002. April 3, 2002 - Visit the Collaborative-Concurrent Engineering Site via the Buyers page or the Site Map. April 8, 2002 - We welcome Lori Devoe to the buyCASTINGS.com staff. April 9, 2002 - The Upcoming Events page has been updated. From the Industry News page, please visit FoundryOnline.com for the latest developments in the casting industry and in materials and process technologies. You may now access a list of Foundry Equipment for Sale from the Surplus Equipment page in the Product Showcase. May 3- May 7, 2002 - buyCASTINGS Booth at CastExpo - largest foundry show organized by AFS every 3 years. May 20, 2002 - The buyCASTINGS.com Spring/Summer CastExpo Newsletter is on-line. Foundry Member recognizes value in buyCASTINGS: Interview with Todd Rogers - Sales Manager, Bescast Corp., Willoughby, Ohio Cost cutting ideas and opportunities for buyCASTINGS participating companies. May 2002 - buyCASTINGS becomes the world's largest on-line marketplace for the Metal Casting Industry with over 1000 participating companies. May 29, 2002 - buyCASTINGS.com - A Success Story. May 30, 2002 - We welcome Mr. Gary Burrow to the buyCASTINGS.com staff. He is local to Southern California. Please see our Directory for contact information. May 31, 2002 - For your convenience, we have put up a section to provide you with Printer Friendly Brochures (PDF Format) on various aspects of buyCASTINGS.com. Links to this section can be found on the Home Page and the Site Map, Buyer, Foundry, and Supplier pages. June 13, 2002 we welcome Permocast as an advertiser - Aluminum Castings and Permanent Mold. Permanent Mold is a great alternative to Die or Sand Casting, providing you, the customer, with high-quality castings at reasonable tooling and part prices. Please visit their Web site from the Buyers page. June 24, 2002 - buyCASTINGS.com -- A New Institute Member With a New Idea for a Casting Industry in the New Millennium -- Reprinted by permission from INCAST Magazine (Investment Casting Institute). This article may also be accessed from the New Investors and buyCASTINGS.com News pages. June 28, 2002 - buyCASTINGS submits and provides consulting services on two federal proposals for funding partner and member organizations. July 3, 2002 - buyCASTINGS in discussion with potential partners for outsourcing sales, for technology functions, and for purchase of castings for buyers who only want offshore sources. July 16, 2002 - Read Expanding Patternmaking Capabilities, reprinted with permission from the June 200 issue of Modern Casting.