As filed with the Securities and Exchange Commission on May 2, 2001 Registration No. 333-56974
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PRE-EFFECTIVE AMENDMENT NO. 2 TO THE
------------------------------------
FORM SB-2 REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933 OF
MIRENCO, INC.
(Exact name of registrant as specified in its charter)
Iowa 3714 336322 39-1878581
---- ---- ------ ----------
(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)
---------------------------------------
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)
---------------------------------------------------------------------
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].
CALCULATION OF REGISTRATION FEE
-------------------------------
==================================================================================================================
Title of Each Class Proposed Maximum Amount of
of Securities to be Amount to be Proposed Maximum Offering Aggregate Registration
Registered Registered(1)(2) Price per Share(1)(2) Offering Price Fee
------------------------------------------------------------------------------------------------------------------
Shares of Common 2,154,684
Stock Shares $5.00 $10,773,420 $2,693.36
==================================================================================================================
(1) The shares of common stock which may be offered from time to time by the
selling shareholders pursuant to this registration statement consist of
(a) up to 1,508,908 shares issued in conjunction with our Iowa-Only
Offering offered exclusively to residents of Iowa; (b) up to 267,916
shares that may be issuable pursuant to the exercise of warrants issued
or to be issued to warrant agreements entered into on June 15, 1999; (c)
and up to 377,860 shares that may be issuable pursuant to the exercise
of options or warrants issued to be issued pursuant to agreements
entered into on December 31, 1998; June 15, 1999; December 31, 1999;
March 31, 2000 and March 31, 2001.
(2) Estimated solely for the purpose of computing the amount of the
registration fee based on the $5.00 per Share price of our common stock
sold in our Iowa-Only Offering.
APPROXIMATE DATE OF PROPOSED SALE TO PUBLIC: From time to time after the
effective date of the Registration Statement and up to nine (9) months
thereafter 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. [ ]
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.
PROSPECTUS
Secondary Offering of Up to 2,154,684 Shares of Common Stock
MIRENCO, INC.
Mirenco, Inc., a development stage company incorporated in the state of
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
principal executive offices are located at 206 May Street, Radcliffe, Iowa
50230, and our telephone number is (800) 423-9903.
Unless earlier terminated, the offering period will be up to nine (9)
months from the date hereof. The selling shareholders that we identify in
this prospectus are offering up to 2,154,684 shares of our common stock.
See also "Selling Shareholders," "Plan of Distribution" and "Risk Factors."
These shares are being offered by the selling shareholders identified on
page 12 of this prospectus in the section entitled "Selling Shareholders."
The selling shareholders may sell these shares from time to time:
. on the NASD Over-the-Counter Bulletin Board;
. 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 price for the shares. Concurrent with the date of this
prospectus, we anticipate a market maker will apply to quote our securities
on the NASD Over-the-Counter Bulletin Board.
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.
The date of this Prospectus is May ___, 2001.
TABLE OF CONTENTS
Descriptive Title Page
PROSPECTUS SUMMARY........................................... 4
SUMMARY FINANCIAL DATA....................................... 5
PRO FORMA FINANCIAL INFORMATION.............................. 5
RESCISSION OFFER............................................. 6
RISK FACTORS................................................. 7
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS............... 11
FIDUCIARY RESPONSIBILITY OF THE COMPANY'S MANAGMENT.......... 12
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................. 33
DESCRIPTION OF CAPITAL STOCK................................. 33
PLAN OF DISTRIBUTION......................................... 34
ERISA CONSIDERATIONS......................................... 35
LEGAL MATTERS................................................ 35
EXPERTS...................................................... 35
AVAILABLE INFORMATION........................................ 35
APPENDIX I (FINANCIAL STATEMENTS)............................ I-1
APPENDIX II (SELLING SHAREHOLDER INFORMATION)................ II-1
Potential investors are advised that an investment in our shares 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."
[ ] We have not had significant prior operations and market acceptance may
be beyond the control of management.
[ ] Certain conflicts of interest exist in our management. See also
"Conflicts of Interest."
[ ] Our success is dependent on our management. See also "The Company --
Management" and "Risk Factors -- Reliance on Management."
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.
[Balance of page left intentionally blank.]
3
PROSPECTUS SUMMARY
The following summary is intended to be an accurate overview of the
significant aspects of this offering. More detailed information and financial
statements are available elsewhere in this prospectus. All references in this
prospectus to shares are as of December 31, 2000, unless otherwise specified.
The Company
Incorporated on February 21, 1997 in Iowa, we develop and market
technologically advanced products for internal combustion engines that 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
incorporates Global Positioning System technology to reduce emissions while
improving fuel mileage.
Overview of the Prospectus
Up to 2,154,684 shares are being offered by our listed selling shareholders
at the then prevailing market price during this Offering Period. The up to
2,154,684 shares being offered are comprised of:
1. 1,508,908 shares issued in conjunction with our direct self-underwritten
public offering, the Iowa-Only Offering, offered exclusively to
residents of Iowa;
2. 267,916 shares that may be issuable pursuant to the exercise of warrants
issued pursuant to warrant agreements entered into on June 15, 1999; and
3. up to 377,860 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; March 31,
2000; and March 31, 2001.
The Iowa-Only Offering shares were subject to a rescission offer dated
January 26, 2001 and which terminated on February 26, 2001 resulting in a
rescission of 52,340 shares, 3.4% of the original Iowa-Only Offering Shares
issued. Since we believe acceptance of the Rescission Offer mitigates any
damages element, the potential post-rescission financial impact is not expected
to have a material adverse impact on our operations. While unlikely in the
opinion of Mirenco and its securities counsel, if claims were brought against
the company and were successful, the post-rescission financial impact could
result in a maximum obligation of $7,544,540, which is the number of outstanding
shares subject to the prior offering that violated Section 5 of the Securities
Act and were not rescinded multiplied by the offering price. One of the purposes
of this offering is to include in Selling Shareholders the Iowa-Only Offering
Shareholders (see (1) above) whose shares are restricted until registered for
resale pursuant to this prospectus. The warrant agreements dated June 15, 1999
were part of a unit offer purchased by existing shareholders in connection with
private placement sales of our common stock in May and June 1999. We granted the
other warrants and options to employees and consultants in connection with work
performed or to be performed by the warrant and option holders. We intend by
this prospectus to register the common shares underlieing the options and
warrants. We do not intend to register the options and warrants separately.
This offering period begins on the date of this prospectus and may continue
for up to nine months thereafter, unless earlier terminated or extended.
An investment in the shares being sold by the Selling Shareholders involves
substantial risks due in part to the costs which we will incur and the highly
speculative nature of our business.
Rescission Summary
From July 30, 1999 and continuing through July 30, 2000, we sold 1,561,248
shares at $5.00 per share to Iowa-only residents in a self underwritten,
intrastate direct public offering. We claimed the exemption from registration
in this intra-state offering provided by Section 3(a) (11) of the Securities Act
of 1933. We noted that the shares were part of an issue registered, offered and
sold only to residents of Iowa; we are incorporated in Iowa; and we do business
within Iowa. Nonetheless, certain of our "Iowa-Only Offering Shares" were
resold by Iowa residents to non-Iowa residents before "coming to rest" under
(S)3(a)(11) and/or Rule 147's nine month standard. As a result, we voluntarily
elected to rescind the Iowa-Only Offering which resulted in the refund of
$261,700 for 52,340 shares returned and canceled, incurring total interest
expense of $14,990. The rescission offer was available only to Iowa-Only
Offering Shareholders.
Risks and Conflicts of Interest
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An investment in the shares involves substantial risks, due in part to the
costs which we will incur and the highly speculative nature of our business.
Risks and conflicts of interest inherent in investing in our shares are
discussed respectively under "Risk Factors" and "Certain Relationships and
Related Transactions."
SUMMARY FINANCIAL DATA
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 stockholders' 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.
We derived the Summary Financial Information from audited financial
statements included elsewhere in this prospectus. This information reflects the
operations of Mirenco for its limited operating history as of and for the years
ended December 31, 2000 and 1999, and from February 21, 1997 (inception) to
December 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."
Period from
February 21,
Year ended Year ended 1997
December 31, December 31, (inception) to
2000 1999 December 31,
2000
---------------------------------------------
Current assets $ 5,995,283 $ 934,405 $ (*)
Noncurrent assets 669,165 28,473 (*)
Current liabilities 69,910 126,849 (*)
Gross revenues 110,128 195,295 357,573
Gross profit (loss) (64,161) 51,133 (29,585)
Loss from
operations (1,057,328) (536,850) (3,895,762)
Net loss (846,143) (524,499) (3,657,946)
Loss per share (0.07) (0.05)
----------------
(*) If information is not included elsewhere in this prospectus, it is also not
disclosed in the table.
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 48 months).
Consequently, pro forma information would serve no useful purpose. In addition,
summary financial data is provided in "Selected Financial Data."
[Balance of page intentionally left blank.]
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RESCISSION OFFER
Background Information
From July 30, 1999 and continuing through July 30, 2000, we sold 1,561,248
shares at $5.00 per share to Iowa-only residents in a self-underwritten,
intrastate direct public offering. At the time of issuance of the Iowa-Only
Shares, we registered the pertinent shares with Iowa but did not register
simultaneously with the U.S. Securities and Exchange Commission. Instead, we
claimed the exemption from federal registration requirements pursuant to Section
3(a)(11) of the Securities Act of 1933 based on the shares being part of an
issue registered, offered and sold only to residents of Iowa; we are
incorporated in Iowa; and we are doing business within Iowa.
Certain Iowa-Only Offering Shares were resold by Iowa residents to non-Iowa
residents before conclusion of the "coming to rest" provisions under the 1933
Act's Section 3(a)(11) and/or Rule 147's nine month standard. Accordingly, we
elected to rescind the earlier Iowa-Only Offering. Under federal securities
laws, our failure to register the Iowa-Only Offering Shares with the SEC exposed
us to potential liability under the 1933 Act. Because we failed to prohibit
resales by Iowa-Only Offering Shareholders to non-Iowa residents and did not, as
a result, previously register the sale of the Iowa-Only Offering Shares under
Section 5 of the Securities Act of 1933, we were liable to our Iowa-Only
Offering Shareholders under Section 12(1) of the 1933 Act. Specifically,
holders of the Iowa-Only Offering Shares had the right to choose to recover the
price paid for their outstanding shares, plus interest. We believe the amount
of the cash offered was identical to the amount we would be required to pay in
damages in an action for rescission, exclusive of attorney's fees, under federal
securities laws. As a practical matter, because of our potential liability
stemming from prospective future rescissions by our Iowa-Only Offering
Shareholders, we chose to immediately accelerate the obligations that already
existed under pertinent securities requirements.
Results of the Rescission Offer
Our rescission offer was made effective on January 26, 2001 and terminated,
thirty days later, on February 26, 2001. The
net effect of the Rescission Offer was to refund $261,700 dollars at $5 per
share, 52,340 shares, 3.4% of the original $7,806,240 invested in the Iowa-Only
Offering. Only 70 of the original 4,324 Iowa-Only Offering Shareholders
accepted the Rescission Offer to have their investment rescinded. We also
incurred $14,990 in interest expense, at an annualized 8% interest rate.
Legal Effect of the Rescission Offer
For the reasons outlined below, our potential violation of federal
securities laws resulting from our previous offer and sale of the Iowa-Only
Offering Shares have been mitigated with respect to those shareholders who
accept the Rescission Offer and return their outstanding shares for cash plus
applicable interest. While we may continue to be liable to Iowa-Only Offering
Shareholders for a period of up to one year after discovery of the violations
upon which a claim by an Iowa-Only Offering Shareholder may be based (or three
years from the date of the original July 31, 1999 offer), our counsel and we
believe, however, that acceptance of the Rescission Offer, and receipt by the
Iowa-Only Offering Shareholders of the cash consideration to be paid for each
person's outstanding Iowa-Only Offering Shares, had the effect of mitigating
federal liability to that Iowa-Only Offering Shareholder because the damages
element of any claim will be eliminated. This is especially true because we
believe the Iowa-Only Offering (and any resales) was not violative of state law,
including Iowa where the sales were originally made.
If the affirmative rejection or failure to respond to the Rescission Offer
does not act as a release of claims, eligible Iowa-Only Offering Shareholders
who have rejected or failed to respond to the Rescission Offer would retain any
rights of claims they may have under federal securities laws. Any subsequent
claims by an Iowa-Only Offering Shareholder would be subject to any defenses we
may have, including estopple and/or the running of the statute of limitations,
not more than one year after the date of this prospectus. Specifically, under
the principle of estoppel, the person bringing a claim must carry the burden of
proof of why he or she took no action under the rescission offer and/or how he
or she may have been injured. While unlikely in the opinion of Mirenco and its
securities counsel, in the event claims were brought against the company and
were successful, the post-rescission financial impact could result in a maximum
obligation of $7,544,540, which is the number of outstanding shares subject to
the prior offering that violated Section 5 of the Securities Act and were not
rescinded multiplied by the offering price.
Although the Iowa-Only Offering was violative of federal securities laws as
described above, our counsel and we believe the Iowa-Only Offering violated the
securities laws neither of Iowa (where the offering was made) nor the states
where resales were subsequently made. The Iowa sales did not violate Iowa law
(and in fact, were fully registered there); accordingly, our counsel advises us
that later resales by Iowa residents to non-Iowa residents did not thereby
become violative of local laws where the resales later occurred. In fact, in
many instances, the "resales" could more accurately be
6
characterized as gifts to family members. We categorically state that any such
resales were not made, directly or indirectly, for the benefit of Mirenco or any
underwriter or dealer.
RISK FACTORS
Prospective investors should carefully consider the following factors, in
addition to the other information contained in this prospectus, before
purchasing the shares offered hereby. In addition to the enumerated risks,
businesses are often subject to risks not foreseen by management. This is
especially true for development 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.
Risks Associated with Our Business
1. We may be forced to expend funds if legal actions are brought by Iowa-Only
Offering Shareholders for alleged prior violations of pertinent securities laws.
Iowa-Only Offering Shareholders who did not respond to the rescission offer or
even affirmatively rejected the Rescission Offer may still attempt to assert
claims against us relating to noncompliance with applicable securities laws. Our
securities counsel and we believe that contingent liabilities will terminate one
year after discovery (to January 26, 2002), but it could last up to three years
from the date of the original offer (to July 30, 2003). We believe we have
adequate defenses especially in view of the completion of the Rescission Offer.
However, we cannot predict with certainty that those claims will be barred by
the Rescission Offer. This is because the legal effect of a given rescission
offer is not certain and there are different factual variables. While unlikely
in the opinion of Mirenco and its securities counsel, to the extent any claims
are brought, which could result in a maximum obligation of $7,544,540, and
result in judgments for damages, our business, financial condition and results
of operations could all be adversely affected. Even if we are successful in
defending any possible claims under applicable securities laws, their mere
assertion could result in potentially costly litigation and significant
diversions of effort by management. At this point, we cannot quantify the dollar
amount of the exposure to such litigation.
2. We are a development stage company with a limited operating history and net
losses to date. We are a development stage company and have only a limited
history of operations, which limits our ability to predict the effect of future
events and how management will respond. Our operations commenced shortly after
our inception on February 21, 1997. From inception through December 31, 2000,
we have experienced net losses and have an accumulated deficit of $3,657,946.
It is uncertain whether our range of emission control and increased fuel economy
products will produce significant sales or that we will ever become profitable.
We therefore expect to continue to incur net losses until we can produce
sufficient sales to cover our expenses.
3. We depend on our intellectual property and any failure to protect that
intellectual property could adversely affect our ability to meet future
expectations. Failure to protect our existing intellectual property rights may
result in the loss of our exclusivity and thus could reduce our sales potential.
We rely on patent and trademark law to protect our intellectual property but we
may be forced to rely upon common-law protection with respect to our trade
secrets and other proprietary matters. In the absence of further patent
protection beyond our contractual rights, we may be vulnerable to competitors
who attempt to copy our products or methods. 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. At this time
our patents, which expire between 2007 and 2011, have an average remaining life
of approximately 9 years. Outside the U.S., Canada, and Mexico, effective
patent and trademark protection may not be applied for or may be limited or
costly. We acquired our patents approximately one year ago through contractual
agreement with American Technologies, LLC, an affiliated company controlled by
Dwayne Fosseen, buying the exclusive licensing and distribution rights to five
products developed by American Technologies: DriverMax, DriverMax Software,
HydroFire Injection, HydroFire Fluid and HydroFire Lubricant. We believe that
we have obtained all rights necessary to market our products and services
without infringement on rights or patents. We seek to achieve profitability
through aggressive promotion and marketing of our patents and by developing
customer relationships, which could provide a contractual basis for profits
irrespective of proprietary infringements.
4. Our products could be deemed subject to regulatory standards which could
adversely impact sales. We believe our products to be "retrofit devices," as
defined under EPA regulations, which generally classify our products as external
modifications made to the vehicle after manufacturing and not affecting the
federal certified combustion process. We are, however, subject to the
regulatory risk that the EPA may construe distribution of the products to be
also governed by "fuel additive" regulations which generally classify products
that affect the federally certified combustion process. 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."
7
The Clean Air Act of 1990 mandates annual emission testing for every
vehicle located in many of the one hundred fourteen Environmental Protection
Agency-designated "Non-Attainment Areas" throughout the United States. A non-
attainment area is a locality where air pollution levels persistently exceed
national ambient air quality standards. The EPA has, in some instances,
however, granted or permitted certain waivers or time extensions for compliance
with these air quality standards. 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, the
future of this market is uncertain and environmental laws could change.
Further, a decline in the aggressive enforcement of prevailing regulations could
severely impact our sales and, therefore, our cash flow and profitability.
5. Our dependence on outside entities to produce our inventory could delay
availability. We are dependent upon numerous outside entities and market
conditions for our revenues. I.C.E. Corporation, a Federal Aviation Authority
certified electronic manufacturing company in Manhattan, Kansas, has been
contracted to produce our DriverMax(R) and possibly other electronic products,
which we distribute. While all materials required to manufacture and assemble
our product line are readily available and are shelf items, we are reliant on
I.C.E. Corp. 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. Corp. could have
a damaging effect on our relationships with our customers. There is a
possibility the prices of materials and labor might increase and that operations
or deliveries may be delayed if shortages occur. Unavailability of or delay in
obtaining our products from I.C.E Corp., among other factors, may delay our
receipt of income for significant periods.
6. We are developing a new market where market acceptance is not fully known.
Because the market for our products and services is new and evolving, it is
difficult to predict the size and future growth rate, if any, of this market.
While it is known that the retrofit, automotive aftermarket, and automotive
original equipment manufacturers industries are large and growing, it is unknown
whether the market for our products and services will continue to develop or
become sustainable. We believe 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. Our success will be
largely dependent upon marketing and upon the quantity of customers who purchase
our products or license rights to our patents. It is uncertain whether there is
a broad market for our products or that one will ever exist. Therefore, the
market potential for our products must be deemed less than certain. It is
anticipated the market will be highly sensitive to many features exhibited by
our products, including our retail price, quantity discounts, replacement or
recharge costs, fuel savings, emission reduction percentages, engine wear
characteristics, establishment and enforcement of local regulatory mandates and
length of time required to achieve measurable results.
7. Changes in general market conditions could more significantly disrupt a new
venture. Fuel prices fluctuate and extraordinary variations therein could have
a detrimental effect on our business. Customer purchase decisions may also be
based on an increase or decrease in the cost of regulatory compliance,
prevailing interest rates, vehicle maintenance costs, or other market
conditions. We have no ability to influence market conditions that may affect
the decisions of our customers. Unfavorable taxation policies, import tariffs,
or other regulations imposed by federal and state governments that affect the
overall business climate could adversely affect our product sales. Any future
tax increases or new government regulations levied on our products could
severely affect our operations.
8. We currently face and will continue to face competition which may become
more significant in our attempt to establish our brand. Both the retrofit
industry and the automotive original equipment manufacturers industry are, and
can be expected to remain, intensely competitive with respect to price, service,
location and professionalism. Intense competition could materially and
adversely affect our ability to achieve profitability. We will compete with
other companies that have greater brand recognition, greater resources, and
broader distribution capabilities than we have. It is also likely other
competitors will emerge in the future, both foreign and domestic. We believe we
offer products that are more effective, convenient, and economically preferable
than our competitors' products. We will seek to establish a position of market
leadership and brand recognition through aggressively marketing these
differences. However, our competitors may introduce more competitive products
or techniques. Although we believe we will compete successfully, we may not be
able to maintain a high level of name recognition and prestige within the
marketplace. Our inability to compete within the industry or maintain a high-
quality spectrum of products may adversely affect an investment in the company.
9. Technological change may make our products obsolete. 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 performance, features, and reliability. We may not 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
8
could require us to make substantial expenditures 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.
10. We are dependent on certain key personnel, and our future success may
depend on our ability to retain and recruit other management and technical
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 personnel. Our business and
operations may be adversely affected if relationships with certain of our key
personnel were to be severed. We maintain key-man life insurance of $1,000,000
on Mr. Fosseen. We intend to carry key-man life insurance on other personnel as
well. We have entered into employment agreements with each of Messrs. Fosseen,
Relick, Allison and Jolley. These employment agreements contain noncompete
provisions; however, we may not be able to retain these employees or prevent
them from competing with Mirenco in the event of their departure. Moreover,
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 qualified personnel. Our inability to retain personnel may
adversely affect the business.
11. While our management team has general business experience, it has limited
experience managing full-scale production and sales of our product line.
Members of management have significant experience and expertise in their prior
work background. However, it is unknown how these individuals will perform
until the product is accessible to the customer and the management team is
tested. Further, investors will have no right or power to take part in or
direct the management of Mirenco. 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 and limited experience in this field. Accordingly, no
investor should purchase shares unless an investor is willing to entrust all
aspects of management, including the selection of businesses and/or officers
and/or directors.
12. Management and ownership of Mirenco is controlled by our Officers and
Directors and the interests of a related party may be adverse to the interests
of Mirenco. Prior to the offering, individual officers, directors, and
shareholders owning more than 10% owned in the aggregate 73.7% of the shares.
As of the date of this prospectus, one member of our current management team,
Dwayne L. Fosseen, controls 68.2% of the issued common stock of Mirenco.
Consequently, the principal shareholders may be able to effectively control the
affairs of Mirenco 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. Control by the principal shareholders may have the
effect of discouraging certain transactions involving an actual or potential
change of control of Mirenco, including transactions in which holders of shares
might otherwise receive a premium for their shares over then current market
prices.
Risks Associated with Our Common Stock
13. Possible adverse impact in the level of trading activity if deemed a penny
stock. Penny stock status relates to low-priced securities regulations which
take effect when the price of a company's shares are, or fall below, $5.00 per
share.
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. If the penny stock or similar regulations apply in the
future, they could have the effect of reducing the level of trading activity in
the secondary market for our shares and make it more difficult for investors to
sell their shares in our company. As of the date of the prospectus, our shares
are not deemed to constitute so-called penny stock. If the shares are not listed
on a national exchange, or if we cannot attract a market maker following and the
price of our shares falls below the so-called penny stock, low-priced securities
regulations could affect the sale of the shares by decreasing liquidity.
14. There is no assurance of a public market. There currently is no public
market for Mirenco's shares. We do expect a market maker will apply to quote our
shares on the NASD Bulletin Board. It is uncertain in the future, even if the
shares are listed on a national or regional exchange or a proprietary reporting
system, whether broker-dealers will want to continue making a market for the
shares. Continuing to be a publicly traded company requires us to enlist broker-
dealers to serve as market makers. After becoming a market maker, the broker-
dealer may discontinue related activities at any time, without notice.
Liquidity of the trading market for the shares or even that an active
public market will develop is uncertain. If an active public market does not
develop or is not maintained, the market price and liquidity of the shares may
be adversely
9
affected. Consequently, holders of shares acquired pursuant to this offering may
not be able to immediately liquidate their investment, 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. Future sales of our common stock could adversely affect our stock price.
As of March 31, 2001, we have 11,697,779 shares of our common stock issued and
outstanding and 1,508,908 shares of common stock subject to rescission offer
issued and outstanding, out of a total of 30 million authorized shares. 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. Additional financing
may not be available to us if and when required or on terms acceptable to us.
If we issue any additional securities, the proportionate ownership and voting
power of the other shareholders would be reduced. Further, any new issuance of
shares may result in a change of control of Mirenco. Moreover, any currently
undesignated shares of Mirenco may be issued without shareholder consent in a
manner and with terms, provisions and rights which would make a takeover of
Mirenco more difficult and therefore less likely. Further, additional
financing, if available, might 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 or the market price or economic value, if any, of the outstanding shares.
Moreover, shares held by the principal shareholders, as well as other directors,
officers or 10% shareholders, 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. Sales of substantial amounts of shares in the
public market, or the perception that these sales could occur, could depress
prevailing market prices for the shares. Public market sales may also make it
more difficult for Mirenco to sell equity securities or equity-related
securities in the future at a time and price which it deems appropriate.
16. Trading activity in our common stock could be volatile. Our business is
expected to change rapidly, which could cause our quarterly operating results to
vary and our stock price to fluctuate. The price at which shares may be
purchased or sold may be subject to extreme fluctuations resulting from many
factors, including actual or anticipated fluctuations in our operating results,
selection of new products, execution of new contracts, general market conditions
or other factors. Our quarterly operating results may vary significantly in the
future, depending upon a number of factors, including 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.
17. The offering price has been arbitrarily determined and your investment will
be immediately diluted. The price of the shares 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 Mirenco. There are no
relationships whatsoever between the price of the shares and our assets,
earnings, book value or any other objective criteria of value.
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.
18. Mirenco has not paid dividends and has no current plans to pay dividends.
Dividends, if any, to shareholders are at 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 Mirenco's Board of Directors based upon
consideration of Mirenco's earnings, if any, its future capital needs, and other
relevant factors. To conserve funds for our contemplated activities, the Board
of Directors currently does not intend to pay dividends. 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 any future credit or
other financing agreements.
19. Forward-looking statements. We make statements in this prospectus and in
the documents we will file with the SEC that are considered "forward-looking
statements" within the meaning of the 1933 Act and the Securities Exchange Act
of 1934. Sometimes these statements contain words like "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.
10
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. The following inherent
or potential conflicts of interest should be considered by prospective investors
before subscribing for shares. Prospective investors should also see the
disclaimer at the end of the following discussion regarding certain specific
transactions and "Fiduciary Responsibility of the Company's Management" and
"Description of Capital Stock."
American Technologies and Fosseen Manufacturing & Development, Inc. share
common shareholders with us. Specifically, our founder and principal
shareholder, Dwayne Fosseen, owns 49.9% of American Technologies and 100% of
Fosseen Manufacturing. Jerrold Handsaker and Don Williams, directors of the
Company, own 2.4% combined of American Technologies.
Effective April 30, 1999, through contractual agreement with American
Technologies, we have acquired patents and trademarks, the exclusive licensing
and distribution rights to the patents, and all rights to the characteristics,
anticipated results, and regulatory compliance, for five products developed by
American Technologies. These five products are DriverMax(R), DriverMax(R)
Software, HydroFire(R) Injection, HydroFire(R) Fluid and HydroFire(R) Lubricant.
Under terms of the agreement, we owed an initial purchase price of $250,000 to
American Technologies shareholders and will pay royalties of 3% of gross sales
for twenty years from sales of the related patents and products. See also the
discussion under the heading "Patents and Trademarks." Our purchase of the
patents was done to reduce any potential conflicts, especially in the future.
Nonetheless, Mr. Fosseen will have a continuing interest in American
Technologies and Fosseen Manufacturing and, to that degree, may have a conflict
of interest relative to Mirenco shareholders.
As part of a negotiated termination agreement originally among American
Technologies, Mirenco and J. Richard Relick, a director and former distributor
for Mirenco, Mr. Relick will be paid ten percent of the royalties received by
American Technologies from Mirenco, not to exceed a cumulative $800,000. These
royalty payments are an obligation of American Technologies.
Moreover, we do not currently own any real estate for the running of our
business. However, we have executed a one-year lease with Fosseen Manufacturing
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. Dwayne Fosseen, Mirenco's principal shareholder, owns, and will
continue to own, the 1.2 acres of land for the construction, located in
Radcliffe, Iowa. Effective November 14, 2000, we began leasing the land owned
by Mr. Fosseen on a perpetual term at zero monthly rent. Our Board of Directors
unanimously approved the lease. Mr. Fosseen recused himself from the vote. The
intent of the lease is to protect the Company's assets in the event of
unforeseen litigation based on future operations. In the unlikely event we
declare bankruptcy or otherwise default on the lease, the lease may be
terminated and we must vacate the property. We also have a buyout option in the
event of the decease of Mr. Fosseen, at the then fair market value of the
undeveloped land.
While it is not expected to undermine professional representation or have
any other adverse consequence, our securities counsel, Duncan, Blum &
Associates, is being paid for services rendered through significantly reduced
cash compensation and the issuance of warrants to exercise the purchase of
30,000 shares in Mirenco 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, these
transactions, if any, will be entered 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. 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. In any
event, any debt instruments of the company in the future are expected generally
to prohibit us from entering into any 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 a person with 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
11
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, Mirenco has no provision to issue any additional
securities to management, promoters, or their respective affiliates or
associates. If, as expected, 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 Mirenco has a very large amount of
authorized but unissued common stock, which may be issued without further
shareholder approval or notice, Mirenco intends to reserve the stock for certain
offerings contemplated for continued expansion, acquisitions and properly
approved employee compensation at the time a stock option plan is adopted.
FIDUCIARY RESPONSIBILITY OF THE COMPANY'S MANAGEMENT
Counsel has advised our management it has a fiduciary responsibility for
the safekeeping and use of all of Mirenco's assets. 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 Mirenco's property 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 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
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 shareholder actions, it would
be generally difficult to establish as a basis for liability that our management
has not met the relevant standards. This is due to the broad discretion given
the directors and officers of a corporation to act in its best interests.
To the extent any exculpatory or indemnification provision purports to
include indemnification for liabilities arising under the 1933 Act, the SEC has
stated that this sort of indemnification is contrary to public policy and,
therefore, unenforceable. Shareholders who believe that our management may have
violated applicable laws regarding fiduciary duties should consult with their
own counsel as to their evaluation of the status of the law.
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12
SELLING SHAREHOLDERS
The selling shareholders listed below are offering an aggregate 2,154,684
shares pursuant to this prospectus. 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. No selling
shareholder owns more than 10% of Mirenco shares. Each selling shareholder
purchased or obtained rights to purchase shares in the ordinary course of
business and, at the time of purchase of the securities, there were no
agreements or understandings, directly or indirectly, with any person to
distribute securities.
Selling shareholders are categorized as Persons with a Relationship to the
Company, Passive Investors with Warrants or Post Rescission Investors in the
Iowa-Only Offering. Selling shareholders identified as Persons with a
Relationship to the Company are either officers of or provide services to us.
Options and warrants held by persons with a relationship to the Company were
granted in connection with work provided, or to be provided over vesting
periods, to the Company. Warrants held by Passive Investors with Warrants were
granted in connection with the purchase by such holders of our common stock in a
private placement bridge offering in May and June 1999. This prospectus only
seeks to register the common shares underlieing the options and warrants, not to
register the options and warrants separately. Neither the granting nor the
exercise of options and warrants is contingent upon this registration.
Exercise of the optioins and warrants is solely at the discretion of the
holder. It is unknown whether the affiliates will sell any shares registered in
this prospectus. Further it is unknown to us if the selling shareholders will
sell all, any or none of the shares listed below.
I. Persons with a Relationship to the Company
Amount Beneficially Maximum
Owned Amount to Percent
Name of Beneficial Owner Category Prior to Offering be Sold of Class (1)
------------------------ ----------------- ---------------------- -------------- --------------
Wayne Allison, President Affiliate (2) 120,000 60,000 0.454%
Carl Duncan Securities 30,000 15,000 0.114%
Counsel
Darrell Jolley, Chief Financial Officer Affiliate (2) 120,000 60,000 0.454%
J. Richard Relick, Chief Operating Officer Affiliate (2) 100,000 50,000 0.379%
Dave Stone Consultant 180,000 90,000 0.681%
Bruce Bergeson Employee 81,500 40,750 0.309%
Richard Evans Employee 67,900 33,950 0.257%
Betty Fosseen Former 38,000 19,000 0.144%
Employee /
Affiliate
Various other employees and consultants (3) Employee/ 9,160 9,160 0.069%
consultant
Amount Beneficially Maximum
Number of Owned Amount to Percent
Name of Beneficial Owner Shareholders Prior to Offering be Sold of Class (1)
------------------------ ---------------- ---------------------- -------------- -------------
II. Passive Investors with Warrants
Total for Category (For itemized listing, see
Appendix II.A.) 189 267,916 267,916 2.029%
III. Post Rescission Investors in Iowa-Only Offering
Total for Category (For itemized listing, see
Appendix II.B.) 4,254 1,508,908 1,508,908 11.425%
Total of All Categories (I through III) N/A 2,517,284 2,154,684 16.315%
(1) Amount calculated as Maximum Amount to be Sold divided by total shares
issued and outstanding at March 31, 2001 of 13,206,687. If the Maximum
Amount to be Sold is sold, the percentage ownership of the selling
shareholders after the offering will be insignificant both individually and
in the aggregate. Most selling shareholders will individually own less than
1%.
13
(2) See also "Securities Ownership of Certain Beneficial Owners and Management"
for more information on options granted to affiliates.
(3) Options were granted to seven employees and / or consultants who have
provided services to Mirenco.
All shares identified in Category I, "Persons with a Relationship to the
Company," represent options or warrants granted to employees or consultants for
services rendered, or to be rendered. Unless otherwise identified, we are
registering only fifty percent of the shares underlying vested options and
warrants.
Mr. Allison, Mr. Jolley, Mr. Relick and Mrs. Fosseen are the only selling
shareholders in Category I who are also affiliates. Affiliates are defined as
either an officer or director or 10% shareholder, or any person considered to be
a control person or part of a control group. Mrs. Fosseen is classified as an
affiliate based on marriage to Duane Fosseen, founder, CEO, Chairman and
significant shareholder. Shares issued to officers, directors or affiliates are
deemed to be restricted stock under 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.
On November 1, 1999, Mr. Allison, President, and Mr. Jolley, Chief
Financial Officer, were granted options to purchase 280,000 shares of common
stock apiece at $5.00 per share, exerciseable over a vesting period that ranges
from January 1, 2000 through September 30, 2003. The grants were made pursuant
to employment contracts. The options expire on September 30, 2008. As of the
date of this registration statement, options to purchase 120,000 shares apiece
had vested. On June 15, 1999, Mr. Relick, Chief Operating Officer, was granted
options to purchase 100,000 shares of common stock at $4.25 per share,
exerciseable over a vesting period that ranged from January 1, 2000 to January
1, 2001. The grant was made pursuant to the past services rendered by Mr.
Relick. The options expire on June 15, 2009.
On December 31, 1998, we granted options to Mr. Stone to purchase 180,000
shares of common stock, to Mr. Bergeson to purchase 81,500 shares of common
stock, to Mr. Evans to purchase 67,900 shares of common stock and to Mrs.
Fosseen to purchase 38,000 shares of common stock. All these options are
exerciseable at $0.29 per share, are fully vested and expire on December 31,
2008. The options were granted based on past employment or consulting services,
particularly in the first year of our existence. The exercise price was
calculated based on the initial price of our SCOR offering in April 1998 when
shares were sold for $5.00 per share, and reduced by the effects of the 3 for 1
and 5 for 1 stock splits.
Our securities counsel, Duncan, Blum & Associates, is being paid for
services rendered through significantly reduced cash compensation and the
issuance of warrants to exercise the purchase of 30,000 shares in Mirenco at an
exercise price of $0.01, over a term ending March 31, 2003. On March 31, 2001,
options to purchase 9,160 shares of common stock were granted to certain non-
affiliate employees and consultants. These options are exerciseable at $5.00
per share, are fully vested and expire on March 31, 2011. We are registering
the shares underlying all these options.
All shares identified in Category II, "Passive Investors with Warrants,"
represent warrant agreements dated June 15, 1999 that were part of a unit offer
purchased by existing shareholders in connection with private placement sales of
our common stock in May and June 1999. The private placement offer was exempt
from registration pursuant to Section 4(2) of the Act and Rule 504 of Regulation
D therunder. The offer was originally made to existing shareholders in
accordance with a direct mailing to existing shareholders and an annual
shareholder meeting on and around May 15, 1999. At the shareholder meeting,
shareholders approved our pursuit of the Iowa-Only Offering which involved the
use of proceeds from this private placement. Funds were to be used generally to
pay registration and marketing expenses of the Iowa-Only Offering. We sold
66,979 shares of common stock at $5.00 per share, raising $334,895 in the
private placement. The attached warrants provided each purchaser of the private
placement the opportunity to purchase four shares of common stock at $5.00 per
share, expiring on June 15, 2002. We are registering 100% of the shares
underlying the 267,916 warrants.
This offering includes as selling shareholders in Category III, the Iowa-
Only Offering Shareholders whose shares are restricted until registered for
resale pursuant to this prospectus.
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14
APPLICATION OF PROCEEDS
We will not receive any of the proceeds from the sales of shares by the
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 prosepectus and registration statement. We will,
however, receive proceeds equal to the number of warrants and options
exercised, if any, multiplied by the applicable exercise price, approximately
$2.3 million. Specifically, option and warrant holders could exercise up to
15,000 shares at $0.01 per share; up to 183,700 shares at $0.29 per share; up
to 50,000 shares at $4.25 per share; and up to 129,160 shares at $5.00 per
share. To that extent, such funds will be used for the funding of general
operations, research and development opportunities or pursuing marketing
opportunities, as identified by management.
CAPITALIZATION
The following table sets forth the capitalization of Mirenco as of December
31, 2000; the results of the Rescission Offer; the pro forma effect of the
rescission offer as of December 31, 2000; and the changes resulting from this
offering if the maximum of options and warrants are exercised.
---------------------------------------------------------------------------------------------------------------------------------
Actual as of Pro Forma Effect
December 31, Effect of after Rescission Effect of This After This
2000 Rescission Offer Offer Offering (3) Offering
---------------------------------------------------------------------------------------------------------------------------------
Stock subject to rescission
offer (1) $ 7,806,240 $(261,700) $ 7,544,540 $ 7,544,540
Common Stock 731,290 731,290 2,251,303 2,982,583
Additional paid-in capital 1,714,954 1,714,954 1,714,954
Deficit accumulated during
the development stage (2) (3,657,946) (14,990) (3,672,936) (3,672,936)
Total stockholders' equity
(deficit) and total
capitalization (1,211,702) (14,990) (1,226,692) 2,251,303 1,024,611
----------------
1. We have classified the Iowa-Only Offering Shares from common stock to temporary equity until such time as violations under
federal securities law have been cured.
2. Deficit accumulated during the development stage has been adjusted on a pro forma basis to indicate the impact of the interest
expense we incurred as a result of completing the Rescission Offer.
3. Assumes the maximum exercise of options and warrants being registered, 636,616 total shares at prices ranging from $0.29 to
$5.00 per share.
DESCRIPTION OF BUSINESS
General
Mirenco, Inc., a development stage 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 System satellite technology
and ambient sensor features. We believe we are the first to provide a product
that incorporates Global Positioning System technology into a throttle-control
application called "EconoCruise(R)," using "Satellite-to-Throttle(TM)"
technology.
As of July 30, 2000, we closed our Iowa-Only Offering, having raised
$7,806,240, selling 1,561,248 shares at $5 per share. As of February 26, 2001,
the termination date of the rescission offer, the Iowa-Only Offering net
investment is $7,544,540 or 1,508,908 shares. See also "Rescission Offer."
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. All our products are market-
ready at this time, not simply in the design stage. During the past two years
and after completing testing, we focused on introducing
15
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.
Because we are still a development stage company, and have had relatively
nominal sales to date, we have been dependent upon just a few larger, sporadic
purchases. However, although 91% of 1999 and 100% of 2000 sales were
concentrated among 4 customers, our customers are primarily metropolitan transit
authorities with finite numbers of buses; therefore, we do not believe we are
dependent upon only these customers to maintain future business. Instead, we
intend to use testimonials and real-world performance data from these customers
to decrease, or eliminate, trials and evaluations from future customers'
decision-making and acquisition processes. Nonetheless, past dependence on a
handful of customers could continue unless our envisioned aggressive marketing
campaign is successful.
Our technology originally grew from the ideas and early inventions of our
founder, Dwayne Fosseen. Mr. Fosseen submitted his ideas to the United States
Department of Energy ("DOE") Kansas City Plant operated by AlliedSignal. Mr.
Fosseen sought, and received, a Federal cost-shared "CRADA" (a Cooperative
Research and Development Agreement) program so that his ideas could be jointly
engineered. Under the DOE's CRADA program, the resulting technology design
became the property of Mr. Fosseen. Mr. Fosseen subsequently filed for and
obtained patents for the technology in the United States, Mexico and Canada.
There is no requirement to promote, acknowledge or provide financial
remuneration for the DOE's efforts, although we have approval to display the
DOE's logo on the resulting technology and do so.
Over the next two years, at a minimum, we intend to sell both the licensing
rights to the patented technology and products that are based on the patents.
We believe that the aftermarket of existing automobiles represents a potentially
substantial market for our products as add-ons. We further believe that the
automobile original equipment manufacturers represent a potential market for the
licensing rights to our patents.
DriverMax(R), currently marketed and in production, is an environmental
product that improves engine exhaust emissions while increasing fuel mileage and
reducing vehicle-maintenance costs. DriverMax(R) is primarily targeted to heavy
start-stop vehicles like 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, currently marketed and in production, 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 performance conditions where NOx is produced.
Specifically, NOx is produced under heavy loads and high engine temperatures.
When these conditions occur, 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 for which we have patented the blending process. Specifically, water
cuts the NOx production, alcohol serves as an antifreeze for the water, and
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,
including as inner and inter-city buses and trucks.
EconoCruise(R), currently in development through a Fund-in Work-for-Others
agreement with the U.S. DOE's Kansas City Plant, operated by Honeywell
(previously operated by Allied Signal), is a highly sophisticated throttle-
control system that provides advanced levels of "intelligence" to common cruise
control technology. EconoCruise(R) utilizes Global Positioning System signals to
"know" the topography of the road ahead, thereby allowing the vehicle to best
manage throttle and emissions. For example, EconoCruise(R) allows a user-
programmed limit of momentum to be gained on downhill sections and limits 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
Global Positioning System technology.
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
were 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 have executed a "Funds-in Work For Others Agreement" with the
DOE's Kansas City plant, whereby industry procures unique services from
government
16
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 of a potential product
include a "Teenage DriverMax(R)" where, for example, young drivers could be
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. This adaptation will open a considerably larger market for
us. Additionally, for example, using Global Positioning System 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 that
overacceleration 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 "SmartFoot(TM)" technology.
Product Market
We have built our market strategy on two marketable assets:
(1) Licensing the patents; and
(2) Product sales
Patent licensing is targeted to automakers. We have identified two dozen
major automakers whose markets include the three countries in which we hold
patents: the U.S., Mexico, and Canada. 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 nonexclusive licensing of
the patented technology, so that automakers will install the technology in an
effort to reduce emissions, save fuel, and decrease maintenance on all their
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 vehicle aftermarket. We envision that automakers will take the lead in
producing more efficient and cleaner vehicles using our technology, 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.); and
(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 in 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 in the U.S. 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.
17
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 existing
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
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, 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 salespeople throughout the U.S., Canada and Mexico.
Furthermore, the Des Moines Area Community College 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. These sales began as initial
conversations regarding the benefits of our products and led to installation and
testing of several demonstration units. Once the technology was proven, our
customers worked through their signature approval process, leading to purchase
orders and full installation of sold units. We intend to use testimonials and
real-world performance data from these customers to decrease, or eliminate,
demonstration 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 products continues to become more accepting and
fertile as environmental regulatory and oversight agencies like the U.S.
Environmental Protection Agency continue to create more stringent compliance
standards for transportation. Similarly, the California Air Resource Board is
generally regarded as the most stringent state environmental agency in the
United States. We have obtained a California Air Resource Board exemption
number and approval to sell within California. This exemption number is
displayed on our DriverMax(R) product.
18
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. Corp., an FAA certified electronic
manufacturing company located in Manhattan, Kansas, has been contracted to
produce our DriverMax(R) and possibly other electronic products which we
distribute. We are reliant on I.C.E. Corp. to provide electronic product-
quality protection for our products, sales of which will generate revenues
during our early stage product distribution. Nonperformance by, or poor service
from, I.C.E. Corp. could have a damaging effect on our relationships with our
customers.
Our formal relationship with I.C.E. Corp. is an arm's-length arrangement
whereby we provide detailed production specifications and I.C.E. Corp. produces
products to those specifications in the quantities ordered. Generally, all
materials required to manufacture and assemble our product line are readily
available and are shelf items. Orders are typically manufactured and delivered
within, at most, a ten-week time frame. Payment terms are standard for the
industry. We are not required to order or accept delivery of any product based
on a predetermined time schedule, and production unit costs decrease with
increasing quantities.
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
use leading technologies, continue to develop our technological expertise,
enhance our current products and services, and continue to improve the
performance, features and reliability.
We believe, considering the proprietary nature of our current DriverMax(R)
and HydroFire(R) control system and our new products utilizing Global
Positioning System technology, there is no other known automotive retrofit
device that can compete with our current or contemplated spectrum of offerings.
If there are products that perform the same functions as our 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.
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. Alternate
(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 not competitive to, but in fact
cooperate 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 (NasdaqNM: FCEL) and Ballard Power Systems (NasdaqNM: BLDP)
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 (OTCBB: 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
19
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 we will utilize
the most economical means available as our development continues. As part of
the anticipated use of proceeds detailed in our Iowa-Only Offering, 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.
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
concern and is mandating similar regulations and standards to those being
promoted within the U.S. Mexico is currently experiencing tremendous air
quality problems 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 sources of pollution.
Furthermore, based on our direct experience in Mexico City, feedback from
potential overseas distributors and management opinion, many of these countries
allow longer useful lives for their vehicles than we accept in the U.S.
Consequently these vehicles are likely to 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, as well as most alternate 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, we are uncertain whether our 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 scientific
testing would be facilitated by the fact that alcohol is a substance used in the
transportation and many other industries and about which a great deal is already
known concerning toxicity, 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 our product does 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
20
is possible that a competitor who manufactures fuel additives that are subject
to the more stringent "fuel additive" regulations may raise the issue with the
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
noncompliance with environmental laws.
Patents and Trademarks
Effective April 30, 1999, we executed an agreement to transfer the
ownership of the patents and trademarks from American Technologies to us. Our
founder and principal shareholder, Dwayne Fosseen, owns 49.9% of American
Technologies, as discussed under the heading "Certain Relationships and Related
Transactions." We will pay American Technologies a 3% royalty of annual gross
sales for a period of 20 years, beginning November 1, 1999. The agreement
required the payment of $25,000 at the time we met the Iowa-Only Offering
$500,000 minimum offering. Approximately one-half of the amount due was paid on
December 13, 1999 and the other one-half was paid on February 15, 2000, being
distributed to Mr. Fosseen. A $225,000 payment became due American Technologies
per the agreement once we had raised $5,000,000 in the Iowa-Only Offering. The
$225,000 was paid in August 2000. Prior to the purchase of the patents at
November 1, 1999, we paid royalties to American Technologies for the use of and
opportunity to market the patents and trademarks. The payments were calculated
from January 1 through October 31, 1999 as the greater of 3% of actual sales or
3% of sales calculated at an established unit price ($495) and minimum
quantities (40 to 80 units per month). We paid royalties in 1998 and earlier at
the unit price of $950 and minimum quantities of 20 to 40 units per month. This
means of calculating royalties was terminated with our purchase agreement of
November 1, 1999.
We believe the execution of this purchase 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
American Technologies 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 for 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 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. In order to attract the appropriate personnel to
assist the company in our future growth, we are analyzing additional benefits
and improvements to our existing benefits program. With the conclusion of the
Rescission Offer and the unrescinded $7,544,540, 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.
21
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 Fosseen Manufacturing
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. As discussed at "Certain Relationships and Related Transactions," the
1.2 acres of land for the construction, located in Radcliffe, Iowa, is owned by
Dwayne Fosseen, principal shareholder of Mirenco. We are leasing the land for
the new facility on a perpetual term at zero monthly rent. Our Board of
Directors unanimously approved the lease. Mr. Fosseen recused himself from the
vote. As a means to protect the Company assets from unknown possible litigation
relating to future business opportunities, the lease was structured so that the
lease can be terminated in the event of our bankruptcy or other default. In the
unlikely event of termination, we must vacate the property. At the decease of
Mr. Fosseen, we have the option to purchase the land at the then undeveloped
fair market value.. Construction of the distribution center began in August
2000 and is expected to be complete by May 2001.
Management
(1) Introduction
------------
The following table summarizes the names, ages and positions of our
executive officers and directors as of December 31, , 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:
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 40 President
Darrell R. Jolley 38 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
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. Further discussion regarding Mr. Fosseen is available under
the heading "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. Further discussion regarding Mr.
Relick is available under the heading "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
22
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, Mr. Jolley was employed at Deloitte and Touche, international CPA
firm. 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.
(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 new-hires 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 noncash 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.
On June 15, 1999, Messrs. Fosseen and Relick each entered into two year
employment agreements with Mirenco (collectively, the "Employment Agreements")
that each provides for annual salaries, bonuses and other benefits. Annual
salaries, as set forth in their agreements, are $45,000 through 1999 and $75,000
starting January 1, 2000, or upon successful close of our public offering. It
is anticipated that Messrs. Fosseen and Relick will devote approximately 100% of
their time to Mirenco. 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 each
applicable Employment Agreement.
23
Messrs. Allison and Jolley each entered into a one-year employment
agreement with us dated November 3, 1999, which automatically renews for
successive periods of twelve months. The employment agreements provide for each
to earn compensation at the annual rate of $75,000 as well as 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 Mirenco, the options
will immediately and fully vest. It is anticipated that Messrs. Allison and
Jolley will devote approximately 100% of their time to Mirenco. 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.
Mirenco does not provide officers with pension, stock appreciation rights,
long-term incentive or other plans, but it has the intention of implementing
these kinds of employee benefits in the future. Specifically, we anticipate
that we will adopt, in the future, an employee bonus program to provide
incentives to our employees. It is anticipated that an incentive plan would pay
bonuses in cash or stock to employees based upon our pretax or aftertax profit
for a particular period. 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 retirement plans and their implementation will be
at the discretion of the Board of Directors; any bonus plan(s) 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.
Litigation
We are not a party to any litigation, material or otherwise; we are not
aware of any threatened civil, administrative or civil proceeding that would
have a material adverse effect on our business; and we do not believe that the
outcome of the rescission offer will have a negative impact on our ability to
conduct our business.
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24
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 March
31, 2001, by (i) each shareholder known to us to own, or have the right to
acquire within sixty 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.
Name and Address Amount of Common Stock
Beneficial Owner (1) Beneficially Owned(2)(3) Percent of Class
-------------------------------------------------------------------------------- --------------------------- -----------------
Dwayne Fosseen, Director, Chairman of the Board 9,046,700(4) 68.2%
and Chief Executive Officer
Don Williams, Director 342,800 2.6%
Jerrold Handsaker, Director 44,030 (8)
J. Richard Relick, Director and Chief Operating Officer 100,000(5) (8)
Wayne Allison, President 120,000(6) (8)
Darrell R. Jolley, Chief Financial Officer 120,000(7) (8)
All Directors and Officers as a Group 9,735,530 73.7%
----------------
(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 11,697,779 shares plus 1,508,908 of shares
subject to rescission as of March 31, 2001. 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) Represents 9,008,700 shares owned, issued and outstanding, and 38,000 shares
owned by Betty Fosseen, spouse of our Chairman Dwayne Fosseen, pursuant to
options to purchase shares of common stock at $0.29 per share, exercisable
within 60 days. The options expire on December 31, 2008.
(5) Represents 100,000 shares owned pursuant to options to purchase shares of
common stock at $4.25 per share, exercisable within 60 days. All options
expire on June 15, 2009.
(6) Represents 120,000 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 160,000 shares at $5.00 per share which vest
20,000 options per quarter between March 31, 2001 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 120,000 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 160,000 shares at $5.00 per share which vest
20,000 options per quarter between March 31, 2001 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%.
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25
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"). The options were granted to these
employees in connection to work performed on behalf of the Company or to be
performed in accordance with the vesting period of the options. The options are
not being registered by this prospectus.
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"); 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.
Family Relationships
There are no family relationships relating to Mirenco between executive
officers, directors or 10% or greater shareholders.
Executive Compensation
The table below sets forth a summary of the compensation earned by our
named chief executive officer and other executive management for 2000, 1999 and
1998.
Summary Compensation Table
--------------------------
Annual Compensation Long-Term Compensation Awards
Bonus Securities Long-Term
Name and Fiscal and Other Restricted Underlying Incentive All other
Principal Position Year Salary($) Compensation Stock Awards Options Plans Compensation
------------------ ---- --------- ------------ ------------ ------- ----- ------------
Dwayne Fosseen, CEO 2000 $75,000
1999 $35,596 0 0 0 0 0
1998 $26,000
J. Richard Relick, COO 2000 $75,000
1999 $25,365(1) 0 0 100,000 0 0
1998 n/a
Wayne Allison, President 2000 $75,000
1999 $12,500(2) 0 0 280,000 0 0
1998 n/a
Darrell R. Jolley, CFO 2000 $75,000
1999 $12,500(2) 0 0 280,000 0 0
1998 n/a
----------------
(1) Amount represents payments for eight months in 1999.
(2) Amount represents payments for two months in 1999.
26
Option Grants in Fiscal Year 1999
(Individual Grants)
Percent of
Number of Total Options
Securities Granted to Exercise or
Underlying Employees Base Price Expiration Grant Date
Name Options Granted (#) in Fiscal Year ($/Share) Date Present Value
---- ------------------- -------------- --------- ---- -------------
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
There were no options granted in fiscal year 2000.
________________
(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 2000
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, 2000, separately identified between
those exercisable and those not exercisable; and (d) the aggregate value of
in-the-money, unexercised options held on December 31, 2000, separately
identified as those exercisable and those not exercisable.
Aggregated Option Exercises in Fiscal
Year 2000 and Year-End Option Value
Shares Number of Securities Underlying
Acquired on Unexercised Options at Value of Unexercised
Exercise in Value Fiscal Year-End (#) In-The-Money Options
Name 2000 (#) Realized ($) Exercisable/Un-Exercisable (1) at Fiscal Year-End ($)
---- -------- ------------ ------------------------------ ----------------------
Dwayne Fosseen N/A N/A N/A N/A
J. Richard Relick 0 0 50,000 / 50,000 $37,500 / $ 37,500
Wayne Allison 0 0 120,000 / 160,000 $ 0 / $ 0
Darrell R. Jolley 0 0 120,000 / 160,000 $ 0 / $ 0
________________
(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.
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27
SELECTED FINANCIAL DATA
The following table sets forth certain financial data for Mirenco, a
development stage 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, 2000 and 1999 and cumulative data since inception through
December 31, 2000, have been derived from our financial statements which have
been audited by independent certified public accountants and are included
elsewhere in this filing.
Income Statement Data
Cumulative
February 21,
1997
(Inception)
---------
through
-------
Year ended Year ended December 31,
December 31, December 31, ------------
2000 1999 2000
---- ---- ----
Sales $ 110,128 $ 195,295 $ 357,573
Cost of Goods Sold 174,289 144,162 387,158
Operating expenses 993,167 587,983 3,866,177
Loss from Operations (1,057,328) (536,850) (3,895,762)
Interest Income 226,175 12,351 252,806
Net Loss $ (846,143) $ (524,499) $(3,657,946)
Loss per Share $(0.07) $(0.05)
Common Shares
Outstanding (1) 12,721,769 11,735,001
Balance Sheet Data
Year ended Year ended
December 31, 2000 December 31, 1999
----------------- -----------------
Working Capital $ 5,925,373 $ 807,556
Total Assets 6,664,448 962,878
Shareholder's Equity
(Deficit) (2) (1,211,702) 4,929
Deficit accumulated
during the development
phase $(3,657,946) $(2,811,803)
----------------
(1) Based on the weighted average number of shares outstanding and shares
subject to rescission offer during the period and adjusted for stock splits
approved June 9, 1998 and April 16, 1999.
(2) There have been no, nor are there expected to be, cash dividends. Proceeds
from Iowa-Only Offering Shares are recorded as stock subject to the
Rescission Offer, a temporary equity item, and not as a component of
Shareholders' Equity (Deficit).
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28
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
1. Introduction
Management has, to date, intentionally focused all of our limited resources
on our business plan, consisting of the following chronological 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 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 Iowa-Only
Offering which was approved for distribution within the state of Iowa on July
30, 1999. As of July 30, 2000, we raised a cumulative $7,806,240 from the Iowa-
Only Offering The net funds raised in the Iowa-Only Offering was $7,544,540
following conclusion of a rescission offer of the Iowa-Only Offering shares on
February 26, 2001.
From inception to date, we have incurred no significant research and
development costs. Prior to our purchase of the patents from American
Technologies, as discussed at "Certain Relationships and Related Transactions,"
we estimate from records provided to us that American Technologies and other
related entities incurred research and development costs of approximately $4
million. From proceeds of our Iowa-Only Offering, 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 are investing funds from the Iowa-Only Offering in a distribution and
office facility located in Radcliffe, Iowa, on property owned by our principal
shareholder. The total cost is expected to be approximately $1.25 million to
build and furnish the new building. Through December 31, 2000, we have expended
$561,102 to begin construction of a projected $1.25 million headquarters
facility in Radcliffe, Iowa. The project is expected to be completed on budget.
We have worked closely with state and local government officials who have
declared the property to be an enterprise zone where we will be able to take
advantage of certain property tax breaks. Though the number of employees will
grow only slightly during fiscal year 2000, we anticipate we will be adding
additional mechanics 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 seek a market maker to apply to quote our
securities on the NASD Over-the-Counter Bulletin Board. Such a 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.
Now that the Rescission Offer is concluded, we intend to use certain
proceeds from the Iowa-Only Offering to launch our products and offer to license
our patents to automakers simultaneous with the 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.
29
The simultaneous marketing campaign efforts conducted at the time of launch
are intended to jumpstart our sales efforts into the existing-vehicle
aftermarket, to make a strategic, nonexclusive offer to automakers for patent
licensing and to generate awareness and interest in Mirenco 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 that 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 4 to 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 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 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., Global Positioning System satellite, global road topographical databases,
speed limit databases, bi-directional throttle controls, etc.).
We are eager to launch and maximize the years of research and effort 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, 2000
and 1999 should be read in conjunction with our audited financial statements for
the 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 Global Positioning System technology and ambient
sensor features. We believe that we are the first to provide a product that
incorporates Global Positioning System technology into a throttle-control
application 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 6 to
36 months.
We have incurred losses during our fiscal years ended December 31, 2000 and
1999 while developing and introducing our original products and focusing
management and other resources on capitalizing the Company to support future
growth. DriverMax accounts for more than 90% of our product sales during our
development stage, being the most readily marketable of our fully developed
products. HydroFire units account for the remainder. No sales have been
30
conditioned on other performance or approval. The losses incurred to date are
considered normal for a development stage company. Other costs were incurred
during the past three 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 amounts of distribution and selling, general and administrative
expenses. However, as a percentage of sales, these expenses should decline.
4. Financial Impact of Rescission Offer
The Rescission Offer of our Iowa-Only Offering was declared effective on
January 26, 2001 and terminated on February 26, 2001. We refunded $261,700 for
52,340 shares returned and canceled, incurring total interest expense of
$14,990. The net investment of the Iowa-Only Offering was $7,544,540, having
issued 1,508,908 shares. Though the period of the rescission offer has
terminated, we nonetheless may continue to be liable to Iowa-Only Offering
Shareholders under relevant federal laws for a period of up to one year after
discovery of the violation upon which a claim by an Iowa-Only Offering
Shareholder may be based (or three years from the date of the original July 30,
1999 offering). However, since extending this Rescission Offer is believed to
have eliminated any damages element, the potential financial impact of the
Rescission Offer is highly speculative and, in any event, is not expected to
have a material adverse impact on our operations. While unlikely in the opinion
of Mirenco and its securities attorney, in the event claims are brought against
the company and are successful, the post-rescission financial impact could
result in a maximum obligation of $7,544,540, which is the number of outstanding
shares subject to the prior offering that violated section 5 of the Securities
Act and were not rescinded, multiplied by the offering price.
5. Results of Operations
The fiscal year ended December 31, 2000 compared to the fiscal year ended
December 31, 1999.
Sales were $110,128 for the year ended December 31, 2000 compared to
$195,295 for the same period in 1999, a decrease of 44%. During our development
stage, we focused management and other resources on raising equity capital and
developing our products. This was particularly true during 2000 as we worked to
close the Iowa-Only Offering effective July 30, 2000 whereas we had only limited
equity sales efforts during the same period in 1999. While no trends or
seasonality have yet to be identified, sales have occurred sporadically during
the development stage creating differences between comparative periods. In
1999, we had one large sale to the Transit Authority of River City (TARC -
Louisville, Kentucky) for approximately $95,000. We have continued to follow up
with TARC while further developing our sales documentation and collecting
emissions and fuel savings data. No sale of this size occurred during 2000.
Cost of sales increased $30,127 or 21% from 1999 to 2000, representing 158%
and 74% of sales, respectively. The increase in cost of sales is related to an
approximately $55,000 increase in production personnel during a period of low
sales enabling us to train and prepare for later, anticipated increased sales
levels. This increase was offset by approximately $25,000 in lower cost of
total products sold and savings in supplies due to the lower sales. Management
believes cost of sales will range between 40% and 60% of sales as increased unit
sales levels cover production overhead and unit costs. Through December 31,
1999, our gross margin was $51,133 compared to ($64,161) for the same period in
2000. This difference relates to the higher level of sales in 1999 and
approximately $40,000 less production overhead.
Operating expenses increased $405,184 or 69% from 1999 to 2000. The
increase is primarily attributable to an approximately $320,000 increase in wage
expense because of new personnel and executive management in 2000, offset by
$75,000 of stock-based compensation in 1999 related to options granted to an
officer. The increase at December 31, 2000 is also from an approximately
$60,000 increase in travel and advertising as we began to make sales
presentations to other transit authorities around the country, approximately
$25,000 increased due to purchasing directors' and officers' liability
insurance, approximately $25,000 in increased research and development spending
related to EconoCruise(R), and approximately $15,000 in net additional
accounting, legal and other general and administrative expenses. Throughout our
self-underwritten, Iowa-Only Offering, we updated shareholders and potential
shareholders of company developments as a means to raise awareness and increase
sales of the offer. Such costs were recorded as offering costs, a decrement to
shareholders equity. Upon completion of the Iowa-Only Offering, we continued to
incur similar costs; however, these costs, approximately $30,000 in the 4th
quarter of 2000, were expensed.
Royalty expense for the year ended December 31, 1999 was 4% of sales.
Prior to our purchase of the patents and trademarks from American Technologies
effective November 1, 1999, we incurred royalty expense for use of and
opportunity to market the patents, payable to American Technologies at the
greater of 3% of actual sales or 3% of sales calculated at an established unit
price ($495) and minimum quantities (40 to 80 units per month). The payments
were generally made quarterly. During this period, minimum quantities and the
unit price exceeded both quantities shipped and the actual sales prices with the
result that royalty expense exceeded 3% of actual sales. This royalty agreement
was terminated upon our purchase of the patents effective November 1, 1999. The
TARC sale occurred after November 1, 1999
31
and was subject to the 3% calculation for royalty expense. For the year ended
December 31, 2000, royalty expense was calculated according to terms of the
purchase agreement with American Technologies at 3% of actual sales.
Our net loss increased from $524,499 in 1999 to $846,143 in 2000 primarily
as a result of increased management and personnel costs, decreased sales, and
sales and marketing efforts in 2000 that began the sales cycle with new
potential customers,but did not result in sales as of fiscal year end.
6. Liquidity and Capital Resources
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 these expenditures and other
requirements. Having closed our Rescission Offer refunding $261,700 or 3.4% of
the original $7,806,240, we believe we currently have adequate cash reserves to
continue to cover anticipated expenditures and cash requirements. Prior to the
effective date of the Rescission Offer, management believed less than 10% of the
Iowa-Only Offering Shareholders would accept the Rescission Offer.
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 from the Iowa-Only Offering, net of the
Rescission Offer, will be adequate to continue our operations, including the
contemplated expansion of sales efforts, inventories, and accounts receivable
through the next three years.
Since acceptance or the affirmative rejection or failure to respond to the
Rescission Offer does not act as a release of claims, eligible Iowa-Only
Offering Shareholders who have accepted, rejected or failed to respond to the
Rescission Offer would retain any rights of claim they may have under federal
securities laws. Any subsequent claims by an Iowa-Only Offering Shareholder
would be subject to any defenses we may have, including the running of the
statute of limitations and/or estoppel. In general, to sustain a claim based on
violations of the registration provisions of federal securities laws, the claim
must be brought within one year after discovery of the violation upon which the
claim is based in this case, based on the date of the January 26, 2001
prospectus, or three years from the date of the original July 30, 1999 offering.
Under the principle of estoppel, the person bringing a claim must carry the
burden of proof of why he or she took no action under the rescission offer
and/or how he or she may have been injured.
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. To preserve operating funds, we have also
developed a strategic plan that provides for reductions of expenditures and a
prioritization of development options Further, as a result of this
registration, we could receive up to approximately $2 million from the exercise
of options and warrants by selling shareholders. However, since many of the
options and warrants bear an exercise price of $5.00 per share, we anticipate
that selling shareholders will only exercise if the eventual market price of our
common stock exceeds $5.00 per share. Otherwise, we have no way to estimate the
dollar amount, if any, that we will receive from the exercise of options and
warrants.
According to the terms of our purchase agreement with American Technologies
to acquire the patents and trademarks, we will pay a 3% royalty of annual gross
sales for a period of 20 years, which began November 1, 1999. The agreement
also required the payment of $25,000 at the time we met the Iowa-Only Offering
$500,000 minimum offering, approximately November 1, 1999. Approximately one-
half of the amount due was paid on December 13, 1999 and the other one-half was
paid on February 15, 2000. A $225,000 payment became due American Technologies
per the agreement once we had raised $5,000,000 in the Iowa-Only Offering. The
$225,000 was paid in August 2000.
7. Cash Flows for the Years Ended December 31, 2000 and 1999
Since our inception, February 21, 1997, through December 31, 2000, our
activities have been organizational, devoted to developing a business plan and
raising capital. Where these costs are indirect and administrative in nature,
they have been expensed in the accompanying statements of operations. Where
these costs relate to capital raising and are both directly attributable to our
offerings and incremental, they have been treated as offering costs in the
accompanying balance sheets. Therefore, all indirect costs, such as management
salaries, have been expensed in the period in which they were incurred.
Net cash used in operating activities for the years ended December 31, 2000
and 1999 was $974,462 and $358,475, respectively. The use of cash in operating
activities was primarily related to our net losses and significant changes in
working capital components, including inventory and receivables.
Net cash used in investing activities for the years ended December 31, 2000
and 1999 was $649,709 and $29,702, respectively. The use of cash in investing
activities was primarily attributed to approximately $561,000 construction costs
for our new headquarters facility plus approximately $90,000 in emissions
testing equipment and computer equipment.
32
Net cash provided by financing activities during the years ended December
31, 2000 and 1999 was $6,576,633 and $851,028, respectively. The primary source
of the financing was proceeds from the issuance of shares of common stock in our
Iowa-Only Offering.
8. Business and Related Party Transactions
On April 30, 1999, Mirenco entered into an agreement to acquire patents and
trademarks from a company whose stockholders have controlling ownership in
Mirenco for a purchase price of $250,000 cash plus future royalty payments,
according to contract terms. Of the cash payment, $9,800 was recorded as a
lump-sum purchase of the affiliate's carrying value at the date of purchase.
The remaining $240,200 was accounted for as a distribution to stockholders, and
is reflected as a decrement to equity.
9. Recent Accounting Pronouncements
There are no recently issued accounting standards for which the impact on
our financial statements at December 31, 2000 and 1999 is not known.
10. Forward-looking Statements
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 results to differ
materially from those set forth in or implied by forward-looking statements.
CONCURRENT PUBLIC MARKET AND DIVIDEND POLICY
We expect a market maker to apply to quote our shares on the NASD Over-the-
Counter Bulletin Board under the symbol "MIRR" concurrent with the date of this
prospectus. As described in "Risk Factors", it is uncertain whether Mirenco can
continue to satisfy then-current pertinent listing standards or avoid later de-
listing.
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 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. Upon
liquidation, dissolution or cessation of the company, assets of the company that
are legally available after payment of liabilities will be distributed on a pro
rata basis to shareholders so entitled. As described below, 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. The shares have no preemptive, subscription,
conversion or redemption rights and can only be issued as fully paid and non-
assessable 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.
33
Stock Split
In conjunction with the planning of the Iowa-Only Offering, on April 16,
1999, the Board of Directors effected a five-for-one split of our common stock.
The principal objective of the split was to increase the public float of
outstanding shares prior to the Iowa-Only Offering, dated July 30, 1999. On
June 9, 1998, our Board of Directors effected a three-for-one split of our
common stock.
Warrants
In order to continue the expansion and fund our operations until the
completion of the Iowa-Only Offering, 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 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
To provide additional incentives to employees, we have granted nonqualified
compensatory stock options on our common stock according to an Option Plan for
1998 and 1999. Under the 1998 Option Plan, we granted options for prior
services to purchase 367,400 shares at $0.29 per share, which are fully vested,
and 100,000 shares at $4.25 per share for prior services 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.
Voting Rights
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
shareholders. 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 this event, the holders of the remaining shares will not
be able to elect any directors. See also the discussion of management ownership
and control under the heading "Risk Factors."
Transfer Agent
Signature Stock Transfer, Inc.
14675 Midway Road, Suite #221
Addison, Texas 75001
(972) 788-4193
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. We expect a market maker will apply to quote our securities so that
the selling shareholders may sell the shares on the NASD Over-the-Counter
Bulletin Board 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
34
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 Securities Exchange Act of 1934 may apply to sales of shares in the
market and to the activities of the selling shareholders and any affiliate. The
selling 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 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 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 February ___,
2002 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 any 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 the determination made
by other 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 Mirenco.
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 this report being 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, Mirenco 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.
35
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
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 web site 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 web site
at www.mirenco.com
[Balance of page intentionally left blank.]
36
APPENDIX I
FINANCIAL STATEMENTS
AND
REPORT OF INDEPENDENT
CERTIFIED PUBLIC ACCOUNTANTS
MIRENCO, INC.
(a development stage company)
December 31, 2000 and 1999
I-1
CONTENTS
Page
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS I-3
BALANCE SHEETS I-4
STATEMENTS OF OPERATIONS I-5
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) I-6
STATEMENTS OF CASH FLOWS I-7
NOTES TO FINANCIAL STATEMENTS I-8
I-2
REPORT OF INDEPENDENT
CERTIFIED PUBLIC ACCOUNTANTS
Board of Directors
MIRENCO, Inc.
We have audited the accompanying balance sheets of MIRENCO, Inc. (a development
stage company) as of December 31, 2000 and 1999, and the related statements of
operations, changes in stockholders' equity (deficit), and cash flows for the
years ended December 31, 2000 and 1999 and for the period from February 21, 1997
(inception) to December 31, 2000. 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 auditing standards generally accepted
in the United States of America. 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, 2000 and 1999, and the results of its operations and its cash flows for the
years ended December 31, 2000 and 1999 and for the period from February 21, 1997
(inception) to December 31, 2000 in conformity with accounting principles
generally accepted in the United States of America.
/s/ GRANT THORNTON LLP
Kansas City, Missouri
January 19, 2001
I-3
MIRENCO, Inc.
(a development stage company)
BALANCE SHEETS
December 31, December 31,
2000 1999
-------------- -------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 5,692,063 $ 711,612
Accounts receivable 40,367 108,709
Inventories 92,501 37,050
Other 170,352 77,034
-------------- -------------
Total current assets 5,995,283 934,405
PROPERTY AND EQUIPMENT, net 651,463 19,001
PATENTS AND TRADEMARKS, net of accumulated amortization
of $1,864 and $328 in 2000 and 1999, respectively 7,936 9,472
OTHER ASSETS 9,766 -
-------------- -------------
$ 6,664,448 $ 962,878
============== =============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 19,359 $ 83,058
Accrued liabilities 50,551 43,791
-------------- -------------
Total current liabilities 69,910 126,849
COMMITMENTS AND CONTINGENCIES - -
STOCK SUBJECT TO RESCISSION OFFER
Common stock, no par value; 1,561,248 and 166,220 shares
issued and outstanding at December 31, 2000
and 1999, respectively 7,806,240 831,100
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, no par value; 30,000,000 shares authorized,
11,697,779 shares issued and outstanding 731,290 876,778
Additional paid-in capital 1,714,954 1,939,954
Deficit accumulated during development stage (3,657,946) (2,811,803)
-------------- -------------
(1,211,702) 4,929
-------------- -------------
$ 6,664,448 $ 962,878
============== =============
The accompanying notes are an integral part of these statements.
I-4
MIRENCO, Inc.
(a development stage company)
STATEMENTS OF OPERATIONS
Period from
February 21,
1997
Year ended Year ended (inception) to
December 31, December 31, December 31,
2000 1999 2000
------------------ ----------------- -----------------
Sales $ 110,128 $ 195,295 $ 357,573
Cost of sales 174,289 144,162 387,158
------------------ ----------------- -----------------
Gross profit (loss) (64,161) 51,133 (29,585)
Salaries and wages 515,705 197,022 712,727
Stock-based compensation - 75,000 1,933,054
Royalty expenses 3,304 8,739 21,833
Marketing and advertising 70,768 27,797 129,878
Other general and administrative expenses 403,390 279,425 1,068,685
------------------ ----------------- -----------------
993,167 587,983 3,866,177
------------------ ----------------- -----------------
Loss from operations (1,057,328) (536,850) (3,895,762)
Other income (expense)
Interest income 226,175 12,351 252,806
Interest expense (14,990) - (14,990)
------------------ ----------------- -----------------
211,185 12,351 237,816
------------------ ----------------- -----------------
NET LOSS $ (846,143) $ (524,499) $ (3,657,946)
================== ================= =================
Net loss per share available for common
shareholders - basic and diluted $ (0.07) $ (0.05)
================== =================
Weighted-average shares outstanding -
basic and diluted 12,721,769 11,735,001
================== =================
The accompanying notes are an integral part of these statements.
I-5
MIRENCO, Inc.
(a development stage company)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
Deficit
Additional accumulated
Common stock paid-in during
-------------------------
Shares Amount capital development stage Total
----------- ----------- ----------- ----------------- -----------
Balance at February 21, 1997 (inception) 9,000,000 $ 500 $ -- $ -- $ 500
Issuance of stock 749,550 249,850 -- -- 249,850
Net loss -- -- -- (94,762) (94,762)
----------- ----------- ----------- ----------- -----------
Balance at December 31, 1997 9,749,550 250,350 -- (94,762) 155,588
Issuance of stock 1,065,525 355,175 -- -- 355,175
Issuance of stock for services rendered 90,000 30,000 -- -- 30,000
Issuance of stock 550,125 183,375 -- -- 183,375
Issuance of stock for services rendered 117,000 39,000 -- -- 39,000
Issuance of stock for services rendered 58,600 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 11,630,800 916,500 1,730,454 (2,287,304) 359,650
Distribution to stockholders -- -- (15,200) -- (15,200)
Issuance of stock 66,979 334,895 -- -- 334,895
Offering costs -- (374,617) -- -- (374,617)
Issuance of warrants for
services rendered -- -- 149,700 -- 149,700
Issuance of stock options -- -- 75,000 -- 75,000
Net loss -- -- -- (524,499) (524,499)
----------- ----------- ----------- ----------- -----------
Balance at December 31, 1999 11,697,779 876,778 1,939,954 (2,811,803) 4,929
Offering costs -- (145,488) -- -- (145,488)
Distribution to stockholders -- -- (225,000) -- (225,000)
Net loss -- -- -- (846,143) (846,143)
----------- ----------- ----------- ----------- -----------
Balance at December 31, 2000 11,697,779 $ 731,290 $ 1,714,954 $(3,657,946) $(1,211,702)
=========== =========== =========== =========== ===========
The accompanying notes are an integral part of this statement.
I-6
MIRENCO, Inc.
(a development stage company)
STATEMENTS OF CASH FLOWS
Period from
February 21,
1997
Year ended Year ended (inception) to
December 31, December 31, December 31,
2000 1999 2000
------------------- ------------------- ------------------
Cash flows from operating activities
Net loss $ (846,143) $ (524,499) $ (3,657,946)
Adjustments to reconcile net loss to net cash
and cash equivalents used in operating activities:
Stock-based compensation - 75,000 1,933,054
Depreciation and amortization 18,783 1,229 20,012
(Increase) decrease in assets:
Accounts receivable 68,342 (102,988) (40,367)
Inventories (55,451) 59,150 (92,501)
Other (103,084) 11,719 (105,268)
Increase (decrease) in liabilities:
Accounts payable (63,699) 78,123 19,359
Accrued liabilities 6,790 43,791 50,551
------------------- ------------------- ------------------
Net cash used in operating activities (974,462) (358,475) (1,873,106)
Cash flows from investing activities
Purchase of property and equipment (649,709) (19,902) (669,611)
Purchase of patents and trademarks - (9,800) (9,800)
------------------- ------------------- ------------------
Net cash used in investing activities (649,709) (29,702) (679,411)
Cash flows from financing activities
Proceeds from sale of stock, net
of offering costs 6,829,652 866,228 8,484,780
Distribution to stockholders (225,000) (15,200) (240,200)
------------------- ------------------- ------------------
Net cash provided by financing activities 6,604,652 851,028 8,244,580
------------------- ------------------- ------------------
Increase in cash and cash equivalents 4,980,481 462,851 5,692,063
Cash and cash equivalents, beginning of period 711,612 248,761 -
------------------- ------------------- ------------------
Cash and cash equivalents, end of period $ 5,692,093 $ 711,612 $ 5,692,063
=================== =================== ==================
The accompanying notes are an integral part of these statements.
I-7
MIRENCO, Inc.
(a development stage company)
NOTES TO FINANCIAL STATEMENTS
December 31, 2000 and 1999
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A summary of the Company's 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 aftermarket products for which they have exclusive licensing rights. The
products primarily reduce emissions and increase vehicle performance. The
Company's products are sold primarily in the domestic market.
2. Cash and Cash Equivalents
The Company considers all highly liquid investments purchased with an
original maturity of three months or less to be cash equivalents. Interest
income is generated from cash invested in these short-term financial
instruments.
3. Revenue Recognition
Revenue is recognized from sales when a product is shipped and from services
when they are performed.
4. Inventories
Inventories, consisting of purchased finished goods ready for sale, are
stated at the lower of cost (as determined by the first-in, first-out
method) or market.
5. Income Taxes
The Company accounts for income taxes under the asset and liability method
where deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax
bases. Deferred tax assets and liabilities are measured using enacted tax
rates applied to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in income
in the period that includes the enactment date. Deferred tax assets are
recognized to the extent management believes that it is more likely than not
that they will be realized.
6. Patents and Trademarks
Patents and trademarks will be amortized on the straight-line method over
their remaining legal lives of 9 years. The Company recorded amortization
expense in 2000 and 1999 of $1,536 and $328, respectively.
I-8
MIRENCO, Inc.
(a development stage company)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2000 and 1999
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
7. 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 years for computer equipment, five years for manufacturing and test
equipment and other equipment, and 39 years for building.
8. Impairment of Long-Lived Assets
Impairment losses are recognized for long-lived assets when indicators of
impairment are present and the undiscounted cash flows are not sufficient
to recover their carrying amounts. The impairment loss is measured by
comparing the fair value of the asset to its carrying amount.
9. Stock-Based Compensation
The Company has adopted the disclosure provisions of Statement of Financial
Accounting Standards No. 123 ("SFAS No. 123"), "Accounting for Stock-Based
Compensation," and elected to continue the accounting set forth in
Accounting Principles Board Opinion No. 25 ("APB No. 25"), "Accounting for
Stock Issued to Employees." This opinion requires that for options granted
at less than fair market value, a compensation charge must be recognized for
the difference between the exercise price and fair market value.
10. 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 assumes dilution for the years ended
December 31, 2000 and 1999 is equal to basic net loss per share, since the
effect of common stock equivalents outstanding during the periods is
antidilutive.
11. Fair Value of Financial Instruments
The Company's financial instruments consist of cash, accounts receivable,
accounts payable, and accrued expenses. The carrying amounts of financial
instruments approximate fair value due to their short maturities.
12. Royalty Expense
Royalty expense is recorded and paid based upon the sale of products,
services, and rights related to patents according to a contractual agreement
(See Note I).
13. Advertising
Advertising costs are charged to expense as incurred.
I-9
MIRENCO, Inc.
(a development stage company)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2000 and 1999
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
14. Offering Costs
Specific incremental costs directly attributable to the Company's equity
offerings, including advertisements in newspaper, radio and direct mail,
letters, printing costs and certain identifiable legal fees, are charged
against the gross proceeds of the offerings.
15. Software Development Costs
The Company capitalizes software development costs when project
technological feasibility is established and concludes when the product is
ready for release. To date, no amounts have been capitalized. Research and
development costs related to software development are expensed as incurred.
16. Research and Development
The Company expenses research and development costs as incurred. Such costs
include certain prototype products, test parts, consulting fees, and costs
incurred with third parties to determine feasibility of products. Costs
incurred for research and development were $48,253 and $13,415 in 2000 and
1999, respectively.
17. Accounts Receivable
The Company considers accounts receivable to be fully collectible;
accordingly no allowance for doubtful accounts is required. If amounts
become uncollectible, they will be charged to operations when that
determination is made.
18. 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, 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 - REALIZATION OF ASSETS
The accompanying financial statements have been prepared in conformity with
generally accepted accounting principles, which contemplate continuation of
the Company as a going concern. During the Company's development stage,
management and other personnel are focused on fund raising in lieu of
product sales. This is consistent with the management belief that the
Company would be negatively impacted if it attempted to implement an
underfunded business plan. However, as part of management's strategy, the
Company in 1999 hired a Chief Operating Officer to oversee sales and cost
control, a President to oversee marketing and shareholder relations and a
Chief Financial Officer to establish internal controls, control expenses and
oversee external and internal reporting. These hires were accomplished while
management also sought to maintain a low level of expenses, no debt and low
business liabilities prior to implementing the business plan. The Company's
ability to raise capital through its direct public offering in the State of
Iowa is critical to its continued existence such that failure to raise
adequate capital could materially impact the Company's ability to implement
its business plan. Management believes these steps and the funds raised are
sufficient to provide the Company the ability to continue in existence.
I-10
MIRENCO, Inc.
(a development stage company)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2000 and 1999
NOTE C - OTHER CURRENT ASSETS
Other assets consisted of the following at December 31,
2000 1999
---------- ---------
Prepaid legal, stock-based (note K) $ 74,850 $74,850
Interest receivable 91,966 -
Nontrade receivables 3,536 2,184
--------- --------
$170,352 $77,034
========= ========
NOTE D - PROPERTY AND EQUIPMENT
Property and equipment consisted of the following at December 31,
2000 1999
---------- ---------
Computer equipment $ 35,199 $19,902
Manufacturing and test equipment 45,811 -
Other equipment 27,499 -
---------- ---------
108,509 19,902
Less accumulated depreciation (18,148) (901)
Building-in-progress construction 561,102 -
---------- ---------
$651,463 $19,001
========== =========
The Company recorded $17,247 and $901, respectively, of depreciation expense
for the years ended December 31, 2000 and 1999.
NOTE E - ACCRUED LIABILITIES
Accrued expenses consisted of the following at December 31,
2000 1999
---------- ---------
Royalty $ 920 $20,024
Payroll and payroll taxes 15,060 12,402
Other 19,581 11,365
Interest 14,990 -
---------- ---------
$50,551 $43,791
========== =========
I-11
MIRENCO, Inc.
(a development stage company)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2000 and 1999
NOTE F - CONCENTRATION OF CUSTOMERS
The Company had four customers that accounted for 100% of 2000 sales and 91% of
1999 sales. A major customer is considered to be any customer who accounts for
10% or more of the Company's total sales.
NOTE G - LEASES
The Company leases office space and equipment from a related party under an
operating lease expiring in December 2001 or at the completion of its new
facility. Future minimum lease payments at December 31, 2000 total $14,400 for
the year ending December 31, 2001.
The Company entered into a lease agreement with its majority stockholder for
the land on which the Company is constructing a new facility. The lease
establishes a perpetual term commencing October 1, 2000 at zero rental cost to
the Company (See Note I).
Total rental expense for this operating lease was $14,400 for each of the years
ended December 31, 2000 and 1999.
NOTE H - 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 were as follows at December 31,
2000 1999
----------- ------------
Deferred tax assets
Net operating loss carryforward $ (990,000) $(309,900)
Stock-based compensation (613,900) (613,900)
----------- ---------
(1,603,900) (923,800)
Deferred tax liability
Accelerated depreciation 2,780 -
Amortization 2,010 -
----------- ---------
4,790 -
----------- ---------
(1,599,110) (923,800)
Less valuation allowance 1,599,110 923,800
----------- ---------
Net deferred tax $ - $ -
=========== =========
I-12
MIRENCO, Inc.
(a development stage company)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2000 and 1999
NOTE H - INCOME TAXES - Continued
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. The valuation allowance was
increased by $675,310 and $178,300 in fiscal years 2000 and 1999, respectively.
The income tax benefit reflected in the statements of operations differs from
the amounts computed at federal statutory income tax rates. The principal
differences are as follows:
2000 1999
---------- -------------
Federal income tax benefit computed at
statutory rate $(277,800) $ (178,300)
Installment of prior NOL carryforward (397,510) -
Increase in valuation allowance 675,310 178,300
---------- ------------
Net deferred tax $ - $ -
========== ============
NOTE I - 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 each of the years ended December 31, 2000 and
1999.
The Company entered into a lease with its majority stockholder for the land on
which the Company is constructing a new facility. The lease establishes a
perpetual term commencing October 1, 2000 a zero cost to the Company. The lease
provides the Company with a buyout option upon the death of the majority
stockholder at the then unimproved fair market value. In the event the Company
defaults on the payment of any taxes or insurance or to perform any other
obligation under the lease, or voluntarily declares bankruptcy, any of which
are not cured within ten days or other reasonable time, the majority
stockholder, as landlord, may terminate the lease, requiring the Company to
vacate.
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 during 1999. Total expense incurred under this agreement was $71,911.
On April 30, 1999, the Company entered into an agreement to acquire patents and
trademarks from a company whose stockholders have controlling ownership in the
Company for an initial price of $25,000. The patents and trademarks were
recorded as a lump-sum purchase at the affiliate's carrying value, $9,800, at
the date of purchase. The remaining $15,200 was recorded as a distribution to
stockholders. Another payment per terms of the patent purchase agreement,
$225,000, was paid in July 2000 and accounted for as a distribution to
stockholders 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 (including product sales, service revenues, and all revenues
from sales of patent rights) for 20 years commencing November 1999. This
agreement can be terminated by the seller if the Company fails to make the
above payments or becomes insolvent. From January 1 to October 31, 1999, the
Company paid royalties for the use and potential marketing of the patents to
the company that owned the patents based on 3% of sales calculated at an
established unit price ($495) and minimum quantities (40 to 80 units per
month), with payments generally made quarterly. The Company paid royalty fees
to a company partially owned by the majority stockholder of the Company for the
years ended December 31, 2000 and 1999 in the amounts of $3,304 and $8,739,
respectively.
I-13
MIRENCO, Inc.
(a development stage company)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2000 and 1999
NOTE J - COMMON STOCK OPTIONS
During 1998, the Company established a nonqualified stock option plan (1998
Plan) pursuant to which options for up to 1,200,000 shares of the Company's
authorized but unissued common stock may be granted to employees and certain
nonemployees. 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, for the purchase of up to a total of
750,000 shares of the Company's authorized but unissued common stock. At
December 31, 2000, 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 for the year ended December 31,
1999, related to stock options granted for services rendered prior to the grant
date.
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 for
the year ended December 31, 1998. The options expire December 31, 2008.
On June 15, 1999, the Company granted 100,000 options to an employee for past
service 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 granted 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.
Number of shares Price
--------------------------------
Outstanding Exercisable per share
------------- ------------- -----------
Outstanding, January 1, 1999 367,400 367,400 $0.29
Granted 660,000 - 4.88
----------- ---------- ----------
Outstanding, December 31, 1999 1,027,400 367,400 3.24
Granted - - -
----------- ---------- ----------
Outstanding, December 31, 2000 1,027,400 367,400 $3.24
=========== ========== ==========
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
$156,000 in 2000 and $638,000 in 1999, resulting in a net loss for the years
ended December 31, 2000 and 1999 in the amounts of $1,002,143 and $1,162,499,
respectively. Net loss per share would have been $(0.08) and $(0.10) for the
years ended December 31, 2000 and 1999, respectively.
The following table summarizes information about options outstanding at
December 31, 2000 and 1999 under the Compensatory Stock Option Plan:
I-14
MIRENCO, Inc.
(a development stage company)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2000 and 1999
NOTE J - COMMON STOCK OPTIONS - Continued
2000 Compensatory Stock Options and Warrants
--------------------------------------------
Options outstanding Options exercisable
------------------------------------------------------------------- --------------------------------
Weighted average
Range of Number Remaining Weighted-average Number Weighted-average
exercise prices outstanding contractual life exercise price exercisable exercisable price
----------------- ----------- ---------------- -------------- ----------- ------------------
$0.29 to $5.00 1,027,400 7.91 years $ 3.24 577,400 $ 1.94
1999 Compensatory Stock Options and Warrants
--------------------------------------------
Options outstanding Options exercisable
------------------------------------------------------------------- --------------------------------
Weighted average
Range of Number Remaining Weighted-average Number Weighted-average
exercise prices outstanding contractual life exercise price exercisable exercisable price
----------------- ----------- ---------------- -------------- ----------- ------------------
$0.29 to $4.25 1,027,400 8.82 years $ 2.83 367,400 $ 0.29
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 2000 and 1999: dividend yield of zero percent;
risk-free interest rate of 6%; assumed forfeiture of zero percent; and
expected lives of 8-10 years.
NOTE K - 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 common 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 stock 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 the fair market value
of the shares at the time of issuance.
The Company's common stock was split three-for-one in June 1998 and five-
for-one in April 1999.
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
totals $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, 2000 and 1999, the Company had 267,916
outstanding warrants.
I-15
MIRENCO, Inc.
(a development stage company)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2000 and 1999
NOTE K - STOCKHOLDERS' EQUITY - Continued
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 "Iowa Only Offering."
The proceeds from the Iowa-Only Offering will be used to fund additional
sales and marketing activities, research and development efforts for new
products, working capital, and operational costs. (See Note L) 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, 2000 and 1999, 1,561,248 and 166,220 shares had
been sold, respectively.
In 1999, the Company issued 30,000 warrants at an exercise price of $0.01
for legal fees. As of December 31, 2000, $74,850 has been accounted for as
offering costs. The remaining $74,850 is accounted for as prepaid legal
costs until the completion of the Company's registration under the
Securities Act of 1933.
NOTE L - STOCK SUBJECT TO RESCISSION OFFER
On August 12, 2000, the Company determined that resales of Iowa-Only shares
by Iowa residents to non-Iowa residents violated certain provisions of the
Securities Act of 1933. In response, the Company is undertaking an offering
to rescind the earlier Iowa-Only Offering. As a result, the Iowa-Only
Offering Shares, 1,561,248 shares, in the amount of $7,806,240, have been
classified as temporary equity.
Once approved for distribution, the rescission offer will be outstanding
for approximately thirty days. Iowa-Only Offering Shareholders have the
option to reject the Rescission Offer or to take no action within the
thirty days, thereby retaining their outstanding Iowa-Only Offering Shares,
or to accept the Rescission Offer. For Iowa-Only Offering Shareholders
electing to rescind their ownership, the rescission is expected to be paid
in cash. The maximum obligation is estimated at $8,100,000, including the
original investment plus interest at approximately 8% per year. As of
December 31, 2000, the Company was liable for interest in the amount of
$14,990.
As a result of the Rescission Offer, the Company has classified the Iowa-
Only Offering Shares and proceeds as temporary equity. These shares will
remain in temporary equity until such time as the violations under the
securities laws have been cured. Subsequent to the close of the Rescission
Offer, the Company believes that Iowa-Only Offering Shareholders are
estopped from arguing injury. However, the Company will continue to be
contingently liable to such shareholders during the statute of limitations,
a period of one year from the date of the Rescission Offer. The Company is
unable to quantify the amount of such contingent liability, the claim must
be brought through individual lawsuit, the Company intends to vigorously
defend any such lawsuit believing it has valid defenses, and, finally,
management considers the probability that it will incur any obligation
under such contingent liability as remote. The Company will continue to
assess the effect of this contingent liability on its financial statements
during the one-year period.
If all of the Iowa-Only Offering Shareholders elect to rescind their
investment, it will materially affect the Company's financial position,
results of operations and cash flows. If, during the subsequent one year
that the Company continues to be contingently liable, to the extent that
any of the Iowa-Only Offering Shareholders obtain a judgment for damages
against the Company, if material, the judgment could impact the Company's
liquidity and its ability to implement its business plan and continue as a
going concern.
I-16
APPENDIX II
LISTS OF PASSIVE AND POST-RESCISSION SELLING SHAREHOLDERS
Appendix Page Numbers Description
II.A. II-2 to II-7 Passive Investors with Warrants
II.B. II-8 tp II-85 Post-Rescission Investors in Iowa-Only
Offering
II-1
APPENDIX II.A.
PASSIVE INVESTORS WITH WARRANTS
Amount Beneficially Maximum
Owned Amount to be Percent of
Passive Investors with Warrants Prior to Offering Sold Class
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%
II-2
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%
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%
II-3
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 Marvin R 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%
II-4
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%
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%
II-5
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%
II-6
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 2.021%
II-7
APPENDIX II.B
POST-RESCISSION INVESTORS IN IOWA-ONLY OFFERING
Amount
Beneficially
Owned Maximum Amount to Percent of
Post-Rescission Investors in Iowa-Only Offering Prior to Offering be Sold Class
21ST CENTURY TRADERS 100 100 0.001%
50TH AVENUE INVESTMENT CLUB 200 200 0.002%
A G EDWARDS & SONS INC 3,700 3,700 0.028%
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%
LARRY ABBE 200 200 0.002%
BENJAMIN ABRAHAM 500 500 0.004%
LAVERNE ACKERMAN 400 400 0.003%
CLINT J ACKERSON 100 100 0.001%
ACKLEY INVESTMENT CLUB PARTNERSHIP 100 100 0.001%
WALTER D ADAM 200 200 0.002%
DENNIS L ADKINS 200 200 0.002%
RYAN IRA ADKINS 100 100 0.001%
ADVANCED CLEARING INC 2,100 2,100 0.016%
CHARLES L AGAN & JANICE M AGAN J/T 300 300 0.002%
JAMES E AGGEN & BONNIE L AGGEN J/T 100 100 0.001%
AGRI LTD BY HOELSCHER 200 200 0.002%
TERRY L AHRENS & BONNIE K AHRENS J/T 200 200 0.002%
TERRY L AHRENS BONNIE K AHRENS J/T 200 200 0.002%
MERLE AINLEY 100 100 0.001%
MARDYLL ALBERTSON 100 100 0.001%
RICHARD J ALBRIGHT JR 300 300 0.002%
TOM ALDEN & VAL ALDEN J/T 200 200 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 900 900 0.007%
ALL FOUR INC 1,000 1,000 0.008%
LYNN ALLBEE 100 100 0.001%
LYNN D ALLBEE 200 200 0.002%
BETTYANN H ALLEN 100 100 0.001%
BRADLEY J ALLEN 200 200 0.002%
CAROL J ALLEN 300 300 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 100 100 0.001%
PATRICIA ALLGOOD & MARLENE SHELLEY J/T 100 100 0.001%
HOWARD E ALLIE 100 100 0.001%
RICHARD ALMOND & MARY ALMOND J/T 300 300 0.002%
ROGER L ALSTON & KARLA K ALSTON J/T 200 200 0.002%
ALTERNATIVE ENERGIES 600 600 0.005%
WILFREDO ALVANADO 50 50 0.000%
II-8
LAVERNE H AMBROSE 200 200 0.002%
AMERICAN EXPRESS TR C/F GARY E PETERSON IRA 1,300 1,300 0.010%
AMERICAN FAMILY TRUST 1,350 1,350 0.010%
SCOTT ANDERSEN & MARY ANDERSEN J/T 200 200 0.002%
DIANE ANDERSON 100 100 0.001%
JEBEDIAH W ANDERSON 100 100 0.001%
LAVERNE R ANDERSON 1,000 1,000 0.008%
MELISSA J ANDERSON 5 5 0.000%
ROBERT A ANDERSON 100 100 0.001%
ROBERT W ANDERSON 100 100 0.001%
SANDRA K ANDERSON 200 200 0.002%
KENNETH A ANDERSON & CHRISTINE M ANDERSON J/T 100 100 0.001%
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%
DONN A ANDERSON & PATRICIA A ANDERSON J/T 100 100 0.001%
JAMES R ANDERSON & ROSANNE A ANDERSON J/T 800 800 0.006%
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%
TONY ANDOLINO & MARY ELLEN ANDOLINO J/T 300 300 0.002%
LARRY R ANDRESS & CAROL L ANDRESS J/T 100 100 0.001%
GENNIE L ANDREW 100 100 0.001%
BRIAN K ANDREW & CARRIE L ANDREW J/T 4,000 4,000 0.030%
RAYMOND L ANDREWS &JACQUELINE ANDREWS J/T 400 400 0.003%
MARILYN L ANDREWS C/F RICK JAMES WALLS UTMA IA 200 200 0.002%
MARILYN ANDREWS REV TR 1,000 1,000 0.008%
ANEKY INVESTMENT CLUB 200 200 0.002%
REUBEN A ANHORN & EVA E ANHORN J/T 100 100 0.001%
STEPHEN CRAIG ANKRUM & LAVONNE SUE ANKRUM J/T 100 100 0.001%
RALPH ALAN ANNEAR & MONICA ROSE ANNEAR J/T 100 100 0.001%
PATRICIA A ANNETT & MARY J RANDAL J/T 120 120 0.001%
PATRICIA A ANNETT & MARY J RANDAL J/T 80 80 0.001%
KIRK APPLEBY & CARILYN J APPLEBY J/T 500 500 0.004%
ROBERT APPLEGATE & DEBRA APPLEGATE J/T 100 100 0.001%
MARGARET ARCHIBALD & PATRICK ARCHIBALD J/T 200 200 0.002%
RALPH P ARENS 1,000 1,000 0.008%
KELLY LEE ARMSTRONG 100 100 0.001%
WALTER ARMSTRONG & LUANN ARMSTRONG J/T 1,000 1,000 0.008%
MARIONE ARNDT 500 500 0.004%
BETH ARNOLD & LYNN ARNOLD J/T 300 300 0.002%
II-9
VIRGIL V ARNS 200 200 0.002%
DEAN L ARP 200 200 0.002%
LEO A ARROWOOD & DARREL ARROWOOD J/T 200 200 0.002%
BRAD A ARROWOOD & DARREL D ARROWOOD J/T 200 200 0.002%
RODNEY D ARROWOOD & PAMELA J ARROWOOD J/T 200 200 0.002%
LYLA MATER'ON ARUM 100 100 0.001%
HANS ARWINE & LAURIE ARWINE J/T 500 500 0.004%
CRAIG ASHBAUGH 200 200 0.002%
KOREEN ASKELAND 200 200 0.002%
STANLEY ASTELLE & JANET ASTELLE J/T 300 300 0.002%
TIM ATKINSON 100 100 0.001%
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 300 300 0.002%
EVAN M BABCOCK 200 200 0.002%
WENDELL BACHMAN & EMMA LOU BACHMAN REV TR 7 7 1992 200 200 0.002%
JAMES BACKUS 400 400 0.003%
JAMES C BACKUS 600 600 0.005%
ARTHUR D BACON & SUSAN E BACON J/T 100 100 0.001%
ROBERT BADGER & NICOLE BADGER J/T 100 100 0.001%
FRANK BADMAEV & STACEY B BADMAEV J/T 600 600 0.005%
IRENE BAHENSKY & MELVIN D BAHENSKY J/T 2,050 2,050 0.016%
M D IRENE BAHENSKY & RONALD BAHENSKY J/T 300 300 0.002%
M D IRENE BAHENSKY / AMERICAN FAMILY TRUST 300 300 0.002%
DONALD E BAIE & COLLEEN M BAIE J/T 100 100 0.001%
STEVEN B BAIER & BARBARA J BAIER TENCOM 400 400 0.003%
STEVEN J BAILIN & AUDREY M PORTER J/T 400 400 0.003%
DELORES A BAKER 200 200 0.002%
EUGENE P BAKER 100 100 0.001%
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%
ELMER BAKER & BETTY C BAKER J/T 100 100 0.001%
DENNIS BAKER & DIANA BAKER J/T 100 100 0.001%
DENNIS BAKER & KATHY BAKER & JACK HENRY POTTER J/T 20 20 0.000%
DENNIS BAKER & KATHY BAKER & QUINN MICHAEL BAKER J/T 20 20 0.000%
DENNIS BAKER & KATHY BAKER J/T 40 40 0.000%
BOBBY BAKER & LINDA BAKER J/T 400 400 0.003%
GRETA E BAKER & ROBERT T BAKER J/T 400 400 0.003%
MIKE BAKER & STACIE BAKER J/T 100 100 0.001%
JOLEEN R BAKKEN & ERIK D BAKKEN J/T 400 400 0.003%
ROGER A BALDWIN & CAROLYN K BALDWIN TIC 200 200 0.002%
DONALD G BALES & ROSE MARIE BALES J/T 400 400 0.003%
DONALD R BALL & ERIN K BALL J/T 100 100 0.001%
DONALD R BALL & ERIN K BALL J/T 100 100 0.001%
MICHAEL D BALLINGER 800 800 0.006%
II-10
DAN L BALSLEY & CORRENA M BALSLEY J/T 600 600 0.005%
SHAD W BALTIMORE 100 100 0.001%
JEFFREY P BANASZEK 200 200 0.002%
DON BANCROFT 300 300 0.002%
CARROL BANDSTRA 200 200 0.002%
DARRELL BANG & MARILYN BANG TIC 400 400 0.003%
MARY JO BANKS 600 600 0.005%
MICHELLE M BANKS 200 200 0.002%
BRIAN N BARBER & BILLIE L BARBER J/T 1,328 1,328 0.010%
MICHAEL B BARBER & ROWENE J BARBER J/T 200 200 0.002%
NATHAN M BARFELS 100 100 0.001%
KENNETH DALE BARFELS & SANDRA LEE BARFELS J/T 100 100 0.001%
LARRY R BARKER & IDA M BARKER J/T 400 400 0.003%
GARY BARLOW 381 381 0.003%
JAYNE ANN BARNES 50 50 0.000%
SUE BARNES 200 200 0.002%
MARC D BARNHART 100 100 0.001%
WILLIAM R BARNHART 200 200 0.002%
CURTIS WAYNE BARRETT 700 700 0.005%
ROBERT L BARRETT & JANET E BARRETT J/T 100 100 0.001%
DONALD J BARROW 100 100 0.001%
MICHAEL J BARTLING 100 100 0.001%
DOUGLAS EUGENE BARTLOW 200 200 0.002%
JAMES J BARTON & DIANE LYNN BARTON J/T 100 100 0.001%
JEREMY A BARTON & RACHELLE R BARTON J/T 200 200 0.002%
ROBERT H BASSETT & BONNIE BASSETT J/T 100 100 0.001%
MERLE K BATES 100 100 0.001%
LOUISE J BAUER 100 100 0.001%
JOHN C BAUMANN & MICHELLE A BAUMANN J/T 200 200 0.002%
JAN C BAUMANN & MICHELLE ANN BAUMANN J/T 100 100 0.001%
BRYAN BAUMHOVER & LEANN BAUMHOVER J/T 500 500 0.004%
RAYMOND E BAXTER 1,000 1,000 0.008%
ROBERT K BAXTER 100 100 0.001%
JOANN BAYSINGER & JIM BAYSINGER J/T 200 200 0.002%
CURT BEAN & AMY BEAN J/T 100 100 0.001%
WILLIAM BEARDMORE 200 200 0.002%
JACOB A BEARDSLEE & JANIE K BEARDSLEE J/T 5 5 0.000%
NOAH P BEARDSLEE & JANIE K BEARDSLEE J/T 5 5 0.000%
DENNIS E BEATTY 100 100 0.001%
CONNIE S BECK 300 300 0.002%
BRUCE BECK & DIANE BECK J/T 100 100 0.001%
DANIEL B BECKER 1,100 1,100 0.008%
LARRY M BECKER & ALANA F BECKER J/T 100 100 0.001%
NADINE BECKERT 200 200 0.002%
ROBERT BECKMAN & KATHLEEN BECKMAN J/T 100 100 0.001%
C ALAN BEDDOW 100 100 0.001%
MIKE BEELER & KATHLEEN BEELER J/T 100 100 0.001%
TIM BEELER & MARCIA BEELER J/T 200 200 0.002%
MICHAEL L BEEMER 20 20 0.000%
RICHARD A BEERS & SUE Z BEERS J/T 200 200 0.002%
CHRIS BEHRENS 100 100 0.001%
II-11
VICKI BEHRENS 100 100 0.001%
AARON BEIK 300 300 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 200 200 0.002%
JAMES BELZER & BEVERKY BELZER J/T 600 600 0.005%
JAMES L BELZER & BEVERLY A BELZER J/T 500 500 0.004%
JOHN BEMER 100 100 0.001%
CHARLES D BEMER SR & JUDITH ANN BEMER J/T 200 200 0.002%
DENNIS C BENBOW &ROBBON J BENBOW J/T 100 100 0.001%
MICHARL J BENDER 200 200 0.002%
CAROL BENESH 1,800 1,800 0.014%
RICHARD L BENESH SR 200 200 0.002%
LOUIS T BENJAMIN 600 600 0.005%
BRUCE A BENNETT 200 200 0.002%
CONNIE L BENNETT 200 200 0.002%
MARK BENNETT 900 900 0.007%
ROBERT E BENNETT & BETTIE L BENNETT J/T 400 400 0.003%
STEPHEN EDWARD BENNETT & JUDY ANN BENNETT J/T 1,000 1,000 0.008%
JERRY BENNETT & LOIS BENNETT J/T 200 200 0.002%
WILLIAM R BENNETT & WILMA E BENNETT J/T 500 500 0.004%
BARTON L BENNING & MARY L BENNING J/T 200 200 0.002%
FLOYD E BENSON & B JOAN BENSON J/T 200 200 0.002%
ELWOOD G BENTTEN & MARILYN L BENTTEN J/T 100 100 0.001%
KEITH H BENZING & JANETTE A BENZING J/T 100 100 0.001%
MARK BERENS 200 200 0.002%
MARK BERENS & RICHARD GOSLAR J/T 200 200 0.002%
JAMES A BERGESON 200 200 0.002%
SARA BERGESON 200 200 0.002%
SHANNON BERGESON 200 200 0.002%
JAMES BERGESON & HELEN BERGESON J/T 100 100 0.001%
JARED L BERGLUND & HEATHER L BERGLUND J/T 40 40 0.000%
CLINT E BERGMAN 100 100 0.001%
DONALD L BERGMAN 100 100 0.001%
HAROLD BERGMAN & ROULINE BERGMAN J/T 50 50 0.000%
RICK BERGTHOLD 300 300 0.002%
JIMMIE BERHOW & JANEAN BERHOW J/T 300 300 0.002%
DEANNA BERKEY & MICHAEL BERKEY J/T 100 100 0.001%
EARLINE BERKOSKI & ROGER BERKOSKI J/T 800 800 0.006%
TODD ELLIOTT BERKOSKI & STEFANIE BERKOSKI J/T 100 100 0.001%
STEFANIE SUE BERKOSKI & TODD BERKOSKI J/T 100 100 0.001%
LIBIER BERMUDEZ 20 20 0.000%
ROSALYN R BERRETT 100 100 0.001%
WAYNE BERRETT & MILLIE BERRETT J/T 100 100 0.001%
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%
ARMON A BERT 100 100 0.001%
EUGENE F BERTRAND & JUDY A BERTRAND J/T 200 200 0.002%
BETTER INVESTORS 200 200 0.002%
II-12
NATHAN BEVING 1,000 1,000 0.008%
JOSHUA A BEY 100 100 0.001%
GILBERT L BEYE 200 200 0.002%
KEVIN L BEYE & DOREEN M BEYE J/T 100 100 0.001%
GILBERT L BEYE & GEORGIA L BEYE J/T 200 200 0.002%
CLAUDIA J BEYER 200 200 0.002%
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%
LLOYD L BIER 100 100 0.001%
JOHN E BIGGS & MARGARET L BIGGS J/T 200 200 0.002%
ERNEST H BIGLER 100 100 0.001%
TOM BILLHEIMER & LINDA BILLHEIMER J/T 100 100 0.001%
RYAN BILLHEIMER & SHANNON BILLHEIMER J/T 100 100 0.001%
HELEN S BIRD 100 100 0.001%
KYRA J BIRD 100 100 0.001%
MARY J BJELLAND 100 100 0.001%
DONALD L BJELLAND & DENISE M BJELLAND J/T 400 400 0.003%
DELL BLAIR 3,400 3,400 0.026%
GLENN G BLAIR 1,000 1,000 0.008%
TRENT BLAIR 100 100 0.001%
WARREN W BLAKE 100 100 0.001%
DONALD P BLAZEK & KIM J BLAZEK J/T 200 200 0.002%
RICK BLINT & KATHY BLINT J/T 100 100 0.001%
MARGE D BLOHM 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%
MAX L BLOOMQUIST & CARLA J BLOOMQUIST J/T 100 100 0.001%
JULIE A BLUNT 200 200 0.002%
BOARD OF DIRECTORS INVESTORS CLUB 200 200 0.002%
MICHAEL K BOBO 200 200 0.002%
ALAN BOCK 381 381 0.003%
MARK WILLIAM BOCKELMANN 1,000 1,000 0.008%
AMBER BETH BODDICKER 300 300 0.002%
MARK JON BODDICKER 800 800 0.006%
PAMELA JEAN BODDICKER 500 500 0.004%
DENNIS J BOECKENSTEDT & LORI A BOECKENSTEDT J/T 200 200 0.002%
RAPHAEL BOECKMAN & RUTH BOECKMAN J/T 1,400 1,400 0.011%
BART BOEHMIER 100 100 0.001%
SYLVIA P BOEHMKE & DUANE T BOEHMKE TIC 300 300 0.002%
MARK BOEKE & KATHY BOEKE J/T 1,000 1,000 0.008%
ERWIN BOEKE & LILLIAN BOEKE J/T 100 100 0.001%
BENJAMIN D BOELTER 200 200 0.002%
HARLAN DE BOER & MICHELLE DE BOER J/T 200 200 0.002%
WILLIAM G BOHNEMAN & DIANE M BOHNEMAN J/T 200 200 0.002%
CHARLES WILLIAM BOLEN 200 200 0.002%
II-13
TAMI K BOLTE 100 100 0.001%
CHARLES BONAVIA 100 100 0.001%
DONNIE J BOND 200 200 0.002%
JOAN M BONNER 100 100 0.001%
SCOTT ALLEN 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%
ROBERT BOOM & JANET BOOM J/T 100 100 0.001%
DARRELL DEAN BOOTH 200 200 0.002%
JOHN BORELLO & ANITA BORELLO TTEE 1990 TRUST 1,000 1,000 0.008%
CLARK BORLAND 100 100 0.001%
CAMILLA E BORMANN 100 100 0.001%
DANIEL R BORST 100 100 0.001%
JEFFREY J BORST 600 600 0.005%
ARTHUR W BORTON & DONNA K BORTON J/T 1,000 1,000 0.008%
CRAIG M BORWICK & SHEILA C BORWICK J/T 200 200 0.002%
CRAIG BORWICK & SHELIA BORWICK J/T 1,200 1,200 0.009%
ANNE M BOSS 200 200 0.002%
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%
KAY A BOVY 100 100 0.001%
GARY G BOWDEN 100 100 0.001%
HERBERT J BOWERS 200 200 0.002%
STEPHEN T BOWERS 381 381 0.003%
STEPHEN T BOWERS & JENNY L BOWERS J/T 800 800 0.006%
SHARON K BOWLING 100 100 0.001%
DAVID R BOWLING & DEBORAH R BOWLING J/T 300 300 0.002%
STEVEN BOWMAN 300 300 0.002%
SALLY JANE BOYINGTON 200 200 0.002%
DOUGLAS F BOYLER & CAROL BOYLER J/T 100 100 0.001%
H JAMES BOYSEN & JANICE M BOYSEN J/T 100 100 0.001%
LARRY A BRABY & JEAN E BRABY J/T 600 600 0.005%
DEBRA K BRADY 100 100 0.001%
DANIEL J BRADY & BARBARA L BRADY J/T 200 200 0.002%
CHRISTOPHER J BRAGA 100 100 0.001%
JAMES D BRAGA & CAROLYN M BRAGA J/T 100 100 0.001%
MICAHEL R BRAND & DIANE L BRAND J/T 600 600 0.005%
JANET BRAND & RAYMOND BRAND J/T 1,100 1,100 0.008%
BRYAN BRANDERHORST & DEBRA BRANDERHORST J/T 600 600 0.005%
RON BRANDERHOST SHARON BRANDERHORST J/T 400 400 0.003%
BRENT D BRANDMEYER 100 100 0.001%
CHAD M BRANDMEYER 100 100 0.001%
LISA L BRANDMEYER 100 100 0.001%
MICHAEL L BRANDMEYER 100 100 0.001%
RYAN B BRANDMEYER 100 100 0.001%
BLAIR D BRANDMEYER & CYNTHIA J BRANDMEYER J/T 200 200 0.002%
AMY L BRANDT 200 200 0.002%
VIRGIL BRANDT 200 200 0.002%
II-14
VIRGIL A BRANDT 200 200 0.002%
LEROY BRANDT & LYNNE BRANDT J/T 500 500 0.004%
CARLLEEN J BRASS & DALE E BRASS J/T 200 200 0.002%
BRETT L BRASS & ELINOR A BRASS J/T 2,000 2,000 0.015%
DANA W BRAUNSCHWEIG 100 100 0.001%
BERNARD C BRECHT 200 200 0.002%
DENNIS M BREED & SUSAN K BREED J/T 1,000 1,000 0.008%
JACKSON P BREEN FBO TERRY LEEPER CUST 200 200 0.002%
CRAIG R BREMNER 100 100 0.001%
DAVID L BRENNECKE 200 200 0.002%
FRANK BRENNECKE 2,500 2,500 0.019%
MARY L BRENNECKE 100 100 0.001%
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 & SANDRA M BRENNECKE J/T 200 200 0.002%
DANIEL F BRENNECKE & SANDY BRENNECKE J/T 200 200 0.002%
DANA T BRENNEMAN & MONA K BRENNEMAN J/T 2,000 2,000 0.015%
KENNETH E BREON & JACQUELINE A BREON J/T 100 100 0.001%
TED A BREWER & KAREN BREWER 250 250 0.002%
TED A BREWER & KAREN BREWER J/T 100 100 0.001%
BONNIE BRIAN & BILL BRIAN J/T 100 100 0.001%
BRICKS STICKS & WIRE 42-1503381 100 100 0.001%
RAY E BRIDGES 300 300 0.002%
BRENT A BRIGGS 100 100 0.001%
RON BRIGGS & CAROL BRIGGS J/T 400 400 0.003%
BRIGHT FUTURES INVESTMENT CLUB 100 100 0.001%
DENISE BRILLHART 100 100 0.001%
ERNEST C BRIM & ALYCE A BRIM J/T 100 100 0.001%
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%
VALOIS BRINTNALL 100 100 0.001%
ARCHIE R BRITCHER UTMA C/O CONNIE S M BRITCHER CUST 1,000 1,000 0.008%
RYAN CRAIG BROBAKER 200 200 0.002%
JASON BROM & VIOLET BROM J/T 600 600 0.005%
DAVID BRONNER & JUDITH BRONNER J/T 100 100 0.001%
JOSEPH BROOKSHIRE 200 200 0.002%
A J BROSSEAU & REBECCA BROSSEAU J/T 200 200 0.002%
DEJONG BROTHERS 4,000 4,000 0.030%
CHARLES DEAN BROWER 1,200 1,200 0.009%
MARY JUNE BROWER 400 400 0.003%
BEORGE JAMES BROWN 100 100 0.001%
CHARLENE BROWN 200 200 0.002%
DOROTHY J BROWN 200 200 0.002%
II-15
GEORGE J BROWN 100 100 0.001%
JAMES G BROWN 100 100 0.001%
JEFF BROWN 100 100 0.001%
RAYMOND GLENN BROWN 100 100 0.001%
STEVE BROWN 100 100 0.001%
VELMA R BROWN 100 100 0.001%
WILLIAM J BROWN 100 100 0.001%
GARY F BROWN & DONNA E BROWN J/T 2,000 2,000 0.015%
STEPHEN BROWN & J EDWARD BROWN J/T 300 300 0.002%
RONALD BROWN & JAMIE BROWN J/T 100 100 0.001%
CHARLENE A BROWN & JERRY L BROWN J/T 300 300 0.002%
GEORGE L BROWN & MARJORIE A BROWN J/T 100 100 0.001%
GEORGE J BROWN & MARY G BROWN J/T 100 100 0.001%
JAMES G BROWN & MARY J BROWN J/T 100 100 0.001%
ALLEN R BROWN & PATRICIA K BROWN J/T 300 300 0.002%
CHARLENE A BROWN & RUSSELL D BROWN J/T 75 75 0.001%
SUSAN RENE BROWN & STEVEN GLENN BROWN J/T 100 100 0.001%
JAMES BROWN & TONI BROWN J/T 100 100 0.001%
JACQUELINE LEIGH BROWN-FUGATE 100 100 0.001%
JAMES A BRUCH 200 200 0.002%
ALLISON R BRUMMEL 100 100 0.001%
BRIAN 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%
IVEN C BRUSH & ELISE R BRUSH J/T 100 100 0.001%
IVEN C BRUSH & GAIL M BRUSH J/T 400 400 0.003%
KIMBERLY A BRYAN 100 100 0.001%
ROGER G BRYAN 800 800 0.006%
TABITHA BRYAN 100 100 0.001%
KELLY BRYAN & LORI BRYAN J/T 100 100 0.001%
JASON BUCK & EMILY BUCK J/T 200 200 0.002%
GARY B BUCK & JULI A BUCK J/T 1,400 1,400 0.011%
GARY B BUCK & JULIE A BUCK J/T 7,000 7,000 0.053%
LISA K BUCKENDAHL 100 100 0.001%
JACQUELINE R BUCKINGHAM 100 100 0.001%
WAYNE F BUDDING 400 400 0.003%
LUCAS BUETTNER 200 200 0.002%
LUCAS D BUETTNER 100 100 0.001%
RODNEY BUHR 400 400 0.003%
RODNEY BUHR & KATHY BUHR J/T 200 200 0.002%
CHRIS ANN BUITENWERF 200 200 0.002%
SCOTT BUITENWERF 200 200 0.002%
SCOTT H BUITENWERF 400 400 0.003%
CRAIG BUITENWERF & JUDY BUITENWERF J/T 400 400 0.003%
CRAIG S BUITENWERF & JUDY F BUITENWERF J/T 200 200 0.002%
SHANE BULTEN 100 100 0.001%
JOHN BUMAN II 140 140 0.001%
II-16
BRIAN E BURESH 100 100 0.001%
DAVID F BURGESS & LYNDA A BURGESS J/T 400 400 0.003%
THERESA BURKE 100 100 0.001%
KERRY L BURMEISTER & KERI L BURMEISTER J/T 200 200 0.002%
BRYAN D BURNETT & CHARLES M BURNETT TIC 100 100 0.001%
MARGARET R BURNS 1,000 1,000 0.008%
DAN F BURTON & MELINDA F BURTON J/T 1,000 1,000 0.008%
MARK BUSKOHL & NANCY BUSKOHL J/T 1,000 1,000 0.008%
RICHARD J BUSTA 200 200 0.002%
JAMES F BUSTA & RITA A BUSTA J/T 400 400 0.003%
LOIS C BUTE 800 800 0.006%
TERESA L BUTLER 100 100 0.001%
JOHN R BUTLER & LINDA K BUTLER J/T 300 300 0.002%
MELVERN L BUTTS & ROVERTA L BUTTS J/T 200 200 0.002%
HAROLD M BUTZLOFF 1,000 1,000 0.008%
JOHN R BUZYNSKI & ELEANOR M BUZYNSKI J/T 200 200 0.002%
BRYAN BYRD & JENNIFER BYRD J/T 200 200 0.002%
HELEN M CADY 100 100 0.001%
JOHN EDWARD CAHILL & PATRICA L CAHILL J/T 200 200 0.002%
CAROL A CALLAHAN & DANIEL D CALLAHAN J/T 100 100 0.001%
LARRY R CAMERON & DONNA F CAMERON J/T 200 200 0.002%
ARDICE CAMMACK 100 100 0.001%
RANDALL M CAMP & CAROL L CAMP J/T 500 500 0.004%
LAWRENCE D CAMP & JANICE V CAMP J/T 100 100 0.001%
LARRY EDWIN CAMPBELL 300 300 0.002%
MARVIN CAMPBELL 100 100 0.001%
RUSSELL B CAMPBELL 2,000 2,000 0.015%
SHERRI CAMPBELL 200 200 0.002%
STEPHEN R CAMPBELL 100 100 0.001%
THOMAS S CAMPBELL & JANI M CAMPBELL J/T 100 100 0.001%
RONALD D CAMPBELL & LORI L CAMPBELL J/T 200 200 0.002%
LOUISE R CAMPINA & ROBERT M CAMPINA J/T 100 100 0.001%
RICK CANEDO & JON DANIELSON TENCOM 100 100 0.001%
RICK S CANEDO & LISA A CANEDO J/T 100 100 0.001%
NANCY CANTERBURY 100 100 0.001%
ELAINE PHELPS CAPEK 200 200 0.002%
PATSY CAPEN & WILLIAM CAPEN J/T 300 300 0.002%
JAMES CAPESIUS 200 200 0.002%
MERLIN D CAPESIUS 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%
KENNETH H CARDER 100 100 0.001%
LARRY CARLSON 400 400 0.003%
STEVEN CARLSON 200 200 0.002%
WENDELL R CARLSON 1,000 1,000 0.008%
ROBERT M CARLSON & CINDY M CARLSON J/T 100 100 0.001%
GARY L CARLSON & MARTHA P CARLSON J/T 100 100 0.001%
SONDRA K CARNAHAN 100 100 0.001%
SCOTT M CARNAHAN & BRENDA LEE 100 100 0.001%
II-17
CARNAHAN J/T
GRANT M & KYLE B & MARGAR CARNAHAN J/T 120 120 0.001%
JUDY ANN CAROLAN 1,000 1,000 0.008%
RODNEY CAROLAN & NANCY CAROLAN J/T 200 200 0.002%
KEVIN M CARPENTER 100 100 0.001%
GARY M CARPENTER & JEAN CARPENTER J/T 100 100 0.001%
KENNETH G CARR & JOAN V CARR J/T 600 600 0.005%
RICHARD D CARROLL 400 400 0.003%
KENNETH STANTON CARROLL & KAREN SUE CARROLL J/T 400 400 0.003%
CHRISTINE CARSON 1,000 1,000 0.008%
ROBERT M CARSON 300 300 0.002%
EVERETTE C CARSON & BRIAN J CARSON J/T 100 100 0.001%
EVERETTE C CARSON & DENNIS R CARSON J/T 100 100 0.001%
ARLO CARSON & JOY CARSON J/T 2,000 2,000 0.015%
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%
BRYAN E CARSRUD 100 100 0.001%
ALTON B CARSRUD & DELORIES J CARSRUD J/T 200 200 0.002%
DUANE CARSTENS 100 100 0.001%
DEAN A CARTWRIGHT 1,600 1,600 0.012%
PHYLLIS A CASSEL & ROBERT J CASSEL J/T 100 100 0.001%
MARJORIE L CASTAGNOLI & LAWRENCE M CASTAGNOLI J/T 400 400 0.003%
DEBORAH K CASTILLO 100 100 0.001%
DANIEL J CASTLE 1,400 1,400 0.011%
RYAN L CASTLE 100 100 0.001%
WARREN H CATERON & PATRICIA A CATERON J/T 200 200 0.002%
WARREN CATERON & PATRICIA CATERON J/T 200 200 0.002%
IRVIN (BUD) CAUVAN & TERESA FAIR CAUVAN J/T 100 100 0.001%
CHAD CEARLEY 130 130 0.001%
FRANKLIN CEARLEY 400 400 0.003%
CEDE & CO 257,321 257,321 1.948%
MICHAEL J CELANIA & DIANA L CELANIA J/T 200 200 0.002%
LES CHALFIN & DAWN CHALFIN J/T 200 200 0.002%
EDWIN P CHAMBERLIN & CHARLEEN A CHAMBERLIN J/T 200 200 0.002%
JACK L CHAMBERS 1,500 1,500 0.011%
BRUCE J CHAMBERS & KAREN S CHAMBERS J/T 400 400 0.003%
DIANE CHAMBERS & ROBERT CHAMBERS J/T 400 400 0.003%
RICHARD DUANE CHANCE 100 100 0.001%
ROBERT CHANCE 200 200 0.002%
BRUCE R CHANEY 500 500 0.004%
LUKE CHAPMAN 8 8 0.000%
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%
CHARLES SCHWAB & CO FBO MARY VIVIAN REEL IRA 500 500 0.004%
ROBERT A CHARLESTON & CATHY C 700 700 0.005%
II-18
CHARLESTON J/T
DONALD L CHEENEY & RACHEL CHEENEY J/T 400 400 0.003%
MARY J CHEVILLE 200 200 0.002%
JOSEPH A CHIARAMONTE & RETA J CHIARAMONTE J/T 500 500 0.004%
THOMAS R CHILES 200 200 0.002%
JONAS C CHLADEK 100 100 0.001%
MOHAMMED E H CHOWDHURY & SARAH PARVIN J/T 110 110 0.001%
DAVID C CHRISTENSEN 200 200 0.002%
MEGAN JOY CHRISTENSEN 200 200 0.002%
ROGER CHRISTENSEN 400 400 0.003%
MAX T CHRISTENSEN & KATHIE L CHRISTENSEN J/T 100 100 0.001%
CHAD CHRISTIANSON & NICOLE CHRISTIANSON J/T 200 200 0.002%
JERRY A CHRISTOPHERSON & BETH M CHRISTOPHERSON J/T 800 800 0.006%
BYRON CHURCH & KATHLEEN CHURCH J/T 100 100 0.001%
DENNIS CINKI & JANICE CINK J/T 200 200 0.002%
DALLAS CIZEK 200 200 0.002%
AMY CLARK 100 100 0.001%
RICKY LYNN CLARK 400 400 0.003%
RUSSELL D CLARK 100 100 0.001%
TIMOTHY B CLARK 100 100 0.001%
TERRY L CLARK & DEANNA F CLARK J/T 200 200 0.002%
RICHARD CLARK & LEROY D CLARK J/T 200 200 0.002%
JOHN J CLARK & LORRAINE F CLARKE J/T 100 100 0.001%
CHRISTOPHER K CLARK & MARJORIE D CLARK J/T 1,000 1,000 0.008%
ML CLARK & MARLENE CLARK J/T 500 500 0.004%
LARRY LYNN CLARK & RICKY LYNN CLARK J/T 100 100 0.001%
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 200 200 0.002%
JACK E CLEAVELAND 100 100 0.001%
MARK A CLEMEN & LORI A CLEMEN J/T 100 100 0.001%
DAVID CLINKINBEARD & JULIE CLINKINBEARD J/T 200 200 0.002%
THOMAS C CLINTON 100 100 0.001%
JAMES GERALD CLINTON & BONNIE JANE CLINTON J/T 100 100 0.001%
TERRY L CLINTON & PEGGY L CLINTON J/T 400 400 0.003%
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%
CLS TRUST 100 100 0.001%
COLE R COBB 200 200 0.002%
RICK A COBIE 200 200 0.002%
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%
II-19
KAREN CODY 100 100 0.001%
BARBARA J COFFIN & LARRY M COFFIN J/T 100 100 0.001%
NAOMI COPPICK COLE & THOMAS POTTER J/T 100 100 0.001%
VIOLET M COLLINS 100 100 0.001%
RONALD COLLUM & VICKI COLLUM J/T 100 100 0.001%
RONALD L COLLUM & VICKI L COLLUM J/T 200 200 0.002%
BRENT S COLVIN & SUSAN E COLVIN J/T 100 100 0.001%
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%
CRAIG ALLEN CONKLIN & DEBRA ANN CONKLIN J/T 100 100 0.001%
EVLYN CONLEY 100 100 0.001%
BRIAN J CONNICK & CARI L CONNICK J/T 200 200 0.002%
MERLE G CONRAD & JAYNE M CONRAD J/T 100 100 0.001%
SHAFFER CONSTRUCTION 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%
REBECCA J COOBS 2,000 2,000 0.015%
MICHELLE ANN COOK 100 100 0.001%
RONALD D COOK 100 100 0.001%
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%
RICHARD L COOK & SAM A COOK J/T 50 50 0.000%
JOANNE COOP 200 200 0.002%
KRISTIN M COOPER 100 100 0.001%
RONALD COPPES 100 100 0.001%
DENNIS C COPPES & DEBRA K COPPES J/T 200 200 0.002%
MARJORIE M COPPOCK 100 100 0.001%
STEPHEN M CORBER 200 200 0.002%
BRIAN A CORCORAN 300 300 0.002%
WILLIAM M CORNELIUS & LINDA J CORNELIUS J/T 100 100 0.001%
NANCY E CORNELL 100 100 0.001%
NANCY E CORNELL & MELODY L CORNELL J/T 100 100 0.001%
ANTHONY FRANK CORSIGLIA 500 500 0.004%
KENNETH A CORTNER & JANET M CORTNER J/T 500 500 0.004%
PAUL A CORY & CATHY M CORY J/T 400 400 0.003%
BARBARA JO COSGROVE 100 100 0.001%
VIOLET L COSGROVE 100 100 0.001%
AARON D COUCHMAN 200 200 0.002%
ALAN COUCHMAN 100 100 0.001%
ERIC ALAN COUCHMAN 100 100 0.001%
DIANE K COURTNEY 550 550 0.004%
JORGE F COVARRUBIAS & MARIA COVARRUBIAS J/T 100 100 0.001%
GIFFORD A COVAULT & RUTH E COVAULT J/T 100 100 0.001%
DOUGLAS L COWAN 1,000 1,000 0.008%
DONALD L COWEN 200 200 0.002%
II-20
TASHA M COWLES 400 400 0.003%
HOWARD L COX 400 400 0.003%
JOHN COX & DARLA J COX J/T 100 100 0.001%
BRYAN M COX & KAREN E COX J/T 400 400 0.003%
HOWARD L COX & MARCIA R COX J/T 600 600 0.005%
SUSAN COY 100 100 0.001%
SUSAN M COY 100 100 0.001%
DONNARAE CRANSTON 100 100 0.001%
WALLACE F CRAWFORD 100 100 0.001%
RANDY C CRAWFORD & BLAKE R CRAWFORD TENCOM 2,000 2,000 0.015%
RONALD L CRAWFORD & DIANNE L CRAWFORD J/T 400 400 0.003%
DAVID O'NEIL CREIGHTON 200 200 0.002%
NORMAN K CRETSINGER & JANET M CRETSINGER J/T 500 500 0.004%
KRISTIN J CRIM 1,000 1,000 0.008%
JOHN P CRONIN 200 200 0.002%
PATRICK J CRONIN 200 200 0.002%
NORMA JEAN CROOK 200 200 0.002%
LORINDA J CROPSEY & DAVID A TURNER J/T 200 200 0.002%
MARVIN R CROSS 200 200 0.002%
MATHEW CROSS 200 200 0.002%
NANCY E CROSS 200 200 0.002%
RICHARD L CROSSER & CAROLYN J CROSSER J/T 200 200 0.002%
JOHN A CROSSER JR & WILLIAM J CROSSER J/T 150 150 0.001%
JUDITH CROUSE 100 100 0.001%
MATTHEW T CROUSE & DIANE K CROUSE TIC 500 500 0.004%
BART CROUSE & MICHELE CROUSE J/T 200 200 0.002%
JERRY CULBERTSON & SUSAN CULBERTSON J/T 100 100 0.001%
RANDY D CUMMINGS & LYNN CUMMINGS 200 200 0.002%
TROY CUMMINS & LESHIA CUMMINS J/T 200 200 0.002%
ROB CUNDY 200 200 0.002%
BRYCE A CUNNINGHAM 1,000 1,000 0.008%
MICHAEL G CUPPLES & SHERYL L CUPPLES J/T 100 100 0.001%
CELIA CURRY 100 100 0.001%
PETER CURTIS & LUCI CURTIS J/T 100 100 0.001%
JEFFERY CUSIC & MARYKAY CUSIC J/T 200 200 0.002%
CYRUS MANAGEMENT INC 200 200 0.002%
JACK J DACK & TWILLA W DACK J/T 100 100 0.001%
MILDRED E DAGIT & WILLIAM C DAGIT J/T 200 200 0.002%
ALLAN P DAHL 100 100 0.001%
DAVE J DAHLGREN & KATHY DAHLGREN J/T 200 200 0.002%
DANIEL DAHLIN 100 100 0.001%
JOHN H DAHM & SANDI L DAHM J/T 200 200 0.002%
MARILYN M DALESKE 100 100 0.001%
ARLEN W DALESKE JR UGMA JEAN M DALSKE CUST 100 100 0.001%
ARLEN W DALESKE UGMA JEAN M DALSKE CUST 100 100 0.001%
GERALD W DALLY 100 100 0.001%
LARRY DAMEWOOD & BETTY DAMEWOOD J/T 400 400 0.003%
EWALD DAMGAARD 200 200 0.002%
II-21
JAMES MICHAEL DAMISCH 1,000 1,000 0.008%
TYSON JAMES DAMISCH 100 100 0.001%
DENNIS L DAMMAN & JUDITH A DAMMAN J/T 120 120 0.001%
JANE A DANIELS 100 100 0.001%
TIM DANIELS & PAT DANIELS J/T 100 100 0.001%
RUSSELL DANIELSEN & BARBARA DANIELSEN J/T 200 200 0.002%
FRANK W DARNER & MARGARET R DARNER J/T 100 100 0.001%
MARK L DASCHNER & KAREY A DASCHNER J/T 300 300 0.002%
TIM DAVENPORT 100 100 0.001%
CAROL & CHARLES & LARRY DAVEY & DIANE JONES J/T 200 200 0.002%
LARRY D DAVEY & JENNIFER S DAVEY J/T 200 200 0.002%
JENNIE L DAVIDSON 500 500 0.004%
STUART B DAVIDSON & LORI DAVIDSON J/T 100 100 0.001%
STUART B DAVIDSON & LORI M DAVIDSON TIC 100 100 0.001%
WALTER R DAVIES & JUDITH A DAVIES J/T 100 100 0.001%
CYNTHIA A DAVIS 1,000 1,000 0.008%
CYNTHIA ANGELINE DAVIS 500 500 0.004%
KRISTINE WHITE DAVIS 100 100 0.001%
GARY W DAVIS & LISA DAVIS J/T 100 100 0.001%
DRU C DAVIS & MARVAH J DAVIS J/T 400 400 0.003%
SCOTT A DAVIS & SANDRA J DAVIS J/T 200 200 0.002%
DARRELL D DAVIS & SANDRA L DAVIS J/T 140 140 0.001%
DOUGLAS J DAVIS & SANDRA L DAVIS J/T 400 400 0.003%
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%
VERL W DAY & CYNTHIA S DAY J/T 400 400 0.003%
MARSHALL D DAY & JUTTA E DAY J/T 1,000 1,000 0.008%
HARVEY J DE BOER & DELORES DE BOER J/T 400 400 0.003%
JOEL M DE JONG 1,000 1,000 0.008%
LAUREL D DE JONG 2,000 2,000 0.015%
MARILYN DE VRIES 100 100 0.001%
THOMAS V DE VRIES & JILL M DE VRIES J/T 100 100 0.001%
ROBERT DE ZEEUW & LAVONNE DE ZEEUW J/T 200 200 0.002%
DEAN SITZMAN & JUDY SITZMAN J/T 200 200 0.002%
DEAN WITTER REYNOLDS INC 700 700 0.005%
DAVID R DEARINGER & SHANEL DEARINGER J/T 400 400 0.003%
KENNETH H DEBNER 400 400 0.003%
KENNETH H DEBNER & HELEN M DEBNER J/T 200 200 0.002%
HARVEY J DEBOER & DELORES C DEBOER J/T 100 100 0.001%
HARLAN J DEBOER & MICHELE K DEBOER J/T 100 100 0.001%
MICHAEL F DEFAZIO 100 100 0.001%
BARBARA E DEGEEST 100 100 0.001%
PAUL R DEGEEST & BENHJAMIN GREGORY DEGEEST J/T 100 100 0.001%
DAVID DEHASS & YVONNE DEHASS J/T 120 120 0.001%
MARJORIE P DEHNING 100 100 0.001%
MATTHEW S DEJONG 1,000 1,000 0.008%
GREGORY DEJONG & BONNIE DEJONG J/T 10,000 10,000 0.076%
GREOGORY DEJONG & BONNIE DEJONG J/T 10,000 10,000 0.076%
ROBIN R DELAGARDELLE 100 100 0.001%
II-22
NORMAN T DELAGARDELLE & LINDA M DELAGARDELLE J/T 100 100 0.001%
GREG DELAMORE 200 200 0.002%
B L DELFFS & M A DELFFS J/T 100 100 0.001%
ROY LEE DELONG & MARY J DELONG J/T 1,000 1,000 0.008%
MARK C DEMPSEY 200 200 0.002%
RICK A DENGLER 200 200 0.002%
RICKY C DENTON & MARY L DENTON J/T 100 100 0.001%
JEFFERY A DENZLER & CAROLE L DENZLER J/T 200 200 0.002%
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%
DOUGLAS A DEROCHER & JOYCE J DEROCHER J/T 100 100 0.001%
GERALD F DETERS & SALLY K DETERS J/T 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%
JANE M DEVOLDER 100 100 0.001%
DAVID R DEVRIES & LAUREL L DEVRIES J/T 200 200 0.002%
W RICHARD DEWEIN & YVONE G DEWEIN J/T 100 100 0.001%
LARRY DEZEEUW & REBECCA DEZEEUM J/T 200 200 0.002%
LARRY DEZEEUW & REBECCA DEZEEUW J/T 300 300 0.002%
LONNIE DEZWARTE & DANECE DEZWARTE J/T 100 100 0.001%
LARRY E DICKERSON & BARBARA A DICKERSON J/T 1,000 1,000 0.008%
FRANK H DIERENFELD 400 400 0.003%
DONALD DIERENFELD & DORIS DIERENFELD J/T 400 400 0.003%
THOMAS D DILTZ & KAREN K DILTZ TIC 300 300 0.002%
MARVIN L DIRKS JR & DIANNE K DIRKS J/T 100 100 0.001%
LAWRENCE A DISNEY & DEBRA J DISNEY J/T 400 400 0.003%
HERBERT S DITTMER SR & CAROLE M DITTMER J/T 300 300 0.002%
MILTON E DIXON & MARY R DIXON J/T 100 100 0.001%
DOAK MARKETING INC 400 400 0.003%
DANIEL H DOBBIN 200 200 0.002%
DOUGLAS BRUCE DODD & RUTH REBECCA DODD J/T 400 400 0.003%
WILLIAM P DOE & HELGARD DOE J/T 200 200 0.002%
LOWELL E DOERDER & MARY A DOERDER J/T 2,000 2,000 0.015%
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%
TIM E DOHRMANN & SHERRI L DOHRMANN J/T 100 100 0.001%
CYNTHIA MARIE DONAHUE 300 300 0.002%
ALFRED DONAHUE & SANDRA DONAHUE J/T 200 200 0.002%
DONALDSON LUFKIN & JENRETTE SECURITIES CORP 11,800 11,800 0.089%
SCOTT DONOVAN 100 100 0.001%
DOUGLAS R DORN & KIM J DORN J/T 1,000 1,000 0.008%
JAMES DOROTHY & JOYCE DOROTHY J/T 400 400 0.003%
KEVIN D DORRINGTON & TERRI H DORRINGTON 250 250 0.002%
II-23
ADRIAN K DORSMAN & ALBERTA J DORSMAN J/T 400 400 0.003%
RYAN DOSCHADIS 140 140 0.001%
DALE DOSE & SHIRLEY DOSE TIC 200 200 0.002%
FLOYD DOTY & JEAN DOTY J/T 400 400 0.003%
ANDREW D DOUGAN & KIMBERLY J DOUGAN J/T 100 100 0.001%
RUSSELL E DOUGHERTY 200 200 0.002%
RANDY DOUGHERTY & STEVEN DOUGHERTY J/T 100 100 0.001%
DOUGLAS A BIGGART 1,000 1,000 0.008%
EUGENE J & COLLEEN R DOWIE TRUST 1,000 1,000 0.008%
RODNEY DOWLER & DONNA DOWLER J/T 100 100 0.001%
KELLY WOOD DOWNEY & DANA L DOWNEY 400 400 0.003%
ROBERT R DOYLE 200 200 0.002%
DONALD J DOYLE & TARA L DOYLE J/T 850 850 0.006%
EDWIN A DRAKE 1,000 1,000 0.008%
ROBERT C DRAKE & JILL DRAKE J/T 100 100 0.001%
BRYAN S DRAKE & MAGGIE A DRAKE J/T 200 200 0.002%
KIRSTEN R DRALLE 100 100 0.001%
MERCEDES DREES & LLOYD J DREES J/T 200 200 0.002%
BRIAN J DREES & MELINDA J DREES J/T 400 400 0.003%
RON D DREITH & CONNIE L DREITH J/T 100 100 0.001%
DAVID A DREYER & LINDA F DREYER J/T 100 100 0.001%
JOANNE DRISCOLL 100 100 0.001%
KEVIN DUBBERT 500 500 0.004%
GREGG S DUBBS 200 200 0.002%
WAYNE W DUCOMMUN & GERALDINE R DUCOMMUN J/T 100 100 0.001%
CARL M DUDDEN 20 20 0.000%
JOAN C DUDEK 400 400 0.003%
LLOYD M DUFFE 1,000 1,000 0.008%
LLOYD DUFFE & NIDIA DUFFE J/T 600 600 0.005%
LLOYD M DUFFE & NIDIA M DUFFE J/T 300 300 0.002%
STEVEN P DUFFY & JILL L DUFFY J/T 400 400 0.003%
JENNIFER B DUGAS 500 500 0.004%
HAROLD LEE DUHN & JULIE ANN DUHN J/T 300 300 0.002%
MARK K DUHR 600 600 0.005%
JANET DUNCAN & DENNIS DUNCAN J/T 200 200 0.002%
WILLIAM ROY DUNCAN & HELEN E DUNCAN J/T 100 100 0.001%
BYRON DUNKER 100 100 0.001%
AARON DUNKER & JODIE DUNKER J/T 200 200 0.002%
RONALD DUNSBERGEN & JULIEANNE DUNSBERGEN J/T 300 300 0.002%
RONALD DUNSBERGER & JULIE ANNE DUNSBERGER J/T 100 100 0.001%
MICHAEL D DURELL 200 200 0.002%
JAMES D DURELL & BARBARA A DURELL J/T 200 200 0.002%
MARJORIE DUTCHIK & RAYMOND DUTCHIK J/T 300 300 0.002%
GLEN DUTLER & IONA DUTLER 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%
JEFFREY A DVORAK 50 50 0.000%
CINDY J DVORAK & JOHN D COMBELLICK 400 400 0.003%
II-24
SHERRIE L DVORAK & THOMAS W DVORAK J/T 200 200 0.002%
MICHAEL S DWYER & MARGO S DWYER J/T 100 100 0.001%
ELAINE DYKES TR 1-30-96 130 130 0.001%
ACE RAY DYKES TR 1-30-96 130 130 0.001%
ACE RAY DYKES TR DATED 1-30-96 100 100 0.001%
ELAINE DYKES TR DATED 1-30-96 100 100 0.001%
MARION DYKSTRA & RUTH DYKSTRA J/T 500 500 0.004%
EAGLE INVESTMENT CLUB 100 100 0.001%
MARGARET E EBEL 100 100 0.001%
LYNN L EBEL & TAMMY L EBEL J/T 140 140 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%
JEFF EDBERG 300 300 0.002%
EVA V EDEN 100 100 0.001%
CRAIG L EDGERTON 100 100 0.001%
JEFF L EDLER 300 300 0.002%
EDWARD D JONES & CO CUST FBO STEVEN K CROW 2,000 2,000 0.015%
SCOTT K EDWARDS & KIMBERLY R EDWARDS J/T 200 200 0.002%
JAMES E EDWARDS JR 200 200 0.002%
FERN EGENES 400 400 0.003%
RONALD P EHRECKE & PAMELA M EHRECKE J/T 200 200 0.002%
CHUCK EHREDT 200 200 0.002%
IRVIN EILERS 100 100 0.001%
RANDY J EILERS 600 600 0.005%
MICHAEL E EISCHEID 100 100 0.001%
JAMES G EISCHEID & JEANNETTE EISCHEID J/T 300 300 0.002%
JAMES G EISCHEID & JEANNETTE M EISCHEID J/T 300 300 0.002%
GARY EISCHEN & KAREN EISCHEN J/T 300 300 0.002%
JOHN J EITEL & PATRICIA M EITEL J/T 200 200 0.002%
DAVID A ELARTON & JULIE L ELARTON J/T 200 200 0.002%
MARK A ELDRIDGE 200 200 0.002%
DOUGLAS ELEY 100 100 0.001%
DWIGHT ELEY & KRISTIE ELEY J/T 100 100 0.001%
MARVIN E ELGIN & ELLA JEANE ELGIN J/T 200 200 0.002%
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%
KENT ELLER & MONICA ELLER J/T 200 200 0.002%
KYLE A ELLER & TONI R ELLER J/T 300 300 0.002%
DALLAS ELLINGSON & LORI ELLINGSON J/T 200 200 0.002%
JAMES A ELLIOTT 100 100 0.001%
BOB A ELLIOTT & CAROLE A ELLIOTT J/T 200 200 0.002%
ELLIS HOME IMPROVEMENT INC 100 100 0.001%
JAMES M ELLIS JR & BETTY J PHILLIPS J/T 100 100 0.001%
LEO VAN ELSWYK & RUTH ANN VAN ELSWYK J/T 100 100 0.001%
RALPH C ELWICK & MARY ELWICK J/T 200 200 0.002%
JOSEPH M EMANS 100 100 0.001%
MARK A EMERSON & LUANN L EMERSON J/T 200 200 0.002%
II-25
R SCOTT EMERSON & ROBERTA A EMERSON J/T 100 100 0.001%
BRYAN EMERY 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 40 40 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 40 40 0.000%
JOSHUA A ENGELBY & BRAD L ENGELBY J/T 5 5 0.000%
ARLENE M ENGELBY & DARCIE R JASS J/T 40 40 0.000%
ARLENE M ENGELBY & DEANNA M ENGELBY J/T 40 40 0.000%
ARLENE M ENGELBY & JANIE K BEARDSLEE J/T 40 40 0.000%
ARLENE M ENGELBY & JULIE B ENGELBY J/T 40 40 0.000%
ARLENE M ENGELBY & TIM T 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%
ARLENE M ENGELBY & TRACIE J ENGLEBY J/T 20 20 0.000%
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 220 220 0.002%
LARRY D ENGELSON & JEAN ENGLESON J/T 120 120 0.001%
MICAHEL L ENGLAND & ABBY R ENGLAND J/T 200 200 0.002%
JEFFREY L ENGLE & DIANE M ENGLE J/T 1,200 1,200 0.009%
JAMES A ENGLUND 100 100 0.001%
ASHLEY ENTENZA & CA MURPHY J/T 100 100 0.001%
T ADAM ENTENZA & CA MURPHY J/T 300 300 0.002%
ASHLEY V ENTENZA & CAROL A MURPHY J/T 100 100 0.001%
T ADAM ENTENZA & CAROL A MURPHY J/T 100 100 0.001%
DALE L EPLER & MARIETTA M EPLER J/T 100 100 0.001%
MATT ERGER 100 100 0.001%
MATT ERGER & SHARON ERGER J/T 100 100 0.001%
DAVID P ERICKSON 100 100 0.001%
JOAN ERICKSON 200 200 0.002%
STEPHEN ERICKSON 200 200 0.002%
C MARVIN ERICKSON & KAREN J ERICKSON J/T 100 100 0.001%
JERRY ERICKSON & LINDA ERICKSON J/T 600 600 0.005%
JOE J ERNST 200 200 0.002%
JEROME L ERRTHUM & MARLENE M ERRTHUM J/T 200 200 0.002%
MARY E ERVIN 60 60 0.000%
KENNETH SCOTT ERVIN & PAULA KAY ERVIN J/T 200 200 0.002%
EUGENE ESLINGER & BARBARA ESLINGER J/T 800 800 0.006%
ESMANN PROPERTIES-VIRGIL THOMAS RILEY TR 2,000 2,000 0.015%
MARK T ESPE & CYNTHIA S ESPE J/T 100 100 0.001%
ARNOLD L ESPE & IRENE K ESPE J/T 200 200 0.002%
GORDON ESPELUND & RUTH-ANNE ESPELUND J/T 500 500 0.004%
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%
II-26
MSGR L ETCHINGHAM 200 200 0.002%
DEANNA ETHERINGTON & GREG ETHERINGTON J/T 100 100 0.001%
ROBERT ETTER 400 400 0.003%
ROBERT D ETTER & BECKY L ETTER J/T 1,600 1,600 0.012%
ROBERT L ETTER & MINNIE L E ETTER J/T 400 400 0.003%
SCOTT THOMAS ETZEL 200 200 0.002%
R D LEE EVANS 500 500 0.004%
ROSE M K EVANS 100 100 0.001%
ROSE MARIE EVANS 100 100 0.001%
LEE EVANS & LOGAN EVANS J/T 100 100 0.001%
DAVID W EVANS & LYNETTE EVANS J/T 100 100 0.001%
RICHARD EVERHART & SHIRLEY A EVERHART J/T 100 100 0.001%
RICHARD EVERHART & SHIRLEY EVERHART J/T 200 200 0.002%
ROLLIN G EVERS 500 500 0.004%
RICK EVERTS & CONNIE EVERTS J/T 100 100 0.001%
EWING FAMILY FARMS LC 1,000 1,000 0.008%
JANICE W FABER 100 100 0.001%
KEN L FABER 1,000 1,000 0.008%
KEVIN G FAES & SUSAN J FAES J/T 400 400 0.003%
IRVIN BUD FAIR & TERESA FAIR J/T 100 100 0.001%
HEIDI M FARIS & KEITH J FARIS J/T 100 100 0.001%
J EDWARD FARIS & MARY FARIS J/T 600 600 0.005%
JEFFREY M FARRELL 100 100 0.001%
ROBERT J FARRELL 100 100 0.001%
THOMAS FARRELL 20 20 0.000%
FARRELL PROPERTIES INC 1,000 1,000 0.008%
PHIL T FARRIER & JUDY K FARRIER J/T 200 200 0.002%
TED R FARRIS 400 400 0.003%
ROGENE M FAULKNER 200 200 0.002%
CARMA R FAUST 1,000 1,000 0.008%
MARK S FEAKER & ERIN C FEAKER J/T 100 100 0.001%
LILLIAN FEDLER 900 900 0.007%
GERALD K FEE 200 200 0.002%
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%
RANDLE R FIDDELKE & BARBARA FIDDELKE J/T 1,000 1,000 0.008%
KURT A FIDDELKE & NORMA P FIDDELKE J/T 220 220 0.002%
WILLIAM J FIELDS & MARY JANIS FIELDS J/T 200 200 0.002%
SHARON K FILLMORE 100 100 0.001%
PAUL W FINCH 1,000 1,000 0.008%
MARVIN L FINDLEY & FRANCES M FINDLEY J/T 300 300 0.002%
FIRST AVENUE LIMITED CO 100 100 0.001%
HAROLD JAY FISHBACK 200 200 0.002%
HOLLIS FISHER 200 200 0.002%
JEFF L FISHER 100 100 0.001%
LARRY FISHER 2,000 2,000 0.015%
MARLIN E FISHER & DELLA E FISHER J/T 100 100 0.001%
JOHN M FISHER & LYNETTE L FISHER J/T 100 100 0.001%
LORI FISTLER & RANDY FISTLER J/T 100 100 0.001%
II-27
THOMAS A FITZGERALD 1,000 1,000 0.008%
TOM FITZGERALD 1,000 1,000 0.008%
THOMAS H FITZGERALD & MARILYN J FITZGERALD J/T 200 200 0.002%
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%
CHARLES R FITZWATER & LOIS MARIE FITZWATER J/T 100 100 0.001%
MARK FLATRUD 200 200 0.002%
ROGER FLATRUD & KAROLYN FLATRUD J/T 200 200 0.002%
CHARLES L FLEENER 200 200 0.002%
EDYTHE V FLEENER 200 200 0.002%
GAIL L FLEMING 100 100 0.001%
SHARON FLETCHALL 100 100 0.001%
CHRIS FLETCHALL & TINA FLETCHALL J/T 200 200 0.002%
JAMES RICKY FLETCHER & SALY EVA FLETCHER J/T 100 100 0.001%
GEORGE W FLICK & ANNETTE R FLICK J/T 100 100 0.001%
JOSE C FLORES & MARIA ELENA FLORES J/T 400 400 0.003%
JIMMY L FLOWERS 100 100 0.001%
MICHELLE FLYNN 200 200 0.002%
KATHY FOGGIA & LOUIE FOGGIA J/T 20 20 0.000%
JOHN W FOLEY & RITA K FOLEY J/T 100 100 0.001%
DONALD H FOLKERS 200 200 0.002%
LEO F FONDROY 100 100 0.001%
JUSTIN GEORGE FONTANINI 400 400 0.003%
GEORGE FONTANINI & DIANE L FONTANINI J/T 400 400 0.003%
ROBERT L FORBES & ZAIDEE I FORBES J/T 100 100 0.001%
JOHN JEFFREY FORD 400 400 0.003%
SETH I FORD 500 500 0.004%
DANNY FOREMAN & DOTTIE FOREMAN J/T 200 200 0.002%
DANNY D FOREMAN & DOTTIE FOREMAN J/T 200 200 0.002%
DANNY D FOREMAN & DOTTIE FOREMAN J/T 200 200 0.002%
JUDY L FORNEY 200 200 0.002%
KEVIN FORTHMAN 150 150 0.001%
MARY A FOSSEEN 200 200 0.002%
SCOTT FOSSEEN 1,500 1,500 0.011%
MARGARET FOSSEEN & MARCY CHAUSSEE J/T 100 100 0.001%
MARGARET F FOSSEEN & MARCY CHAUSSEE J/T 100 100 0.001%
PAMEL J FOSTER & TIMON R FOSTER J/T 100 100 0.001%
MARILYN J FRAHM 100 100 0.001%
RICHARD D FRAHM 200 200 0.002%
ROBERT D FRAME 100 100 0.001%
EUGENE F FRAME & EVELYN M FRAME J/T 400 400 0.003%
JUDY A FRANA 100 100 0.001%
II-28
HAROLD D FRANCIS & JOANNA L FRANCIS J/T 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%
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%
CASS FRANKLIN 2,000 2,000 0.015%
JAMES A FRANKLIN & NANCY J FRANKLIN J/T 200 200 0.002%
PAMELA SUE FRANKVILLE 200 200 0.002%
JAMES DEAN FRANZEN 200 200 0.002%
JAMES L FRASCATORE 100 100 0.001%
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%
GLENN F FREEMAN & JOLENE A FREEMAN J/T 300 300 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%
STEVEN L FREMBGEN & DEBORAH J FREMBGEN J/T 300 300 0.002%
JIM R FRENCH & JANET C FRENCH J/T 100 100 0.001%
RICHARD M FRERKER 200 200 0.002%
SHARON A FRERKER 100 100 0.001%
CLINT FREUND 200 200 0.002%
CAROLYN F FREYLACK 100 100 0.001%
DAVID L FREYLACK 20 20 0.000%
JOHN C FREYLACK 20 20 0.000%
JOSEPH T FREYLACK 20 20 0.000%
KATE FREYLACK 20 20 0.000%
LINDSAY FREYLACK 10 10 0.000%
MATTHEW P FREYLACK 20 20 0.000%
SARAH FREYLACK 10 10 0.000%
SUSAN C FREYLACK 2,740 2,740 0.021%
THOMAS P FREYLACK 20 20 0.000%
ROBERT A FRIDLEY & MARY JANE FRIELEY J/T 100 100 0.001%
ANDY FRIDOLFSON & JULIE FRIDOLFSON J/T 200 200 0.002%
RON FRIDOLFSON & TRAUDEL FRIDOLFSON J/T 200 200 0.002%
GREGORY A FRITZ & KYRA L FRITZ J/T 200 200 0.002%
ROGER FRITZ & VICKI FRITZ J/T 300 300 0.002%
FRANK FROAH 200 200 0.002%
ROBERT L FROAH & CAROLYN C FROAH J/T 200 200 0.002%
BRUCE FROHWEIN & GAYLA FROHWEIN J/T 100 100 0.001%
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 400 400 0.003%
LARRY M FUHRMAN & CLAUDIA A FUHRMAN J/T 200 200 0.002%
RON FUHRMAN & PAM FUHRMAN J/T 100 100 0.001%
DENNIS FUHRMAN & SHARON FUHRMAN J/T 200 200 0.002%
MARY B FULLER 100 100 0.001%
ROBERT D FULLER & ARLEEN FULLER J/T 100 100 0.001%
STEVE FULLERTON & WENDY FULLERTON J/T 100 100 0.001%
CHARLES R FUNK & CYNTHIA E FUNK J/T 300 300 0.002%
II-29
LAWRENCE D FURLONG 200 200 0.002%
JOAN A FURST & RAYMOND L FURST J/T 100 100 0.001%
JULIE R FYE 100 100 0.001%
STAN FYNAARDT & CHERYL FYNAARDT J/T 200 200 0.002%
CLAYTON E GABRIELSON & RUBY J GABRIELSON J/T 1,200 1,200 0.009%
STEVEN L GAFFNEY 100 100 0.001%
JERRY GAFFNEY & CINDY GAFFNEY J/T 300 300 0.002%
FREDERICK J GAGEN 100 100 0.001%
DAVID C & SHERRY E GAHRING REV TR 800 800 0.006%
LAWRENCE R GAJESKI 500 500 0.004%
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%
DENISE GANDSEY & MICHAEL GANDSEY J/T 200 200 0.002%
DOUGLAS GANFIELD & ROSE GANFIELD J/T 100 100 0.001%
DOUGLAS A GANFIELD & ROSE M GANFIELD J/T 100 100 0.001%
PATRICIA K GANSEN 1,000 1,000 0.008%
STEPHEN A GARD & PEGGY J GARD J/T 100 100 0.001%
KEITH GARRENGER 100 100 0.001%
JAMES GARRINGER 100 100 0.001%
ANN W GARTON 100 100 0.001%
KIM O GARWICK 20,000 20,000 0.151%
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%
CARMEN C GASPERI & DAVE E GASPERI J/T 200 200 0.002%
HOWARD G GASTER & DEBRA L GASTER J/T 200 200 0.002%
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%
FREDERICK C GAYLOR 100 100 0.001%
GAY-LOU ENTERPRISES INC 200 200 0.002%
BRETT GEARY 420 420 0.003%
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%
WILLIAM J GEIL & JUDITH I GEIL J/T 100 100 0.001%
EARL E GEITZ & GERRI F GEITZ J/T 100 100 0.001%
ROY A GELHAUS & SHEILA GELHAUS J/T 1,000 1,000 0.008%
MARVIN J GENGLER & ANNA MARIE GENGLER J/T 1,000 1,000 0.008%
DARYL A GENGLER & KAY ANN GENGLER J/T 100 100 0.001%
RICHARD C GEORGE 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%
JOHN V GERSEMA & CATHERINE A GERSEMA J/T 100 100 0.001%
JOHN A GERTSMA 400 400 0.003%
GAIL L GHORN & JOHN A THORN J/T 100 100 0.001%
II-30
GARY GIBBS & CAROL GIBBS J/T 300 300 0.002%
JULIE M GIBSON 100 100 0.001%
MICHAEL GIBSON & LAURA L GIBSON J/T - - 0.000%
MICHAEL E GIBSON & LAURA L GIBSON J/T 1,000 1,000 0.008%
JACK N GILBERT & JULIE M GILBERT J/T 100 100 0.001%
CYNTHIA A GILBERT & PAUL D GILBERT J/T 100 100 0.001%
MICHAEL R GILBERT & TERRI R GILBERT J/T 200 200 0.002%
JAMES A GILBERTSON & JUDY GILBERTSON J/T 100 100 0.001%
JAMES A GILBERTSON & JUDY Y GILBERTSON J/T 100 100 0.001%
JO ANN GILCHRIST 1,000 1,000 0.008%
KATHERINE M GILLMAN & GARY R GILLMAN TIC 100 100 0.001%
BETHANY GILMAN 200 200 0.002%
JOHN GILMORE & ALICE GILMORE J/T 600 600 0.005%
JOHN W GILMORE & ALICE J GILMORE J/T 400 400 0.003%
GLACE LAND MANAGEMENT 2,000 2,000 0.015%
ROBERT GLADWIN & MARTHA GLADWIN J/T 200 200 0.002%
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%
LILLIAN J GONZALES-SANTOS & DIMAS GONZALES-SANTOS J/T 100 100 0.001%
JAMES G GOOD & GAIL S GOOD J/T 300 300 0.002%
MICHAEL J GOODIN & JACELYN K GOODIN J/T 1,700 1,700 0.013%
RUSSELL W GOODMAN 100 100 0.001%
A DUANE GOODMANSON 200 200 0.002%
GREGG A GOOS & THERESA M GOOS 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%
RICHARD O GOSLAR 100 100 0.001%
LARRY T GOSSET & RICHAEL H GOSSET J/T 100 100 0.001%
CAROLINE GOULET 800 800 0.006%
STANLEY C GOURD & JUDY A GOURD J/T 100 100 0.001%
JAMES L GOYETTE & SHIRLEY M GOYETTE J/T 200 200 0.002%
SAMUEL S GRABILL & SHIRLEY R GRABILL J/T 400 400 0.003%
STEVE GRAESSER 250 250 0.002%
ROBERT D GRAFF & N PAULETTE GRAFF J/T 1,000 1,000 0.008%
JOSEPH A GRAHAM 100 100 0.001%
LEROY R GRAHAM 500 500 0.004%
DALE GRAHAM & LINDA GRAHAM J/T 200 200 0.002%
ROLLIE J GRAHAM & SONYA GRAHAM J/T 400 400 0.003%
ROLLAND GRAHAM & WILMA GRAHAM J/T 700 700 0.005%
JERRY W GRAM & CHERYL D GRAM J/T 400 400 0.003%
MILFORD W GRANT & ALICE A GRANT J/T 400 400 0.003%
ROGER R GRANZOW & PATRICE E GRANZOW J/T 100 100 0.001%
JOHN T GRASER JR & EDITH T GRASER J/T 300 300 0.002%
MICHAEL GRASSO & PALOMA GRASSO J/T 200 200 0.002%
JIM GRAVE SR & KATHLEEN GRAVE J/T 640 640 0.005%
II-31
GERALD M GRAVES & NANCY J GRAVES J/T 2,000 2,000 0.015%
PATRICK ALAN GRAY AN/& JULIE ANN GRAY J/T 100 100 0.001%
LINDA A GREENE 400 400 0.003%
MARGARET GREENE-TUCKER & MICHAEL JOHN TUCKER J/T 100 100 0.001%
TERRY D GREENFIELD & GERALDINE C GREENFIELD J/T 100 100 0.001%
DOUG GREENFIELD & SHARON GREENFIELD J/T 200 200 0.002%
WILLIAM D GREEVER & RUTH ANN GREEVER J/T 100 100 0.001%
MICHAEL E GREGER 100 100 0.001%
MICHAEL DEAN GREIF 160 160 0.001%
BRUCE GRESS 200 200 0.002%
RAY KEITH GRESS & JUDITH SANDRA GRESS J/T 200 200 0.002%
RANDY GREUFE & SANDRA GREUFE J/T 301 301 0.002%
WILLIAM E GRIFFIN & MATTHEW E GRIFFIN J/T 1,000 1,000 0.008%
JARED GRIMES 100 100 0.001%
GENE C GRIMSLEY 100 100 0.001%
TODD GROAT 100 100 0.001%
CHRIS M GROEN 200 200 0.002%
CURT F GROEN 200 200 0.002%
JEAN GROEN 500 500 0.004%
SCOTT C GROEN 200 200 0.002%
CARROLL J GROEN REVOCABLE TRUST 1,000 1,000 0.008%
JEAN GROEN REVOCABLE TRUST 1,000 1,000 0.008%
MARION J GROOT & LAURA E GROOT J/T 100 100 0.001%
ORVILLE M GROOTHUIS & SHARON F GROOTHUIS J/T 200 200 0.002%
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%
GEORGE GROVERT & PAULINE GROVERT TIC 200 200 0.002%
MARK GRUBB & HOLLY GRUBB J/T 200 200 0.002%
DANIEL J GRUBER 500 500 0.004%
OLGANIDA GRUBER 1,000 1,000 0.008%
DANIEL J GRUBER & DANIEL JOHN GRUBER J/T 100 100 0.001%
DANIEL J GRUBER & DIEDRA A HAWORTH J/T 100 100 0.001%
DANIEL J GRUBER & KRISTINE A FERGUSON J/T 100 100 0.001%
DANIEL J GRUBER & MARK E GRUBER J/T 100 100 0.001%
DAVID DEAN GRUHLKE & MICHELLE ELIZABETH GRUHLKE JT 100 100 0.001%
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 0.023%
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%
II-32
JOHN GRUMAN C/F BENJAMIN NAGEL UGMA IA 100 100 0.001%
GRUNDY NATIONAL BANK C/F DOUGLAS O JORDAN ROTH IRA 800 800 0.006%
GRUNDY NATIONAL BANK C/F NEVA S JORDAN ROTH IRA 800 800 0.006%
ARNOLD GRUNHOVD & LAVONNE GRUNHOVD J/T 200 200 0.002%
ILENE K GUARD 400 400 0.003%
RONALD J GUDENKAUF 100 100 0.001%
JANICE & CARL GUIDAGER & STEPHANIE TORSKY J/T 500 500 0.004%
JANICE GULDAGER & CARL GULDAGER J/T 500 500 0.004%
JANICE & CARL GULDAGER & JACOB TORSKY J/T 500 500 0.004%
AMY J GUNDERSON 100 100 0.001%
E M GUNDERSON 200 200 0.002%
RALPH D GUNDERSON & JANET A GUNDERSON J/T 120 120 0.001%
GARY L GUSTAFSON 100 100 0.001%
JAMES D HAAGE & JULIE A HAAGE J/T 800 800 0.006%
BEVERLY J HAAS & EARL F HAAS J/T 200 200 0.002%
TARA HABERSTICH 100 100 0.001%
NORMAN HACKNEY & CAROL HACKNEY J/T 400 400 0.003%
GAIL L HACKNEY & KATHLEEN R HACKNEY J/T 400 400 0.003%
DONALD R HADENFELDT & REBECCA S HADENFELDT J/T 100 100 0.001%
RAYMOND G HAFAR 1,000 1,000 0.008%
JOHN L HAFNER & VICKI L HAFNER J/T 100 100 0.001%
BRUCE HAGEDORN & BETTY HAGEDORN J/T 400 400 0.003%
DELLENE HAGER 200 200 0.002%
WALTER HAGER & ARDYTHE HAGER J/T 100 100 0.001%
WALTER HAGER & ARDYTHE STRADER HAGER J/T 100 100 0.001%
GARY HAGER & JACQUELINE HAGER J/T 200 200 0.002%
JAMES B HAHT & ALICE J HAHT J/T 100 100 0.001%
ARLYN A HAKE 1,000 1,000 0.008%
ELVERN L HAKE 1,000 1,000 0.008%
FRANKLIN ARTHUR HAKER 1,000 1,000 0.008%
JON H HALFORD 500 500 0.004%
PAUL HALFORD & LISA HALFORD TIC 400 400 0.003%
DAVID R HALL 1,000 1,000 0.008%
JEFFREY R HALL 200 200 0.002%
THOMAS R HALL & AMBER FLEMING J/T 1,000 1,000 0.008%
STEVE HALL & MEGAN HALL & ROBIN HALL TIC 120 120 0.001%
JOHN DEAN HALL & VERLAINE GAIL HALL J/T 100 100 0.001%
BETTY J HALLBAUER 100 100 0.001%
NEDRA E HALLBERG TR 100 100 0.001%
NEDRA E HALLBERG TRUST 100 100 0.001%
MARK HALLIDAY 199 199 0.002%
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%
LACEY HAMEISTER 50 50 0.000%
LARRY HAMEISTER 200 200 0.002%
II-33
MICHAEL HAMEISTER 50 50 0.000%
STEVEN HAMEISTER 100 100 0.001%
BRAD HAMES & TRACY HAMES J/T 100 100 0.001%
PAT HAMILTON 400 400 0.003%
JAMES L HAMILTON & MARGARET A HAMILTON J/T 220 220 0.002%
JOHN L HAMMILL 400 400 0.003%
JERRY HAMMOND 100 100 0.001%
JOAN HAMMOND 100 100 0.001%
GAIL L HAMPEL & KAREN A HAMPEL J/T 200 200 0.002%
STEVEN R HANCE & PATRICIA E HANCE J/T 1,000 1,000 0.008%
CHARLES E HAND & NIETA LEE HAND J/T 500 500 0.004%
JOHN M HAND & ROSIE V HAND J/T 200 200 0.002%
SHARON HANDELAND 100 100 0.001%
GARY HANDELAND & DIANE HANDELAND J/T 200 200 0.002%
LOREN HANDELAND & KATHRYN HANDELAND J/T 400 400 0.003%
WADE HANDELAND & LASEY HANDELAND J/T 300 300 0.002%
HANDELAND TRUCKING 200 200 0.002%
HANDELAND TRUCKING CORP 200 200 0.002%
DANIELLE M HANDSAKER 100 100 0.001%
DAVID LEE HANDSAKER 100 100 0.001%
JACOB WILLIAM HANDSAKER 120 120 0.001%
JUDITH ANN HANDSAKER 100 100 0.001%
JUDY HANDSAKER 100 100 0.001%
PAUL D HANDSAKER & BONNIE HANDSAKER J/T 200 200 0.002%
JAMES E HANDSAKER & JUDITH A HANDSAKER J/T 200 200 0.002%
ROGER A HANDSAKER & SANDRA K HANDSAKER J/T 200 200 0.002%
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%
DON W HANSEL JR & SUANN R HANSEL J/T 100 100 0.001%
CLAYTON HANSEN 300 300 0.002%
DALLAS HANSEN - - 0.000%
DONNA J HANSEN 100 100 0.001%
ED HANSEN & CAROL HANSEN J/T 100 100 0.001%
DONALD H HANSEN & CONSTANCE HANSEN J/T 700 700 0.005%
DONALD H HANSEN & CONSTANCE HANSEN J/T 400 400 0.003%
DONALD H HANSEN & CONSTANCE L HANSEN J/T 200 200 0.002%
DR DONALD H HANSEN & CONSTANCE L HANSEN J/T 100 100 0.001%
THERESA J HANSEN & DENNIS L HANSEN J/T 2,000 2,000 0.015%
DENNIS L HANSEN & JEAN M HANSEN J/T 500 500 0.004%
L DALE HANSEN & LORRAINE HANSEN J/T 500 500 0.004%
TIM MOHR JEAN HANSEN & PAULA WALLERSTEDT TENCOM 200 200 0.002%
JOHN G HANSMAN 100 100 0.001%
ELAINE HANSON 200 200 0.002%
KATHLEEN HANSON 300 300 0.002%
MARLYN D HANSON 200 200 0.002%
DEBORAH A HANSON & D M HARPER J/T WROS 1,000 1,000 0.008%
II-34
MARK B HANSON & JOAN I HANSON J/T 200 200 0.002%
PERRY L HANSON & MARISSA KAY HANSON J/T WROS 100 100 0.001%
MARILYN D HANSON & PAUL M HANSON J/T 200 200 0.002%
MARLYN D HANSON & PAUL M HANSON J/T 200 200 0.002%
MARLYN D HANSON & TODD J HANSON J/T 400 400 0.003%
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%
DONALD HARLESS & JEANETTE HARLESS J/T 120 120 0.001%
DORIS P HARMAN 100 100 0.001%
RANDALL E HARMAN & BRENDA J HARMAN J/T 100 100 0.001%
RICHARD L HARMON & CHERYLE L HARMON J/T 1,000 1,000 0.008%
MICHAEL HARMON & SUSAN HARMON J/T 200 200 0.002%
HAROLD MARTIN INS AGY CORP 1,000 1,000 0.008%
TIMOTHY HARPENAU 100 100 0.001%
SHERYL R HARRINGA 100 100 0.001%
DIANE K HARRINGTON 100 100 0.001%
GARY C HARRIS 200 200 0.002%
PHILLIP C HARRIS & CATHERINE S HARRIS J/T 200 200 0.002%
MICHAEL V HARRIS & DEBBIE E HARRIS J/T 300 300 0.002%
CHARLES W HARRIS & GLADYS R HARRIS J/T 200 200 0.002%
MICHAEL HARRIS & KEVIN PIETERS & SCOTT WILLIAMS PART 100 100 0.001%
DEAN E HARRISON 500 500 0.004%
LINDA A HARRISON 400 400 0.003%
MICHAEL RAY HARRISON & ROSE ANN HARRISON J/T 200 200 0.002%
MICHAEL HARRISON & ROSE HARRISON J/T 200 200 0.002%
WANDA HARRY & DOUGLAS HARRY J/T 400 400 0.003%
DANIEL HART & BEVERLY HART J/T 120 120 0.001%
DANIEL R HART & BEVERLY HART J/T 120 120 0.001%
LARRY L HART & KAREN K HART J/T 100 100 0.001%
IVAN W HART & Z MAXINE HART J/T 100 100 0.001%
WILLIAM HARTER & ALANA HARTER J/T 100 100 0.001%
MELVIN HARTMAN ROSELLA HARTMAN FAMILY TR 100 100 0.001%
WAYNE L HARTWIG & CAROL A HARTWIG J/T 1,000 1,000 0.008%
BRUCE HARVEY & NANCY HARVEY J/T 100 100 0.001%
ROBERT M HASLEY & BARBARA L HASLEY J/T 100 100 0.001%
LARRY HATTON 100 100 0.001%
JAMES L HAUGE 100 100 0.001%
JOHN A HAUSWIRTH & DIANE C HAUSWIRTH J/T 100 100 0.001%
DENNIS HAVEL 200 200 0.002%
DOUGLAS R HAVEL 200 200 0.002%
KENNETH A HAVEL & MARLENE J HAVEL J/T 200 200 0.002%
ROY HAVENS 2,000 2,000 0.015%
MARION HAVENS & JEAN HAVENS TR DEC 7 96 100 100 0.001%
REBECCA S HAVLICEK 100 100 0.001%
OD HAWKINS 200 200 0.002%
O.D. & MURIEL HAWKINS TRUST 300 300 0.002%
MARSHA HAWORTH 2,000 2,000 0.015%
II-35
CLINTON HAWORTH & GARY HAWORTH J/T 1,000 1,000 0.008%
GARY HAWORTH & GHERESA HAWORTH J/T 2,000 2,000 0.015%
WAYNE HAWORTH & LOUISE HAWORTH J/T 10,000 10,000 0.076%
WAYNE R HAWORTH & LOUISE HAWORTH J/T 2,000 2,000 0.015%
ALAN L HAWORTH & MARSHA HAWORTH J/T 9,000 9,000 0.068%
ALLAN HAWORTH & MARSHA HAWORTH J/T 2,500 2,500 0.019%
GARY HAWORTH & THERESA HAWORTH J/T 4,000 4,000 0.030%
LESTER HAY 200 200 0.002%
LESTER L HAY 200 200 0.002%
DAVID L HAYES 200 200 0.002%
DAVID HAYES & KATHLEEN B HAYES & JANET MOON J/T 200 200 0.002%
BRYANT LEE HAYS 100 100 0.001%
DARRELL K HAZELWOOD 200 200 0.002%
LEWIS C HAZELWOOD JR 200 200 0.002%
NATHAN L HEADLEY 100 100 0.001%
SUSAN L HEADLEY 100 100 0.001%
PATRICIA L HEADLEY & RUTHANNE HARSTAD J/T 200 200 0.002%
LADONNA HEATH & CRAIG L HEATH J/T 500 500 0.004%
KARL J HECK & AUDREY J HECK J/T 160 160 0.001%
DARIN G HECKER & TERESA M HECKER J/T 100 100 0.001%
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%
DORANCE A HEFTE & CONNIE L HEFTE J/T 200 200 0.002%
JEROME J HEGER 600 600 0.005%
ROGER HEGLAND 2,000 2,000 0.015%
GEORGE HEGSTROM & MARIDEE HEGSTROM REV TR DTD 35025 1,200 1,200 0.009%
GEORGE HEGSTROM & MARIDEE HEGSTROM REV TR 11-22-95 600 600 0.005%
RANDALL L HEIBERGER & VALERIE K HEIBERGER J/T 200 200 0.002%
DALEN R HEIDA 200 200 0.002%
KURT A HEIDEN & CARA K HEIDEN J/T 200 200 0.002%
MARC HEIDEN & DENISE HEIDEN J/T 100 100 0.001%
STEVEN L HEIL & VICKI A HEIL J/T 200 200 0.002%
JOSEPH M HEINEN II & INGRID A HEINEN J/T 100 100 0.001%
MICHAEL J HEINRICH 120 120 0.001%
LLOYD L HEINSELMAN & CYNTHIA S HEINSELMAN J/T 500 500 0.004%
ROBERT W HEIRIGS IRA 2,000 2,000 0.015%
DORIS M HEITMAN 200 200 0.002%
JERRY E HEJLIK 100 100 0.001%
JULIE A HEJLIK 100 100 0.001%
KAY A HELD 100 100 0.001%
RAY D HELD & DONNA K HELD J/T 1,000 1,000 0.008%
ROBERT E HELMERS 200 200 0.002%
LONNIE J HELMS & CONNIE M HELMS J/T 100 100 0.001%
CAMERON C HENDERSON 200 200 0.002%
II-36
RODNEY D HENDERSON & BRENDA L HENDERSON J/T 200 200 0.002%
JASON O HENDERSON & DEBRA J HENDERSON J/T 100 100 0.001%
DONALD L HENDERSON & MADOLYN M HENDERSON J/T 200 200 0.002%
JAMES W HENDERSON & MARJORIE A HENDERSON TIC 100 100 0.001%
JAMES W HENDERSON & MARJORIE A HENDERSON J/T 100 100 0.001%
JAMES W HENDERSON & MARJORIE A HENDERSON TIC 100 100 0.001%
EVERETT L HENDERSON & TWILA H LANDE TIC 100 100 0.001%
BARBARA ANN HENDERSON KENNEDY 100 100 0.001%
ARDYS HENDRICKSON 200 200 0.002%
EUGENE HENDRICKSON & ARDYS HENDRICKSON J/T 400 400 0.003%
ARDYS & EUGENE HENDRICKSON & DAVID & STEVEN LUPPES 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%
ROGER D HENLEY & RICHARD D & JEREMY M HENLEY TIC 300 300 0.002%
JOHN M HENNESSEY TR JOHN M HENNESSEY TTEE 100 100 0.001%
MATHEW F HENRICHS & MARLENE A SHELLEY J/T 200 200 0.002%
DEANNE HENRY 200 200 0.002%
STEVE L HENRY & KARYL HENRY J/T 800 800 0.006%
DONALD HENSLEY & LISA HENSLEY J/T 100 100 0.001%
RONALD HENZE 100 100 0.001%
BEN HENZE & IRMA HENZE J/T 400 400 0.003%
GEROLD F HERRICK 100 100 0.001%
MILO HERRICK & LINDA HERRICK J/T 100 100 0.001%
CARROLL HERSHBERGER 400 400 0.003%
MARVIN HERSHBERGER 100 100 0.001%
GLENN S HERSHBERGER & PHYLLIS J HERSHBERGER J/T 100 100 0.001%
JEFFERY DUANE ALBERT HERZBERG 100 100 0.001%
WILLARD H HERZBERG & JOANNE KAY HERZBERG TIC 200 200 0.002%
MARTIN T HEWITT 300 300 0.002%
JERRY A HEYING & JOANNE M HEYING J/T 100 100 0.001%
AMY T HEYN & PAUL R HEYN J/T 4,600 4,600 0.035%
CHRISTY HIBBS & JEFF HIBBS J/T 200 200 0.002%
KENT J HICKMAN 100 100 0.001%
KENT JUSTIN HICKMAN 100 100 0.001%
MARCIA D HICKMAN 100 100 0.001%
JOSH HIEMSTRA 4 4 0.000%
THOMAS DAL HIGBY & MARY JANE HIGBY J/T 1,000 1,000 0.008%
JAMES HIGDON & TAUNJIA ALLEN J/T 200 200 0.002%
RICHARD HIGGINBOTTOM & DARLENE J HIGGINBOTTOM J/T 500 500 0.004%
RAYMOND J HIGGINS 200 200 0.002%
TERRY L HILDEBRAND 400 400 0.003%
II-37
NOEL RANDY HILDRETH & BECKY J HILDRETH J/T 100 100 0.001%
GAVIN HILE 100 100 0.001%
KIERSTEN HILE 100 100 0.001%
MIKE HILE 100 100 0.001%
MIKE HILE & MARSHA HILE J/T 100 100 0.001%
TERRY HILER 200 200 0.002%
TERY HILER 200 200 0.002%
EARL W HILL 100 100 0.001%
JEREMY HILL & DENISE HILL J/T 100 100 0.001%
TOM H HILLEMAN 100 100 0.001%
CHERLYN E HILLRICHS 100 100 0.001%
JENNIFER S HILTON 100 100 0.001%
LAUREL B HILTON 200 200 0.002%
TIMOTHY A HILTON & LISA M HILTON J/T 200 200 0.002%
GERALD R HILTON & PATRICIA K HILTON J/T 700 700 0.005%
KEITH L HIMMEL & JOAN HIMMEL J/T 100 100 0.001%
ADAM HIMSCHOOT 100 100 0.001%
JASON HIMSCHOOT 100 100 0.001%
JENNIFER HIMSCHOOT 100 100 0.001%
STEVEN L HIMSCHOOT 700 700 0.005%
CLINT DAVID HINDERAKER 250 250 0.002%
CRAIG HINDERAKER & CATHYRN HINDERAKER J/T 200 200 0.002%
ELINOR A HINDERS & GLENN HINDERS J/T 100 100 0.001%
ALICE W HINES TTEE ALICE W HINES TR DTD 10/21/88 1,000 1,000 0.008%
LAWRENCE W HINGST JR & TRICIA K HINGST J/T 400 400 0.003%
RICHARD HINMAN 100 100 0.001%
ROBERT L HIRSCHFELD & MARGARET A HIRSCHFELD J/T 200 200 0.002%
WILDA L HITE 100 100 0.001%
ARHTUR HITZ & SHARON HITZ J/T 100 100 0.001%
DAVID J HLAS & JOHN P HLAS J/T 200 200 0.002%
JOHN P HLAS & SUE L HLAS J/T 200 200 0.002%
BRIAN J HOBBS & DEANNE M HOBBS J/T 100 100 0.001%
LORI HOCKETT 100 100 0.001%
LORI E HOCKETT 100 100 0.001%
SCOTT HODGE 100 100 0.001%
GLEN HODNEFIELD & CINDY HODNEFIELD J/T 400 400 0.003%
MABEL R HOEFER 600 600 0.005%
RICHARD W HOEFER & MARYLU A HOEFER J/T 600 600 0.005%
CARROLL D HOELSCHER 700 700 0.005%
JOHN H HOELSCHER 1,000 1,000 0.008%
LOREN CURTIS HOELSCHER 100 100 0.001%
MARGARET HOELSCHER 1,000 1,000 0.008%
MARK A HOELSCHER 600 600 0.005%
RODGER W HOELSCHER 200 200 0.002%
THOMAS F HOELSCHER 1,000 1,000 0.008%
RODGER W HOELSCHER & DIAN HOELSCHER J/T 600 600 0.005%
JEFF HOEMAN & ANN HOEMAN J/T 1,000 1,000 0.008%
JEFF HOEMANN & ANN HOEMANN J/T 1,000 1,000 0.008%
RONALD W HOFER & JOAN M HOFER J/T 200 200 0.002%
II-38
STEVEN J HOFF & BETH A 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%
DONALD G HOFFMAN 2,000 2,000 0.015%
WILLIAM JOHN HOFFMAN 100 100 0.001%
RANDY D HOFFMAN & DIANNE L HOFFMAN J/T 100 100 0.001%
MICHAEL E HOFFMAN & JULIE M HOFFMAN J/T 500 500 0.004%
MATTHEW M HOFFNAGLE 25 25 0.000%
JAYNE L HOGAN 100 100 0.001%
DOROTHY HOGENDORN 400 400 0.003%
MICHAEL HOHL 10 10 0.000%
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%
BILLY MICHAEL HOLDER & JESTINA LOUISE HOLDER J/T 200 200 0.002%
C GAA HOLDIMAN 200 200 0.002%
MELVIN G HOLDSWORTH REV TR 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 500 500 0.004%
DOUGLAS D HOLLIDAY 100 100 0.001%
JOHN HOLLINGSWORTH & DONNA HOLLINGSWORTH J/T 400 400 0.003%
DAVID HOLLOWAY & DONNA HOLLOWAY J/T 100 100 0.001%
THOMAS E HOLM & BONNIE F HOLM J/T 200 200 0.002%
DAVID G HOLMES 200 200 0.002%
FRANK HOLT 100 100 0.001%
JASON D HOLTHAUS 200 200 0.002%
PATTY L HOLTZ & DENNIS R HOLTZ J/T 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%
RICHARD HOMEWOOD & VICTORIA HOMEWOOD J/T 200 200 0.002%
JANE R HOMMEL 100 100 0.001%
R TIMOTHY HOMMEL 100 100 0.001%
DIANE K HOOVER 100 100 0.001%
TRACY HOOVER & CARRIE HOOVER J/T 200 200 0.002%
G DEAN HOPKINS 200 200 0.002%
IMMANUEL M HOPPE 400 400 0.003%
CURTIS D HOPPER & LAURA K HOPPER J/T 400 400 0.003%
MARY LOUISE HOPSON 100 100 0.001%
DANIEL G HORGEN 100 100 0.001%
DARRYL G HORGEN 200 200 0.002%
MARLIS J HORGEN 100 100 0.001%
EDGAR T HORN 500 500 0.004%
SHERRY R HORSLEY & ARTHUR R HORSLEY J/T 100 100 0.001%
CHAD W HOTZ 200 200 0.002%
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JON H HOUCK & KATHALEEN F HOUCK J/T 100 100 0.001%
ROD HOUGE 100 100 0.001%
LUTHER L HOUGEN & TAMARA L HOUGEN J/T 100 100 0.001%
ROBERTA L HOUGH & RORY D SCHNELL TIC 100 100 0.001%
TERENCE J HOULIHAN 200 200 0.002%
DAN HOUSER 100 100 0.001%
ALAN HOVDEN & DELORES HOVDEN J/T 300 300 0.002%
TODD HOVE & TAMMY HOVE J/T 100 100 0.001%
GARY L HOVEY & MARY HOVEY J/T 200 200 0.002%
ELLEN L HOWARD 200 200 0.002%
STEPHEN C HOWARD & JANICE K HOWARD J/T 600 600 0.005%
DOUGLAS R HOWELL 100 100 0.001%
RICHARD L HOYT 400 400 0.003%
I AVONNE HOYT & JACK D HOYT J/T 200 200 0.002%
GREGORY A HOYT & MONA SUE HOYT TENCOM 200 200 0.002%
LONNIE A HOYT & NANCY J HOYT J/T 200 200 0.002%
JACQUELINE HUBER 100 100 0.001%
JEFFERY HUDGINS 100 100 0.001%
JAMES E HUDSON 200 200 0.002%
BRYAN HUDSON & DIANA HUDSON J/T 100 100 0.001%
ROLAND C HUEBNER & CONSTANCE P HUEBNER J/T 200 200 0.002%
SEAN A HUEN & RACHEL R HUEN J/T 200 200 0.002%
DONNA M HUGHES 200 200 0.002%
HELEN HUGHES & ROLLAND GRAHAM TIC 200 200 0.002%
ROGER L HUISINGA & JANET HUISINGA J/T 200 200 0.002%
MARK J HULSEBUS 900 900 0.007%
MARSHALL HULSEBUS & MARILYN HULSEBUS J/T 100 100 0.001%
ELDON HULST 200 200 0.002%
GERALD L HUMMEL & SUSAN J HUMMEL J/T 100 100 0.001%
JORY W HUNERDOSSE 200 200 0.002%
DAVID L HUOVINEN & CINDY B HUOVINEN J/T 100 100 0.001%
ROGER HUPFELD 400 400 0.003%
VICTOR J HUSHAK & BEATRICE HUSHAK J/T 600 600 0.005%
CURTIS D HUSSKE & MARY C HUSSKE J/T 500 500 0.004%
JOHN E HUTTON JR 600 600 0.005%
DARL L HUYSER 200 200 0.002%
DUSTIN L HUYSER 200 200 0.002%
JOEL M HUYSER 200 200 0.002%
RANDY L HUYSER & NANCY L HUYSER J/T 100 100 0.001%
LOUISE MCGUIRE HYLAND & SIGURD R HYLAND J/T 100 100 0.001%
KEVIN HYUCK 200 200 0.002%
244 I 1,916 1,916 0.015%
DEAN IBELING & DEBI IBELING J/T 100 100 0.001%
DALE D IBELING & LEDA M IBELING J/T 100 100 0.001%
JOHN G IBELING & PATRICIA IBELING J/T 400 400 0.003%
JOHN H IHLE & JEAN ANN IHLE J/T 100 100 0.001%
JOHN H IHLE & JEAN ANNE IHLE J/T 100 100 0.001%
MERLE IHNE 700 700 0.005%
JOHNNIE D ILES & MEMORY J ILES J/T 200 200 0.002%
JOHNNIE D ILES & MEMORY J ILES 300 300 0.002%
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CHRIS T INGLEDUE 500 500 0.004%
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 600 600 0.005%
DOUGLAS L IRWIN 100 100 0.001%
JAMES IRWIN & PAULINE IRWIN J/T 200 200 0.002%
MAX D ISAACSON & ELIZABETH A ISAACSON J/T 200 200 0.002%
LAWRENCE ISAACSON & GEORGIA ISAACSON J/T 200 200 0.002%
GERALD L ISEMINGER & MARILYN J ISEMINGER J/T 100 100 0.001%
PHILIP W ISLEY & LYNN L ISLEY J/T 500 500 0.004%
ROY ISVIK 1,000 1,000 0.008%
MIKE IVERSON 200 200 0.002%
LYLE A IZER 150 150 0.001%
J J J EDLER PARTNERSHIP 200 200 0.002%
STEVEN EDWARD JACKSON 100 100 0.001%
JON JACKSON & KATHLEEN JACKSON J/T 200 200 0.002%
RONALD L JACKSON & MARY E JACKSON J/T 300 300 0.002%
WILLIAM ROBERT JACKSON JR & MARGRET JOAN JACKSON J/T 100 100 0.001%
BRADLEY F JACOBS 200 200 0.002%
ORVILLE JACOBS & RUTH JACOBS J/T 2,000 2,000 0.015%
ORVILLE J JACOBS & RUTH A JACOBS J/T 200 200 0.002%
ORVILLE JACOBS & RUTH JACOBS J/T 1,800 1,800 0.014%
JOHN JACOBSON 200 200 0.002%
KEVIN JACOBSON 200 200 0.002%
MARY JACOBSON 381 381 0.003%
RONALD G JAEGER 200 200 0.002%
J RUSSELL JAHN 100 100 0.001%
GLORIA J JAHNEL 100 100 0.001%
WILLIAM J JAHNEL 200 200 0.002%
JOHN Q JAMESON 400 400 0.003%
LEONARD F JANDIK & JOYCE E JANDIK J/T 200 200 0.002%
DWIGHT O JANES 200 200 0.002%
KIRK J JANES 400 400 0.003%
MERLIN D JANES 600 600 0.005%
RICHARD L JANES & JEANNE D JANES J/T 100 100 0.001%
CURTIS D JANS & BILLIE L JANS J/T 200 200 0.002%
CURTIS D JANS TTEE TR 200 200 0.002%
DAVID E JANSEN 200 200 0.002%
AREND JANSEN & BETTY LOU JANSEN J/T 400 400 0.003%
HARLEY A JANSSEN 200 200 0.002%
KENNETH D JANSSEN & NANCY L JANSSEN J/T 500 500 0.004%
DAVID W JANSSEN & SANDRA A JANSSEN J/T 200 200 0.002%
RONALD H JARBOE & DIXIE L JARBOE J/T 400 400 0.003%
AUDRA A JARMAN 250 250 0.002%
JOHN P JARMAN 250 250 0.002%
TYLER JASS 20 20 0.000%
DAVID JASS & DARCI JASS J/T 100 100 0.001%
CHRISTOPHER D JASS & DARCIE JASS J/T 5 5 0.000%
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HAYLEY M JASS & DARCIE R JASS J/T 5 5 0.000%
WILLIAM JASS & DORIS JASS J/T 160 160 0.001%
WILLIAM JASS & PAUL JASS J/T 20 20 0.000%
DEE JAY 10 10 0.000%
DEE JAY & STERLING JAY J/T 10 10 0.000%
JASON JEDELE 200 200 0.002%
CLARK C JEFFERSON 400 400 0.003%
RANDY JELTEMA 200 200 0.002%
ARTHUR JENISON & JUDY JENISON J/T 600 600 0.005%
ESTELENE M JENNINGS 200 200 0.002%
BOB J JENSEN 200 200 0.002%
BRENT JENSEN 500 500 0.004%
BRYAN J JENSEN 100 100 0.001%
PATTY JENSEN 200 200 0.002%
PHILLIP K JENSEN 100 100 0.001%
THOMAS J JENSEN 100 100 0.001%
ROGER P JENSEN & JEFFERY P JENSEN J/T 100 100 0.001%
KAREN K JESSEN 200 200 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%
ROBERT C JEWETT 200 200 0.002%
HARRY A JOCHEMS & JOYCE L JOCHEMS J/T 300 300 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%
JAMES E JOHANNSEN & HARRIET J JOHANNSEN J/T 400 400 0.003%
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%
ALBERT R JOHNSON 200 200 0.002%
AUDREY I JOHNSON 100 100 0.001%
BRUCE JOHNSON 500 500 0.004%
DARIN S JOHNSON 100 100 0.001%
GARY JOHNSON 200 200 0.002%
JIM 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%
RUSSELL JOHNSON 200 200 0.002%
STEVEN JOHNSON 200 200 0.002%
TERESA E JOHNSON 100 100 0.001%
WILLIAM FRED JOHNSON 100 100 0.001%
MICHAEL L JOHNSON & BEVERLY S JOHNSON J/T 100 100 0.001%
DWIGHT R JOHNSON & BONNIE R JOHNSON J/T 100 100 0.001%
ERIC PHILLIP JOHNSON & BRIDGET ANN JOHNSON J/T 100 100 0.001%
GREGORY C JOHNSON & CAROLYN D JOHNSON J/T 200 200 0.002%
LARRY A JOHNSON & DONNA L JOHNSON J/T 200 200 0.002%
DIANNE L JOHNSON & HOWARD D JOHNSON J/T 100 100 0.001%
JEFFREY G JOHNSON & ILENE B JOHNSON J/T 200 200 0.002%
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DONALD W JOHNSON & JANET I JOHNSON J/T 300 300 0.002%
WAYNE JOHNSON & JANIS JOHNSON J/T 100 100 0.001%
JEFFREY A JOHNSON & LAURA K JOHNSON J/T 100 100 0.001%
THOMAS A JOHNSON & LYNETTE J JOHNSON J/T 100 100 0.001%
JEFFREY L JOHNSON & PAMALA J JOHNSON J/T 100 100 0.001%
RICHARD L JOHNSON & PHYLLIS J JOHNSON J/T 100 100 0.001%
LYLE JOHNSON & REBECCA JOHNSON J/T 1,000 1,000 0.008%
KENT A JOHNSON & SARA E JOHNSON J/T 300 300 0.002%
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%
JEFF S JOHNSTON 100 100 0.001%
KEVIN L JOHNSTON & DIANE D JOHNSTON J/T 100 100 0.001%
WILLIAM H JOHNSTON & EMILY M JOHNSTON J/T 200 200 0.002%
GENE JONDALL & FRANCES JONDALL J/T 50 50 0.000%
GENE JONDALL & FRANCIS JONDALL J/T 50 50 0.000%
GERALD R JONES 200 200 0.002%
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%
DIANE L JONES & MARVIN R JONES J/T 300 300 0.002%
DAVID JONES & SUSAN JONES J/T 100 100 0.001%
DAVID D JONES & SUSAN K JONES J/T 100 100 0.001%
KATHY G JONES & TIMOTHY S JONES J/T 100 100 0.001%
LLOYD E JONES JR 100 100 0.001%
J NICHOLAS JORDAN 100 100 0.001%
PHILLIP L JORDAN & NONA B JORDAN J/T 3,000 3,000 0.023%
THOMAS B JORDENING & JANET L JORDENING J/T 100 100 0.001%
PHYLLIS JORGENSEN 200 200 0.002%
DAVID JOST & JULIANNE HOST J/T 100 100 0.001%
DAVID JOST & JULIANNE JOST J/T 100 100 0.001%
JSJ INVESTMENTS 260 260 0.002%
BETTE J JUDAS & PAULLETTE J REINARD & RENELL S RICHTER & T 100 100 0.001%
JEFF J JUDGE & DANA L JUDGE J/T 100 100 0.001%
RONALD JUFFER 500 500 0.004%
DENNIS W JUHL & JUDITH A JUHL J/T 100 100 0.001%
RALPH W JUHL & LAVON R JUHL J/T 500 500 0.004%
LESTER D JUHL & NORMA E JUHL J/T 200 200 0.002%
ELIZABETH J JUNG 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 200 200 0.002%
GEORGE KADRMAS JR 200 200 0.002%
GEORGE L KADRMAS JR 200 200 0.002%
ROBERT R KAHLER & JUDY L KAHLER J/T 100 100 0.001%
II-43
WILLIAM J KAHLER & PAMELA K KAHLER J/T 100 100 0.001%
HEATH KALBACH 100 100 0.001%
JAMES D KALBACH & BARBARA G KALBACH J/T 500 500 0.004%
LEONA A KALBACH & JAMES D KALBACH 500 500 0.004%
V ERIC KAMP 100 100 0.001%
THOMAS L KANE 240 240 0.002%
ROBERT KAPPEL & BEVERLY KAPPEL J/T 200 200 0.002%
ROBERT E KASISCHKE 100 100 0.001%
KENT N KASTENDICK & KELLY R KASTENDICK J/T 200 200 0.002%
NANCY H KAUFMAN 100 100 0.001%
FRED R KAUFMANN & CYNTHIA A KAUFMANN J/T 200 200 0.002%
LEE ANN S KAUZLARICH & WILLIAM J KAUZLARICH J/T 500 500 0.004%
LESTER L KAVAN & MARLENE K KAVAN J/T 100 100 0.001%
WILLIAM L KEEBLE & TERESA A KEEBLE J/T 2,000 2,000 0.015%
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%
NICHOLAS KEIDERLING & PATRICIA KEIDERLING J/T 300 300 0.002%
DAVID G KEILLY & CAROL R KIELLY J/T 100 100 0.001%
WILLIAM C KEIM & CHRISTA H KEIM J/T 1,500 1,500 0.011%
MICHAEL R KEITH & SHARON R KEITH J/T 150 150 0.001%
RICKY DON KELLENBERGER & KAREN JOY KELLENBERGER J/T 1,000 1,000 0.008%
LANCE KELLER 100 100 0.001%
LANCE KELLER & DEANNE HENRY J/T 50 50 0.000%
JEAN KELLER & KYLE R KELLER J/T 100 100 0.001%
MAX A KELLOG & MARCIA E KELLOG J/T 200 200 0.002%
CHAD D KELLOGG 100 100 0.001%
STEVEN J KELLY 100 100 0.001%
KAROL K KELSEY & BRYAN D HOBBS J/T 100 100 0.001%
KENT KELSEY & SARA KELSEY J/T 100 100 0.001%
RONALD K KEMMERER & LORRAINE A KEMMERER J/T 600 600 0.005%
THOMAS W KENEFICK 100 100 0.001%
DOUG M KENNEDY 200 200 0.002%
KEVIN CURTIS KENNEDY 330 330 0.002%
ROBERT I KENNEDY & BEVERLY R KENNEDY J/T 100 100 0.001%
CHRISTOPHER J KENNEDY & DANELLE T KENNEDY J/T 100 100 0.001%
DWIGHT KENNEDY & RHONDA KENNEDY J/T 600 600 0.005%
MARK A KERPER 500 500 0.004%
JAMES L KERR 200 200 0.002%
RICK T KETCHER JR 200 200 0.002%
KURT MICHAEL KETTER 100 100 0.001%
ROBERT L KEY & NAOMI A KEY J/T 300 300 0.002%
GEAROLD KIELLY 200 200 0.002%
WARREN KILLAM & MARAGRET KILLAM J/T 100 100 0.001%
M DAWN KILSTROM 100 100 0.001%
II-44
TROY L KILZER & KIM L KILZER J/T 100 100 0.001%
ARTHUR KING & BONNIE KING J/T 300 300 0.002%
EDWIN D KING & JANIS B KING J/T 400 400 0.003%
TIMOTHY W KING & MARLENE R KING J/T 200 200 0.002%
ASA LEE KING & WANDA LOU KING J/T 100 100 0.001%
DONALD D KINGERY & ELEANOR M KINGERY J/T 100 100 0.001%
CHARLES KINGERY & REBECCA KINGERY J/T 200 200 0.002%
KINNETZ INC 200 200 0.002%
DARRELL E KINNEY & FLORENCE E KINNEY J/T 200 200 0.002%
KINNEY MACHINE & TOOL C/O RICHARD KINNEY 2,000 2,000 0.015%
DORRANCE EARL KINSELLA & DELORES M KINSELLA J/T 200 200 0.002%
MIKE KINTER & SANDRA KINTER J/T 100 100 0.001%
RYAN D KIPP 1,000 1,000 0.008%
LEON KIPP & BERNICE KIPP J/T 200 200 0.002%
KEITH B KIRBY 200 200 0.002%
ROBERT A KIRBY 200 200 0.002%
YVONNE M KIRKPATRICK 400 400 0.003%
KEVIN C KIRSCHENBAUM 100 100 0.001%
LARRY J KIRSHENBAUM 200 200 0.002%
KEUEE C KIRSHENBAUM & JOAN M KIRSHENBAUM J/T 100 100 0.001%
KENT D KIRSTEIN 100 100 0.001%
TOBY KLAUENBERG & JENNIFER KLAUENBERG J/T 2,000 2,000 0.015%
TOBY E KLAUENBERG & JENNIFER S KLAUENBERG J/T 488 488 0.004%
JADON KLAVER 250 250 0.002%
JODY K KLAVER 500 500 0.004%
LOWELL KLAVER 100 100 0.001%
ALVERN KLAVER & DEBBIE KLAVER J/T 100 100 0.001%
VERNON KLAVER & JUDY KLAVER J/T 300 300 0.002%
BRYCE L KLAVER & MARY E KLAVER J/T 300 300 0.002%
BRYCE KLAVER & MARY KLAVER & JUSTIN KLAVER J/T 250 250 0.002%
REX R KLEEMEIER & CHARLOTTE J KLEEMEIER J/T 100 100 0.001%
RALPH L KLEIN 200 200 0.002%
JOHN D KLEMM & VIRGINA C KLEMM J/T 400 400 0.003%
JOHN D KLEMM & VIRGINIA C KLEMM J/T 1,500 1,500 0.011%
MARIKA KLESIC & JOHN KLESIC J/T 25 25 0.000%
ANN KLEVER 100 100 0.001%
ROWENE B KLIEGL 7 7 0.000%
DONALD M KLINKHAMMER & JUDITH A KLINKHAMMER J/T 1,000 1,000 0.008%
KENNY KLOCKE 100 100 0.001%
DOUGLAS KLOCKE & PAULA KLOCKE J/T 200 200 0.002%
DENNIS KLOKE & JOYCE KLOKE J/T 200 200 0.002%
HOWARD E KLOPPING 100 100 0.001%
RICHARD KEITH KLOPPING & DORIS MAXINE KLOPPING J/T 200 200 0.002%
BILL J KLOSTERBOER 100 100 0.001%
LARRY D KLOSTERBOER 100 100 0.001%
II-45
VERNON KLOSTERBOER & ESTHER KLOSTERBOER J/T 100 100 0.001%
BETTY ANN KLUCAS & PAUL-EARL KLUCAS J/T 200 200 0.002%
F DUANE KLUTE 500 500 0.004%
LARRY E KLYN & DONNA C KLYN J/T 300 300 0.002%
BRUCE KNAAK 100 100 0.001%
TIMOTHY J KNAAK & PATRICIA K KNAAK J/T 300 300 0.002%
DONALD L KNAPP & HEATHER L KNAPP J/T 100 100 0.001%
MARVIN KNAPTON 200 200 0.002%
NORMAN KNEIP 500 500 0.004%
WILLIAM F KNELLER & SUSAN D KNELLER J/T 200 200 0.002%
CHARLES A KNEPPER 100 100 0.001%
RAYMOND E KNESS 2,400 2,400 0.018%
DAVID W KNIGHT 100 100 0.001%
GLENNA J KNIGHT 200 200 0.002%
HUGH KNIGHT 200 200 0.002%
JOSEPH E KNIGHT & PATRICIA A KNIGHT TIC 400 400 0.003%
RANDY KNIPFEL & JEAN KNIPFEL J/T 400 400 0.003%
GARY D KNOLL & CHRISTINE K KNOLL J/T 200 200 0.002%
RHETT S KNOLL & CHRISTINE K KNOLL J/T 568 568 0.004%
ROXANNE KNOLL & MICHAEL C KNOLL J/T 100 100 0.001%
GREGORY KNOP & CAROLYN KNOP J/T 200 200 0.002%
HAROLD F KNOP & M RUTH KNOP J/T 200 200 0.002%
JOEL CALEB KNUTSON 100 100 0.001%
LOIS J KNUTSON 100 100 0.001%
ZACH KNUTSON 100 100 0.001%
MARY KNUTSON & ISAAC KNUTSON J/T 50 50 0.000%
MARY KNUTSON & LINDSAY KNUTSON J/T 50 50 0.000%
GLENNYS C KNUTSON & MARGARTET E KNUTSON J/T 100 100 0.001%
ISAAC KNUTSON & MARY KNUTSON J/T 50 50 0.000%
LINDSAY KNUTSON & MARY 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%
VIRGINIA J KOCH 100 100 0.001%
SVEND V KOCH & ELIN M KOCH J/T 100 100 0.001%
MICHAEL A KOCK 100 100 0.001%
ALAN G KOCKLER 400 400 0.003%
ALAN GEORGE KOCKLER 150 150 0.001%
ALLEN L KOCKLER 252 252 0.002%
GEORGE KOCKLER 200 200 0.002%
LOIS KOCKLER 100 100 0.001%
LOIS KOCKLER & ALAN KOCKLER J/T 300 300 0.002%
JOSEPH E KODIS & MARY BETH KODIS J/T 100 100 0.001%
MAX A KOEBEL JR & LINDA D KOEBEL J/T 100 100 0.001%
PAUL A KOENIGUER 100 100 0.001%
ROBERT F KOERNER 200 200 0.002%
DARROL W KOHAGEN 100 100 0.001%
KARL JAMES KOKOTAN & CHARLENE ANN KOKTAN J/T 200 200 0.002%
GARY L KOLBE 100 100 0.001%
BRADY J KOLBET & ANDREA S KOLBET J/T 100 100 0.001%
ROGER L KOLBET & JEAN M KOLBET J/T 1,500 1,500 0.011%
II-46
LEON KOLBET & SUSAN KOLBET J/T 100 100 0.001%
KATHY A KOLDEN & ROBERT A KOLDEN J/T 100 100 0.001%
MARK F KOLLASCH & ALICE A KOLLASCH J/T 100 100 0.001%
MARY E KONGABLE & KEITH E KONGABLE J/T 100 100 0.001%
BRIAN D KONVALINKA 100 100 0.001%
WILBUR KOOYMAN & PEARL L KOOYMAN J/T 100 100 0.001%
DARRELL D KOOZER & JANET C KOOZER J/T 200 200 0.002%
KEITH KOPACK 100 100 0.001%
C E PETE & PATRICIA L KOPPIN TR C E PETE & PATRICIA L
KOPPIN TR 100 100 0.001%
JEFFERY S KORTH & TAMARA S KORTH J/T 200 200 0.002%
DUANE KOSS & DIANE ZEDRICK J/T 100 100 0.001%
GREGG KOSS & JACKIE SCHWARTZ J/T 100 100 0.001%
JEFF KOUDELKA & JENNY KOUDELKA J/T 200 200 0.002%
BELEN KRABBE 200 200 0.002%
WAYNE F KRAFT & DONNA M KRAFT TIC 100 100 0.001%
TIMOTHY J KRAL 1,000 1,000 0.008%
TODD KRAMER 100 100 0.001%
DAVID KRAMER & THERESA KRAMER J/T 200 200 0.002%
SCOTT KRAMME & DELILAH KRAMME J/T 100 100 0.001%
RICHARD G KRAMME & MARILYN O KRAMME J/T 200 200 0.002%
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%
JANET KAY KRAUSE 100 100 0.001%
MARVIN GEORGE KRAUSE 100 100 0.001%
JOHN KRAUSE & MARJORIE KROUSE REV TR 100 100 0.001%
KENTON S KREAGER & ANNE C KREAGER J/T 300 300 0.002%
KENTON S KREAGER & ANNE KREAGER J/T 300 300 0.002%
EMERY M KREBS 100 100 0.001%
REBECCA H KREMER & GERALD J KREMER J/T 300 300 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%
JOSH 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 0.005%
ROBERT C KUCERA 200 200 0.002%
ROBERT C KUEERA 100 100 0.001%
FAY KUHFUS & MRYANN KUHFUS J/T 200 200 0.002%
JON KUHFUS & PAULA KUHFUS J/T 400 400 0.003%
MICHAEL E KUKRAL 1,000 1,000 0.008%
KEITH L KULISKY & PATRICIA M KULISKY J/T 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%
JAY F KURTH & SHARON K KURTH J/T 200 200 0.002%
RICHARD B KVACH & SUSAN K KVACH J/T 100 100 0.001%
STEVE C KYNER 800 800 0.006%
KIM L ANDERSON & LAYNE C ANDERSON J/T 200 200 0.002%
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JESSE DAVID LAAKE 100 100 0.001%
JANET L LACEY & KENNETH P LACEY J/T 9,000 9,000 0.068%
TODD D LACKMANN & HEIDI N LACKMANN J/T 1,000 1,000 0.008%
RONALD L LADEHOFF 100 100 0.001%
NANCY LYNNE LADUE & HARRY JAY LADUE J/T 500 500 0.004%
CORINNE E LAFOLLETTE 100 100 0.001%
ELIOT D LAFOLLETTE 100 100 0.001%
NORMAN T LAFOLLETTE & SHIRLEY J FOLLETTE J/T 100 100 0.001%
ANDREW D LAKE & PATRICIA A LAKE J/T 100 100 0.001%
LAKESIDE CONSTUCTION INC 300 300 0.002%
ROBERT R LAKIN & DOROTHY M LAKIN J/T 200 200 0.002%
GEORGE JOSEPH LAKTASH & JOLETA JEAN LAKTASH J/T 500 500 0.004%
GEORGE LAKTASH & JOLETA LAKTASH J/T 500 500 0.004%
VALERIE L LAMASTERS 200 200 0.002%
LUCY B LAMB 400 400 0.003%
MICHELLE LAMBERT & DANIEL LAMBERT J/T 100 100 0.001%
RICHARD D LAMBIRTH & CONNIE S LAMBIRTH J/T 200 200 0.002%
DENNIS P LAMOREUX 200 200 0.002%
DAVID W LAMOREUX & LANICE R LAMOREUX J/T 100 100 0.001%
MARVIN R LANCASTER 400 400 0.003%
WILLIAM JOSEPH LANCIAL 500 500 0.004%
ALAN LANDER & DONNA LANDER J/T 100 100 0.001%
ALAN L LANDER & DONNA R LANDER J/T 100 100 0.001%
MELODY LANDGREBE 100 100 0.001%
GARRY LANDGREBE & MELODY LANDGREBE J/T 1,400 1,400 0.011%
ERIC JAHN LANDMEIER 200 200 0.002%
ADELAIDE LANDOY 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%
JOHN LANGFITT & MARILYN BAUER J/T 100 100 0.001%
DIANE J LANGSTRAAT 200 200 0.002%
WILLIAM KEITH LANGTON & SANDRA LEE LANGTON J/T 200 200 0.002%
ROGER LANMAN 100 100 0.001%
LAWRENCE LAPLUME 1,000 1,000 0.008%
TIMOTHY LAPOINTE & MICHELLE LAPOINTE J/T 200 200 0.002%
MARILYN Y LARIMORE 100 100 0.001%
KERMIT M LARSEN 200 200 0.002%
RODNEY H LARSEN 400 400 0.003%
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%
JOHN F LARSON 100 100 0.001%
LYNETTE LARSON 100 100 0.001%
MAX H LARSON 200 200 0.002%
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LEON A LARSON & MARY L LARSON J/T 400 400 0.003%
DALLAS C LARSON & PAMELA J LARSON J/T 1,000 1,000 0.008%
PERCY J LAUE 100 100 0.001%
LYLE R LAUGHERY & CAROL A LAUGHERY J/T 1,000 1,000 0.008%
MARLIN LAVERMAN & MARY LAVERMAN J/T 300 300 0.002%
DAVID C LAW & KATHLEEN K LAW J/T 100 100 0.001%
JEFF P LAWLER 100 100 0.001%
DIANNE F LAWLESS & WILLIAM J LAWLESS J/T 100 100 0.001%
CAROL A LAWRENCE & LAWRENCE M LAWRENCE J/T 300 300 0.002%
GAYLE A LAWSON 2,000 2,000 0.015%
DENNIS LEACH & VIOLET LEACH J/T 200 200 0.002%
ROBERT D LEAHY & BEVERLY J LEAHY J/T 100 100 0.001%
RICHARD LEBAHN & JAN LEBAHN J/T 100 100 0.001%
DALE LECLERC 999 999 0.008%
SUSAN M LEDFORD & JAMES J LEDFORD J/T 100 100 0.001%
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%
ROSS LEEPER & JANNI M LEEPER J/T 100 100 0.001%
SHANE LEER & REBECCA LEER J/T 100 100 0.001%
JASON L LEERAR & JOANIE L LEERAR J/T 100 100 0.001%
JON L LEERAR & MARLENE J LEERAR J/T 100 100 0.001%
PAUL C LEHMAN & ROSEANN M LEHMAN J/T 400 400 0.003%
ANTHONY B LEHMAN & TONI J LEHMAN J/T 200 200 0.002%
OSCAR T LENNING & LORENE J LENNING J/T 200 200 0.002%
STAN LENSING & MARLYS LENSING J/T 300 300 0.002%
JUANITA LEON 100 100 0.001%
DAVID P LEONARD & DIANE K LEONARD J/T 200 200 0.002%
JERRY LEONARD & VIOLA LEONARD J/T 100 100 0.001%
TERRY L LEPPER 200 200 0.002%
BRIAN LERWICK 100 100 0.001%
KEITH R LESS & GWEN K MONTAG J/T 200 200 0.002%
KEITH LESS & GWEN MONTAG J/T 300 300 0.002%
LOREN L LESTER 200 200 0.002%
MICHAEL T LEUCHS & SUSAN J LEUCHS 200 200 0.002%
SUSAN J LEUCHS GDN FOR JAMIE LEIGH LEUCHS 100 100 0.001%
SUSAN J LEUCHS GDN FOR MORGAN NICHOLE LEUCHS 100 100 0.001%
LEWCO SECURITIES CORP 1,000 1,000 0.008%
JERRY L LEWIS & RAMONA M LEWIS J/T 200 200 0.002%
ROBERT H LEWIS & SHARON LEWIS J/T 400 400 0.003%
DOUGLAS T LEWIS JR 200 200 0.002%
IRVIN LEWIS SR 100 100 0.001%
BRANDON LIEN & LISA LIEN J/T 100 100 0.001%
JEFF LIENING & JULIE LIENING J/T 100 100 0.001%
LLOYD LIGGETT & JANICE LIGGETT J/T 400 400 0.003%
SHERMAN LIMBURG 100 100 0.001%
COLLEEN LIMING & DELBERT M LIMING J/T 600 600 0.005%
FRANCIS K LINCOLN 100 100 0.001%
KATHERINE E LINDAMAN 100 100 0.001%
VINCENT LINDAMAN 400 400 0.003%
FREDERICK JAMES LINDENMAYER 200 200 0.002%
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MARK ALLAN LINDLEY & MARCEE RENEE LINDLEY J/T 200 200 0.002%
NOEL D LINDO 200 200 0.002%
CONNIE J LINETTE 200 200 0.002%
JOSHUA LINETTE 500 500 0.004%
MEL LINETTE 2,000 2,000 0.015%
LINSCO / PRIVATE LEDGER CORP 400 400 0.003%
ZONA LINT 20 20 0.000%
NADINE LISTON 200 200 0.002%
LITTLE FORT INC 500 500 0.004%
RODNEY A LIVINGS & IONA N LIVINGS J/T 1,000 1,000 0.008%
STEPHEN L LIVINGSTON & JULIE A LIVINGSTON J/T 300 300 0.002%
IONA N LIVS 100 100 0.001%
HOPE M LLOYD & JOSEPH W LLOYD J/T 214 214 0.002%
CHARLES LOBIANCO REV TR DATED 10/28/97 100 100 0.001%
CHARLES LOBIANCO REVOCABLE TRUST DATED 35731 100 100 0.001%
KEVIN L LOES & JEAN L LOES J/T 200 200 0.002%
HARRY JOE LOFFLER & NANETTE LOFFLER J/T 200 200 0.002%
DAVID M LOFTUS 100 100 0.001%
DANIEL T LOFTUS & DEBRA M LOFTUS J/T 100 100 0.001%
MARK E LOHAFER & RACHEL A O LOHAFER J/T 100 100 0.001%
LILLIAN L LONERGAN & JAMES E LONERGAN J/T 800 800 0.006%
BETTY J LONG 100 100 0.001%
WILLIAM G LONG 100 100 0.001%
ANTHONY B LONG & JONI L LONG J/T 100 100 0.001%
ROBERT A LONG & RUTH ANN R LONG J/T 100 100 0.001%
JOE LOONAN JR & SEAN O'ROURKE J/T 100 100 0.001%
JOE LOONAN JR & SEAN O'ROURKE TIC 100 100 0.001%
LOOT'N LADIES INVESTMENT CLUB 100 100 0.001%
GEORGE J LORBER 400 400 0.003%
JIM J LORBER 1,000 1,000 0.008%
JIM J LORBER & LEAH H LORBER J/T 3,000 3,000 0.023%
KEITH LEE LOUCKS 100 100 0.001%
KEITH LEE LOUCKS 100 100 0.001%
KENNETH D LOUGHERY 200 200 0.002%
MARY S LOUPEE & DAVID G LOUPEE J/T 240 240 0.002%
TODD R LOUWAGIE & SHELLEY R LOUWAGIE J/T 100 100 0.001%
TROY R LOUWAGIE & TRACEY A LOUWAGIE J/T 100 100 0.001%
WAYNE M LOVETINSKY & DOROTHY K LOVETINSKY J/T 100 100 0.001%
EDWARD J LOVETINSKY & MICHELLE L LOVETINSKY J/T 100 100 0.001%
DOUGLAS LOVSTUEN & CHRISTINIA LOVSTUEN J/T 100 100 0.001%
JOY D LOWE 100 100 0.001%
JAMES M LOWE & VIRGINIA E BOULTON J/T 100 100 0.001%
DONALD LOWTHER & SONDRA LOWTHER J/T 200 200 0.002%
EARL H LUDWIG & CAROLE LUDWIG J/T 100 100 0.001%
LOWELL A LUHMAN 4,000 4,000 0.030%
OMA L LUHMAN 500 500 0.004%
JERRY LUKENSMEYER 1,500 1,500 0.011%
HOWARD LUND & VIOLET LUND J/T 100 100 0.001%
II-50
CONNIE LUPPES 400 400 0.003%
MICHAEL LUPPES 400 400 0.003%
ZACHARY LUPPES 300 300 0.002%
STEVEN LUPPES & COLLEEN LUPPES J/T 300 300 0.002%
WALTER D LUTHER & MAVIS E LUTHER J/T 200 200 0.002%
DAVID J LUTHRO 100 100 0.001%
DENNIS L LUTZ JR 200 200 0.002%
DENNIS L LUTZ SR & GLENDORIS LUTZ J/T 200 200 0.002%
BRENT A LYMAN 1,000 1,000 0.008%
DANA MAAKESTAD 100 100 0.001%
JEFF L 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%
GINA MAAS 500 500 0.004%
CRAIG MAASDAM 200 200 0.002%
MONICA MACHIR & MACOLM VEDANE J/T 100 100 0.001%
DAVID M MACHULA & MARLA J MACHULA J/T 200 200 0.002%
MICHAEL D MACHULA & MELODY D MACHULA
J/T 100 100 0.001%
VERONICA R MACKEY & DAVID L MACKEY J/T 500 500 0.004%
GERARD F MACKIN & ROSEMARY MACKIN J/T 200 200 0.002%
WENDELL MACOMB 100 100 0.001%
DEBRA E MADDOX 200 200 0.002%
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 700 700 0.005%
JAMES MAGNUSON & SANDRA MAGNUSON J/T 400 400 0.003%
CHRISTINE MAHLOCH & HUGO W MAHLOCH JR
J/T 200 200 0.002%
DARIN L MAHLOW 400 400 0.003%
MARK MAHLOW & BONNIE MAHLOW J/T 300 300 0.002%
RICHARD MAHLOW & JANET MAHLOW J/T 220 220 0.002%
DONALD D MAHLOW & JUDITH J MAHLOW J/T 400 400 0.003%
S RAMI MAKKAPATI 200 200 0.002%
ANN L MALLAMS & STEVE D MALLAMS J/T 200 200 0.002%
DONOVAN S MALLERY TR 11/06/91 100 100 0.001%
SUSAN K MALLOY 100 100 0.001%
DONALD M MANN 400 400 0.003%
JOHN WILLIAM MANN 600 600 0.005%
CHRISTOPHER D MANN & MICHELLE M MANN
J/T 200 200 0.002%
JAMES E MANNING & LAVERNE J MANNING J/T 400 400 0.003%
LOREN MAPSON & SHIRLEY MAPSON J/T 100 100 0.001%
JAIMIE L MARCHANT & BRAD L ENGELBY J/T 5 5 0.000%
SHERLIE A MARGARET & BRIAN K MARGARET
J/T 800 800 0.006%
ROBERT S MARION & BONNIE L MARION J/T 200 200 0.002%
W JEFF MAROLF 500 500 0.004%
HOWARD T MARQUARDT & ERSILEEN M
MARQUARDT J/T 200 200 0.002%
MARSH COMPANY PC 100 100 0.001%
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LAWRENCE F MARSHALL & DEBRA J MARSHALL
J/T 100 100 0.001%
DENNIS D MARTEN & KAREN S MARTEN J/T 1,000 1,000 0.008%
LINDA R MARTENS & GEORGE LEE MARTENS J/T 100 100 0.001%
LINDA MARTENS & GEORGE MARTENS J/T 200 200 0.002%
BENJAMIN MARTIN 100 100 0.001%
BRIAN MARTIN 1,000 1,000 0.008%
DENISE MARTIN 600 600 0.005%
HAROLD LEWIS MARTIN 400 400 0.003%
RUSSELL JAMES MARTIN & CHENOA MARTIN J/T 200 200 0.002%
DARYL MARTIN & MARIA MARTIN J/T 600 600 0.005%
LEONA E MARTIN & ROBERT L MARTIN J/T 200 200 0.002%
LOREN MARTIN & SHANNON MARTIN J/T 200 200 0.002%
DENNIS R MARTIN & SUSAN L MARTIN TIC 200 200 0.002%
EMMA JEAN MARTIN REV TR 3/1/94 HAROLD J
MARTIN CO TTEE 1,000 1,000 0.008%
EUGENE MARTINDALE & BETTY MARTINDALE
J/T 200 200 0.002%
LISA MARTIN-EATINGER & JOHN MARTIN-EATINGER J/T 100 100 0.001%
DALE MARTINSON & ADOLINE MARTINSON J/T 1,000 1,000 0.008%
DARLENE E MARUGG 100 100 0.001%
RALPH G MASON 1,000 1,000 0.008%
SCOT MASON 400 400 0.003%
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%
ARLENE MATCHIE & STANFORD MATCHIE J/T 100 100 0.001%
GLENDON R MATHESON & JUDITH A MATHESON
J/T 100 100 0.001%
GREG MATTERS & SALLY MATTERS J/T 200 200 0.002%
CHARLES D MATTHEWS & MALISSA A
MATTHEWS J/T 100 100 0.001%
WILLIAM M MATTISON & CLAUDIA M
MATTISON J/T 200 200 0.002%
VANCE MATTISON & MICHELLE MATTISON J/T 400 400 0.003%
DENNY MAUSER & LARAE MAUSER J/T 200 200 0.002%
BRUCE K MAXWELL & DIANE K MAXWELL J/T 100 100 0.001%
BRUCE MAXWELL & DIANE MAXWELL J/T 100 100 0.001%
SANDRA KAE MAYO 100 100 0.001%
SHARON MAYO & DORIS MAYO 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 600 600 0.005%
DALE W MCBRIDE 500 500 0.004%
IVAN MCBRIDE & LYN MCBRIDE J/T 600 600 0.005%
VIRGINIA L MCCALL 100 100 0.001%
MIKE MCCARTNEY 100 100 0.001%
ROBERT A MCCARTNEY 100 100 0.001%
SHAWN R MCCARTY 100 100 0.001%
SHAWN MCCARTY & JILL MCCARTY J/T 100 100 0.001%
CHRISTEN LYN MCCLAIN 100 100 0.001%
KEVIN C MCCLAIN 300 300 0.002%
JAMES R MCCLAIN & NANCY L MCCLAIN J/T 340 340 0.003%
II-52
PHILLIP W MCCLASKEY & FRANCIS I MCCLASKEY J/T 100 100 0.001%
MARGARET MCCLEARY 100 100 0.001%
DAVID MCCLELLAN & CHARLOTTE MCCLELLAN
J/T 100 100 0.001%
WM HOWARD MCCLENNAN JR DBA HKM &
ASSOCIATES 365 365 0.003%
MARY JANE MCCOLLUM 200 200 0.002%
BRAD M MCCONAHAY 500 500 0.004%
DAN MCCONAHAY & KAREN MCCONAHAY J/T 200 200 0.002%
KEVIN M MCCORMICK & MARIE A MCCORMICK
J/T 100 100 0.001%
DANIEL JAMES MCCOURT 100 100 0.001%
J V MCCREIGHT 200 200 0.002%
MARK MCCULLOUGH 100 100 0.001%
NANCY R MCCULLOUGH & OLIN L SHANE J/T 100 100 0.001%
RANDY MCCUNN 200 200 0.002%
MCCUNN EQUIPMENT COMPANY 500 500 0.004%
MONTE J MCCUNNIFF 500 500 0.004%
MARY JO MCCURRY & DAVID P MCCURRY J/T 200 200 0.002%
DENNIS D MCCURRY & ELAINE R MCCURRY J/T 200 200 0.002%
MICHAEL BLAINE MCCURRY & LORI LYNNE
MCCURRY J/T 100 100 0.001%
SARAH ANNE MCCURRY & LORI LYNNE MCCURRY J/T 100 100 0.001%
CRAIG A MCDERMOTT 50 50 0.000%
MCDONALD CONSTRUCTION INC 7,000 7,000 0.053%
STEVE MCDOWELL & PATSY MCDOWELL J/T 600 600 0.005%
RICKEY J MCDOWELL & SUE J MCDOWELL J/T 200 200 0.002%
LUCILLE MCELROY 100 100 0.001%
DAVID L MCFARLAND 200 200 0.002%
HOMER F MCFARLAND 100 100 0.001%
ROGER E MCFARLAND & JOYCE M MCFARLAND
J/T 100 100 0.001%
ROBERT A MCFARLAND & MARY ANN MCFARLAND J/T 200 200 0.002%
JOSEPH OWEN MCGEE & PATRICIA EILEEN
MCGEE J/T 200 200 0.002%
JAMES L MCGRIFF 1,200 1,200 0.009%
LUKE T MCGUIRE & CAROL V MCGUIRE J/T 400 400 0.003%
TIM MCINTYRE 800 800 0.006%
JAMES D MCKINESS & HEATHER JP MCKINESS
J/T 100 100 0.001%
DOUGLAS E MCKINNEY & JOANN D MCKINNEY
J/T 300 300 0.002%
NATHANIEL M MCLAREN 100 100 0.001%
PHILIP M MCLAREN & LANA S MCLAREN J/T 100 100 0.001%
DAWN K MCLAUGHLIN 400 400 0.003%
THOMAS E MCMANUS & DIANE K MCMANUS J/T 1,000 1,000 0.008%
BRENT D MCMANUS & LINDA S MCMANUS J/T 100 100 0.001%
LOIS JEAN MCMORRAN 200 200 0.002%
KENNETH E MCMURRAY & JANICE L & KIRK J
MCMURRAY JT 150 150 0.001%
GINA S MCNAIR & EDWARD F MCNAIR J/T 1,000 1,000 0.008%
THOMAS J MCNAMARA & BEVERLY J 400 400 0.003%
II-53
MCNAMARA J/T
KEVIN A MCNEAL 300 300 0.002%
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%
GARY L MEIER JR 400 400 0.003%
SHARON D MEIKLE 200 200 0.002%
DARRON L MEINSMA 100 100 0.001%
DENNIS MEINTS & ROBERTA MEINTS J/T 200 200 0.002%
JAN M MEIRICK 5,000 5,000 0.038%
RICHARD C MELICK & ANNE M MELICK J/T 500 500 0.004%
RICHARD MELICK & ANNE M MELICK TENCOM 500 500 0.004%
JOSEPH P MELLON & MARY L MELLON J/T 200 200 0.002%
LARRY C MELSA & JOYCE A MELSA J/T 500 500 0.004%
RODNEY DEAN MELTON & JANET L MELTON J/T 300 300 0.002%
AL MENKE & CAROL MENKE J/T 200 200 0.002%
D CHAD MERCER 100 100 0.001%
DERALD MERRILL & CONNIE MERRILL J/T 1,800 1,800 0.014%
DAVE MERTENS 600 600 0.005%
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%
ANNABELL MEYER 300 300 0.002%
BEVERLY J MEYER 20 20 0.000%
BEVERY J MEYER 80 80 0.001%
KELLY M MEYER 100 100 0.001%
KIMBERLY L MEYER 100 100 0.001%
LAVANADA MEYER 100 100 0.001%
STEVE MEYER 500 500 0.004%
THOMAS PAUL MEYER 300 300 0.002%
JEFFREY T MEYER & BEVERLY A MEYER J/T 800 800 0.006%
WAYNE MEYER & JANET PETERSON J/T 1,200 1,200 0.009%
STEVEN D MEYER & SHERI M MEYER J/T 100 100 0.001%
JAMES A MEYER JR 200 200 0.002%
RICHARD MEYERHOFF 200 200 0.002%
J F MEYERS 1,000 1,000 0.008%
MEYERS SHEET METAL WORKS, INC 200 200 0.002%
JAY W MEZ 400 400 0.003%
JOEL E MEZ 500 500 0.004%
WILMA E MIDDENDORF 600 600 0.005%
RAMONA E MIDDLETON 100 100 0.001%
MID-IOWA WOMEN'S INVESTMENT CLUB 100 100 0.001%
MARVIN MIKESH 1,000 1,000 0.008%
RON MIKKOLA 100 100 0.001%
LINDA ANN MILBRANDT 200 200 0.002%
MATTHEW MILLBURN & KIMBERLY MILLBURN
J/T 400 400 0.003%
LEO A MILLEMAN 100 100 0.001%
ANGELA MILLER 100 100 0.001%
II-54
BILL MILLER 200 200 0.002%
CURT A MILLER 200 200 0.002%
DANNY P MILLER 100 100 0.001%
JAY S MILLER 600 600 0.005%
JERRY LEE MILLER 200 200 0.002%
JOHN E MILLER 200 200 0.002%
JOYCE E MILLER 200 200 0.002%
LOIS MILLER 100 100 0.001%
MARY MILLER 100 100 0.001%
R STANLEY MILLER 300 300 0.002%
THOMAS E MILLER 200 200 0.002%
TONY MILLER & SANDRA MILLER J/T 200 200 0.002%
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%
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%
WILLIAM J MILLER & V EARLENE 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 MILLIGAN 2,000 2,000 0.015%
LOREN E MILLIGAN 800 800 0.006%
MATTHEW MILLIGEN 300 300 0.002%
ROBERT A MILLS 100 100 0.001%
STACEY MILLS & MELANY A MILLS J/T 100 100 0.001%
RYAN B MILLSAP & RONALD D MILLSAP J/T 300 300 0.002%
RONALD D MILLSAP & RYAN B MILLSAP J/T 100 100 0.001%
JAMES F MILNE 400 400 0.003%
RICHARD P MINEAR & COLEEN MINEAR J/T 200 200 0.002%
BRENT MITCHELL 100 100 0.001%
CHARLES RANDY MITCHELL 400 400 0.003%
JOHN MITCHELL 600 600 0.005%
JOHN B MITCHELL 300 300 0.002%
JERRY MITCHELL & KAREN MITCHELL J/T 100 100 0.001%
CHARLES R MITCHELL & NANCY A MITCHELL
J/T 400 400 0.003%
CARLA J MITCHELL & THERESA A VOSHELL
TENCOM 100 100 0.001%
JAMES R MOATS 600 600 0.005%
JACK WILLIAM MOBERG & LOIS MAY MOBERG
J/T 200 200 0.002%
STANLEY E MOBERG SR 100 100 0.001%
JANICE MOE 100 100 0.001%
GORDON G MOELLER 777 777 0.006%
LARRY W MOELLER 220 220 0.002%
MICHAEL P MOETSCH & KATHERINE A
MOETSCH J/T 200 200 0.002%
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RICHARD A MOFFITT 800 800 0.006%
RICHARD A MOFFITT JR & SHERIE L MOFFITT J/T 400 400 0.003%
TIMOTHY J MOHR & ANN MARIE MOHR J/T 1,000 1,000 0.008%
PATRICK J MONTAG & RACHEL L MONTAG J/T 100 100 0.001%
LOUIS MONTUORO 600 600 0.005%
JANET L MOON 100 100 0.001%
JACK S MOORE 1,400 1,400 0.011%
JOAN A MOORE 100 100 0.001%
JURINE BORTON MOORE 100 100 0.001%
LARRY D MOORE 100 100 0.001%
RONALD L MOORE 2,000 2,000 0.015%
JURINE BORTON MOORE & MASHALL RANA
NEMER J/T 100 100 0.001%
SHARON L MOORE & PATRICK T MOORE J/T 200 200 0.002%
KENDELL DEAN MOORMAN 2,000 2,000 0.015%
VERNON A MOORMAN & GLORIA G MOORMAN
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%
KEVIN L MORRIS & DAVID C MORRIS J/T 100 100 0.001%
WALTER F MORRISON 400 400 0.003%
DEBORAH MORRISON & JAMES MORRISON J/T 100 100 0.001%
PATRICK J MORRISSEY 100 100 0.001%
LYLE E MORSE 400 400 0.003%
DOUGLAS E MORSE & ANN M MORSE J/T 100 100 0.001%
DOUGLAS E MORSE & ANN M MORSE J/T 100 100 0.001%
WESLEY E MORTENSEN & JANICE A
MORTENSEN J/T 300 300 0.002%
LARRY E MORTENSON & DARLENE A
MORTENSON J/T 1,200 1,200 0.009%
ROBERT MORTON 100 100 0.001%
ROBERT E MORTON 988 988 0.007%
W JOSEPH MORTON & ROBBIN J MORTON J/T 100 100 0.001%
WILLIAM R MORTON & ROBBIN J MORTON J/T 200 200 0.002%
MARTY MORTVEDT 100 100 0.001%
JOHN B MOSER 200 200 0.002%
GERALD E MOSER & KATHRYN E MOSER J/T 200 200 0.002%
DOUGLAS MOSS & CAROL MOSS J/T 1,300 1,300 0.010%
BRIAN H MOUDRY & GLORIA J MOUDRY J/T 800 800 0.006%
THOMAS A MOUNSDON 500 500 0.004%
LARRY D MUELLER 500 500 0.004%
MARCUS A MUELLER 400 400 0.003%
THOMAS A MULLEN & LINDA S MULLEN J/T 100 100 0.001%
NEIL R MULLEN & TERESA R MULLEN J/T 400 400 0.003%
LAVELLE MULLER 500 500 0.004%
ROBERT V MUMM 400 400 0.003%
WAYNE F MUNSEN & SUSAN A MUNSEN J/T 100 100 0.001%
RONALD MURPHEY & CARLENE MURPHY J/T 100 100 0.001%
DAVID K MURPHY 200 200 0.002%
MICHAEL B 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%
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GRANT MURPHY & CAROL MURPHY & STEVE F
MURPHY J/T 100 100 0.001%
STEPHEN MURPHY & CAROL MURPHY J/T 1,000 1,000 0.008%
DANIEL MURPHY & DEANN MURPHY J/T 100 100 0.001%
WILLIAM L MURRA & VICTORIA L MURRA J/T 400 400 0.003%
JAMES L MURRAY & DIANNA L MURRAY J/T 300 300 0.002%
LARRY J MURRAY & SANDRA R MURRAY J/T 100 100 0.001%
MICHAEL J MUSICH 100 100 0.001%
M ELAINE MUSSELMAN & GENE A MUSSELMAN
J/T 400 400 0.003%
MUTUAL INTEREST GROUP 100 100 0.001%
MICHAEL J MYERS & HOLLY J MYERS J/T 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%
LADDIE NACHZEL 400 400 0.003%
LANCE NATH 2,000 2,000 0.015%
NATIONAL FINANCIAL SERVICES 300 300 0.002%
JOHN C NAYLOR & DANYELLE JIRSA-NAYLOR
TIC 200 200 0.002%
RICHARD D NEAL 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%
BARBARA J NEELD 700 700 0.005%
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%
SHARON NELSON 400 400 0.003%
DARYL R NELSON & KAREN M NELSON J/T 100 100 0.001%
VERN R NELSON & MARILYN L NELSON J/T 400 400 0.003%
MICHAEL J NELSON & MARY E NELSON J/T 200 200 0.002%
JAMES W NELSON & MAXINE M NELSON J/T 200 200 0.002%
DENNIS J NEPPL 500 500 0.004%
SCOTT DARWIN NERLAND 100 100 0.001%
ROGER NERLAND & DEB NERLAND J/T 100 100 0.001%
JULIE A NESHEIM 200 200 0.002%
MICHAEL A NESSA & CONNIE LEA NESSA J/T 200 200 0.002%
DELMAR D NESSA & JANET NESSA J/T 400 400 0.003%
KEVIN NESSA & KIM NESSA J/T 100 100 0.001%
KENNETH H NESTLER TR U/A 1/21/93 400 400 0.003%
DON NETTLETON 1,000 1,000 0.008%
DANIEL S NETTLETON & KAREN B NETTLETON
J/T 200 200 0.002%
GREG ANTHONY NEVE & LINDA MAE NEVE 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%
MARK D NEWHALL & SUSAN M NEWHALL
TENCOM 100 100 0.001%
RICHARD NEWHALL & SUSAN NEWHALL J/T 200 200 0.002%
STEVE M NEWTON & KRISTIN M NEWTON J/T 100 100 0.001%
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CALVIN K NEYMEYER & BARBARA A NEYMEYER J/T 100 100 0.001%
DONOVAN NIBE & REBECCA NIBE J/T 150 150 0.001%
MARSHA A NICHOLS 100 100 0.001%
BRENDA K NICHOLS & ANGELA R DETERS J/T 100 100 0.001%
BRITT NICHOLS & BRENDA NICHOLS J/T 100 100 0.001%
DONNA J NICHOLSON & DANIEL H NICHOLSON
J/T 200 200 0.002%
KELLY J NICHOLSON & TONYA S NICHOLSON J/T 300 300 0.002%
GEORGE T NICKOLAS 1,000 1,000 0.008%
CHRISTOPHER P NICOLAISEN & LISA A
NICOLAISEN J/T 200 200 0.002%
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%
RICO J NIZZI ROTH IRA 100 100 0.001%
ROLLAND NOITE 100 100 0.001%
LAURA, JILL, KENNETH & NOLAN HARRINGTON
J/T 100 100 0.001%
SCOTT D NOLL 200 200 0.002%
ROLLAND NOLTE 100 100 0.001%
MARK O NORD & WANDA E NORD J/T 100 100 0.001%
CAROL NORDBERG 200 200 0.002%
STEVEN H NORDEN 1,300 1,300 0.010%
NORDEN PROPERTIES LLC 2,000 2,000 0.015%
PATRICK M NORDHOFF 3,000 3,000 0.023%
NOSEC & CO 200 200 0.002%
GARY NOVAK - - 0.000%
BRYAN T NOWLIN & M TABEN NOWLIN J/T 100 100 0.001%
NSF INVESTMENTS 100 100 0.001%
NYBERG ELECTRIC SERVICE INC 500 500 0.004%
NYBERG ELECTRIC SERVICE INC. 1,300 1,300 0.010%
NYBERG ELECTRIC SERVICE, INC. 200 200 0.002%
NYBERG ELECTRIC SERVICES INC 200 200 0.002%
LEONARD NYCE & BONNALYN NYCE J/T 100 100 0.001%
PAUL ALAN NYE 200 200 0.002%
GERALD P NYE & JOZELLA C NYE 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%
REVA L OAKES & JAMES A OAKES J/T 800 800 0.006%
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 100 100 0.001%
LELAND G ODOM & SHARON K GROSS J/T 100 100 0.001%
LARRY OERING & LYNN DOERING J/T 400 400 0.003%
VALLERI A OGG 100 100 0.001%
MYRON OKKEN 200 200 0.002%
MARILEE OLDORF 100 100 0.001%
NATHAN OLDORF 100 100 0.001%
NATHAN M OLDORF 100 100 0.001%
WILLIAM ARTHUR OLESEN & MELANY KAY
OLESEN J/T 100 100 0.001%
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DALENE OLLENDIECK & KENNETH OLLENDIECK J/T 400 400 0.003%
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 400 400 0.003%
RONALD D OLSON & E SUE OLSON J/T 100 100 0.001%
DALE C OLSON & GAYLE L OLSON J/T 500 500 0.004%
JEFF OLSON & JANET OLSON J/T 200 200 0.002%
DONALD OLSON & JEANNETTE OLSON J/T 1,000 1,000 0.008%
ORVILLE OLSON & SUZETTE OLSON J/T 100 100 0.001%
GARY OLSOWSKI & TRACEY OLSOWSKI J/T 100 100 0.001%
DENNIS R OLTMANNS & BETTY L OLTMANNS J/T 100 100 0.001%
BRIAN OLTROGGE 100 100 0.001%
JUNE VAN OORT 100 100 0.001%
LISA KAY O'REGAN 200 200 0.002%
KEVIN J O'ROURKE 700 700 0.005%
EDWARD P ORTNER 100 100 0.001%
MICHAEL JAMES OSBORN 100 100 0.001%
ALICE OSBORNE 100 100 0.001%
MARCELLINE M OSMUNDSON 200 200 0.002%
BRANDY OSSIAN 100 100 0.001%
JAMES WALKER OSTERSON 100 100 0.001%
JOHN G OSTERSON & ROBBIN J MORTON J/T 100 100 0.001%
SHARON OSTHUS 100 100 0.001%
RONALD OSTHUS & LORA OSTHUS J/T 800 800 0.006%
JANICE A OSTHUS-KAPLAN 700 700 0.005%
JASON OSTREM 100 100 0.001%
RICHARD D OSTREM & NANCY J OSTREM J/T 200 200 0.002%
PATRICK C O'TOOL 100 100 0.001%
JOSHUA G OTTEN 100 100 0.001%
OWA FALLS STATE BANK TR FOR CECIL L
JENNINGS 500 500 0.004%
AMY J OWEN 100 100 0.001%
MICHAEL D OWEN 600 600 0.005%
JEFF OWENS & JEANINE E OWENS J/T 200 200 0.002%
P & P HOMES- DEAN POTTEBAUM RANDY
PAULSEN - PAR 200 200 0.002%
PATRICK E PACHA 340 340 0.003%
VIRGINIA R PADOVAN 100 100 0.001%
MICHAEL RAY PAGE 100 100 0.001%
DIANE K PAGLIA 200 200 0.002%
FRANK PAGLIA & DARLENE PAGLIA J/T 100 100 0.001%
RONNIE DUANE PALMER & CHRISTINE SUE
PALMER J/T 800 800 0.006%
ROGER PALMER & LUELLA PALMER J/T 100 100 0.001%
KEVIN N PALUMBOS 1,500 1,500 0.011%
ELROY H PANBECKER 200 200 0.002%
TERRY A PANBECKER 200 200 0.002%
NORMAN L PANZI 300 300 0.002%
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JASON P PARCHER & BENJAMIN J PARCHER J/T 100 100 0.001%
JASON PARCHER & KAREN PARCHER J/T 100 100 0.001%
KAREN A PARCHER & SARAH J PARCHER J/T 100 100 0.001%
GARY D PARISHO 500 500 0.004%
KIRT D PARIZEK 200 200 0.002%
CHRISTOPHER H PARKER 100 100 0.001%
PATRICK T PARKS & SHEILA R PARKS J/T 100 100 0.001%
LILA L PARLIN 100 100 0.001%
NEIL PARMENTER & TERESA PARMENTER J/T 200 200 0.002%
STEPHEN R PARNELL & ELIZABETH A PARNELL
J/T 200 200 0.002%
FRANK P PASTEKA & JANELLE R PASTEKA J/T 400 400 0.003%
RAJESH PATEL & HEMLATA PATEL J/T 200 200 0.002%
RAJESH A PATEL & HEMLATA PATEL J/T 200 200 0.002%
CLAYTON D PATRICK 1,000 1,000 0.008%
JEFFREY J PATRICK 100 100 0.001%
MICHAEL PATRICK 100 100 0.001%
DAVID A PATRICK & DIANE R PATRICK J/T 200 200 0.002%
LLOYD PATRICK & DIANNA PATRICK J/T 200 200 0.002%
RANDALL R PATRICK & JANICE MB PATRICK J/T 100 100 0.001%
DAVID W PATTEN 100 100 0.001%
HELEN PATTEN 100 100 0.001%
HELEN V PATTEN 100 100 0.001%
JAMES R PATTEN & CHERYL A PATTEN J/T 400 400 0.003%
ANN L PATTERSON 200 200 0.002%
NOLAN B PATTERSON 100 100 0.001%
STEVEN LEROY PATTERSON & KAREN MARIE
PATTERSON J/T 100 100 0.001%
STEVEN R PATTERSON & KELLY J PATTERSON
J/T 500 500 0.004%
DANE ALAN PATTON 200 200 0.002%
DAN E PATTON & CATHY E PATTON J/T 200 200 0.002%
ANDREW PATZ 100 100 0.001%
BRIAN PATZ 100 100 0.001%
GARY WAYNE PAUL 1,000 1,000 0.008%
HARVEY PAULL 900 900 0.007%
HARVEY C PAULL 1,000 1,000 0.008%
BRIAN T PAULSEN 200 200 0.002%
ROBERT A PAULSEN 500 500 0.004%
BETTY K PEARSON 100 100 0.001%
EDWARD S PECENKA & DEBRA L BROWNS-
PECENKA J/T 100 100 0.001%
DAMON PEDERSEN & JENNIFER PEDERSEN J/T 500 500 0.004%
RON PEDERSEN & LORI PEDERSEN J/T 700 700 0.005%
CHARLENE KAY PEDERSON 100 100 0.001%
BENJAMIN J PEGRAM & KARLA K PEGRAM J/T 1,000 1,000 0.008%
DAVID J PEITZMAN 400 400 0.003%
JOHN D PEMBLE & HEATHER C PEMBLE J/T 200 200 0.002%
KYLE LYNN PENCE 100 100 0.001%
JERRY LYNN PENCE & GAYLE PENCE J/T 300 300 0.002%
RONALD D PENN 400 400 0.003%
MARVIN L PENNING 100 100 0.001%
MARY ANN PENNY 100 100 0.001%
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BRADLEY C PERKINS 200 200 0.002%
D K 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 100 100 0.001%
DAVID M PERKINS & WILMA A PERKINS J/T 100 100 0.001%
ALLEN PERSON & BECKY PERSON J/T 100 100 0.001%
DANFORD P PERUSINA & ARLENE M PERUSINA TTEE TRUST
#546426153 100 100 0.001%
RICHARD G PESHAK & DEBRA A PESHAK J/T 100 100 0.001%
JOE PETERS 500 500 0.004%
JOHN PETERS & CHARLOTTE PETERS J/T 50 50 0.000%
LARRY R PETERSEN 20 20 0.000%
CARL DENNIS PETERSEN & BEVERLY M PETERSEN J/T 200 200 0.002%
DANIEL J PETERSEN & SHANNON R RAMSEY PETERSEN J/T 100 100 0.001%
DOUGLAS A PETERSON 100 100 0.001%
JAMIE D PETERSON 100 100 0.001%
KAREN K PETERSON 200 200 0.002%
KEVIN PETERSON 200 200 0.002%
KIMBERLY ANN PETERSON 100 100 0.001%
SCOTT E PETERSON 200 200 0.002%
SONDRA M PETERSON 200 200 0.002%
LEROY PETERSON & CLAUDENE PETERSON J/T 400 400 0.003%
LARRY PETERSON & JERALDINE PETERSON J/T 20 20 0.000%
CARYE PETERSON & MARIANN PETERSON J/T 500 500 0.004%
STEVEN K PETERSON & MARY A PETERSON J/T 300 300 0.002%
M ROGER PETERSON & SHIRLEY M PETERSON J/T 100 100 0.001%
KAREN PFANTZ & IRA R PFANTZ J/T 2,000 2,000 0.015%
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 L PHERIGO & DELORIES A PHERIGO J/T 80 80 0.001%
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%
KENT PICHT 1,000 1,000 0.008%
DEBBIE L PICKARD 100 100 0.001%
JOSEPH B PICKARD & DEBBIE L PICKARD J/T 100 100 0.001%
KATHIE PICKARD & ZACHARY PICKARD J/T 250 250 0.002%
ROBERT PIERCE & INGRID PIERCE J/T 200 200 0.002%
RANDALL E PIERSON & TONYA PIERSON J/T 200 200 0.002%
RANDALL E PIERSON & TONYA R PIERSON J/T 200 200 0.002%
KEVIN PIETERS & SOLENE PIETERS J/T 200 200 0.002%
LARRY PIGOTT & MARY PIGOTT J/T 500 500 0.004%
LEON R PILCHER & VICKIE L PILCHER J/T 200 200 0.002%
PAUL L PINNEY 100 100 0.001%
ELIZABETH ANNE PINNICK 100 100 0.001%
DENNIS PITTMAN 200 200 0.002%
LAURINE PITTS 200 200 0.002%
JOSEPH PITTS & PEGGY PITTS J/T 100 100 0.001%
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JEFF PITTS & SHARON PITTS J/T 1,000 1,000 0.008%
ROGER J PITZEN & GEORGENE L PITZEN J/T 200 200 0.002%
GREG PIXLEY & SUSAN R PIXLEY J/T 200 200 0.002%
MICHAEL N PLASIER 100 100 0.001%
PLAZA RV INC 400 400 0.003%
SCOTT POCHOBRADSKY 100 100 0.001%
GORDON MICHAEL POINTER 600 600 0.005%
TERRY L POLEY 1,200 1,200 0.009%
ELDON L POLK & MARY L POLK J/T 100 100 0.001%
CAROL POLKOWSKE 200 200 0.002%
POMEROY RENTAL LLC 100 100 0.001%
NORMA POMMREHN 200 200 0.002%
VICTORIA LAYNN POMMREHN 100 100 0.001%
DEVERE C PONTENBERG & NORMA PONTENBERG J/T 200 200 0.002%
VICKI J PORTER 60 60 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%
HOWARD POTTEBAUM & DORIS POTTEBAUM J/T 100 100 0.001%
DEAN POTTEBAUM & ROXANNE POTTEBAUM J/T 200 200 0.002%
LESLIE ANNE POTTER 100 100 0.001%
JOHN ROBERT POTTER & LESLIE ANN POTTER J/T 100 100 0.001%
LARRY L POTTS & EUNICE D POTTS J/T 200 200 0.002%
ROGER E POTTS & KENNETH E POTTS J/T 400 400 0.003%
GREGORY A POWELL & KAREN K POWELL J/T 100 100 0.001%
PRAIRIE REAL ESTATE LC 1,000 1,000 0.008%
PRALL FAM TR U/A 01/11/94 PAULINE E PRALL TR 400 400 0.003%
PAULINE E PRALL TR PRALL FAM TR UAD 1-11-94
FBO AMY E PRALL 25 25 0.000%
PAULINE PRALL TR PRALL FAM TR UAD 1-11-94
FBO DOUGLAS G PRALL 25 25 0.000%
PAULINE E PRALL TR PRALL FAM TR UAD 1-11-94
FBO JASON D PRALL 25 25 0.000%
PAULINE E PRALL TR PRALL FAM TR UAD 1-11-94
FBO MICHAEL T PRALL 25 25 0.000%
PAULINE E PRALL TR PRALL FAM TR UAD 1-11-94
FBO REBECCA S SCHAEFFER 25 25 0.000%
PAULINE E PRALL TR PRALL FAM TR UAD 1-11-94
FBO STACIE R PRALL 25 25 0.000%
PAULINE E PRALL TR PRALL FAMILY TR UAD
1/11/94 450 450 0.003%
KRISTOPHER PRALLE 420 420 0.003%
DOUGLAS LEON PRATT & LISA MARIE PRATT J/T 100 100 0.001%
JOANNA PREBECK 100 100 0.001%
BRADLEY T PRESTON 100 100 0.001%
PAUL A PRESTON & KAREN K PRESTON J/T 100 100 0.001%
JERRY F PRICE 200 200 0.002%
PATRICK M PRIER 20 20 0.000%
NATALIE PROBST & LONNY T PROBST J/T 100 100 0.001%
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PROGRESS INC 300 300 0.002%
PRO-TRACK PROMOTIONS, INC. 700 700 0.005%
ALLEN O PRYOR & CATHY M PRYOR J/T 500 500 0.004%
ANTHONY D PULS & MARGARET E PULS J/T 200 200 0.002%
JACK PUMPHREY & BETTY PUMPHREY J/T 200 200 0.002%
CRAIG PURSCELL 200 200 0.002%
HAROLD PUTNEY & GLORIA PUTNEY J/T 200 200 0.002%
JULIE QUAMME & BENNETT QUAMME 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%
MELVIN LEWIS QUINN 1,000 1,000 0.008%
ROGER JOHN QUINT 500 500 0.004%
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%
ELWOOD L RAFDAL 200 200 0.002%
KAREN A RAFDAL 500 500 0.004%
LYNN R RAHFELDT & JEAN M RAHFELDT J/T 500 500 0.004%
MARY A RAHTO & RICHARD K RAHTO J/T 200 200 0.002%
LESLIE R RAISCH 200 200 0.002%
MEINARD RAMEYER 100 100 0.001%
JAMES F RAMLER & LINDA M RAMLER J/T 300 300 0.002%
TIMOTHY W RANCH & CATHEY L RANCH J/T 1,000 1,000 0.008%
CHERYL K RANKIN 200 200 0.002%
JAMES Z RANSOM & TRESA RANSOM J/T 400 400 0.003%
TIM RASKA & RENEA RASKA J/T 100 100 0.001%
ZACHARY J RATCLIFF 200 200 0.002%
STEPHEN W RATHBUN & LAURIE L RATHBUN 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%
GARY RAY & CHRISTINE RAY J/T 1,000 1,000 0.008%
MICHAEL R RAYMOND & CAROLYN J RAYMOND
J/T 100 100 0.001%
LEROY RECKER & EDNA RECKER J/T 800 800 0.006%
LEROY J RECKER & EDNA RECKER J/T 200 200 0.002%
JOHN H REDDISH & AMANDA J REDDISH J/T 20 20 0.000%
LORRIE J REDDISH & JEFFREY O REDDISH J/T 20 20 0.000%
GUY R REDDISH & JOHN H REDDISH J/T 100 100 0.001%
LORRIE J REDDISH & JOHN H REDDISH J/T 100 100 0.001%
LORRIE J REDDISH & REVA J REDDISH J/T 100 100 0.001%
LORRIE J REDDISH & RICHARD W MAISEL J/T 20 20 0.000%
JOHN REDDISH & SCOTT H REDDISH J/T 20 20 0.000%
LORRIE J REDDISH & VINCENT T MAISEL J/T 20 20 0.000%
ROGER REDFEARN & SHERIDAN REDFEARN J/T 200 200 0.002%
BRENDA R REED & CINDY L BRUN J/T 200 200 0.002%
GERALD W REED & JEAN F REED J/T 100 100 0.001%
PHILLIP S REES 400 400 0.003%
GARY E REIMER & LINDA M REIMER TIC 100 100 0.001%
RANDY REINDL & CAROLE REINDL J/T 200 200 0.002%
BARTON REINKE & CONNIE REINKE J/T 100 100 0.001%
RICHARD L REIS & CAROLE A REIS J/T 100 100 0.001%
TROY REISDORF 2,200 2,200 0.017%
II-63
SUSAN E REISER 100 100 0.001%
IRMA M REISER & ARTHUR REISER J/T 100 100 0.001%
ROBER REISETTER 300 300 0.002%
THOMAS W REISETTER & JANIS F REISETTER J/T 100 100 0.001%
GLENN REISETTER & LETTY REISETTER J/T 200 200 0.002%
JANIS F REISETTER & THOMAS W REISETTER J/T 300 300 0.002%
JEFFREY REISS & SHARON REISS J/T 200 200 0.002%
JOHN V REIST 520 520 0.004%
J R RELICK C/F ANSON F RELICK UGMA IA 100 100 0.001%
J R RELICK C/F J RANDALL RELICK UGMA IA 100 100 0.001%
J R RELICK C/F KATIE N RELICK UGMA IA 100 100 0.001%
J R RELICK C/F KEHLER M RELICK UGMA IA 100 100 0.001%
CHAD A REMMERS 100 100 0.001%
LUCILLE RENARD 200 200 0.002%
HAROLD D RENSHAW & BETTY E RENSHAW J/T 100 100 0.001%
LUCILLE H HAAN RENZE 100 100 0.001%
LOREN V RENZE & LUCILLE H HAAN-RENZE J/T 200 200 0.002%
KIRK J REQUIST & GARNET REQUIST J/T 100 100 0.001%
RHA SERVICE INC. 200 200 0.002%
DONALD J RHEAD & PHYLLIS J RHEAD J/T 100 100 0.001%
DAN RAY RHILEY 200 200 0.002%
LINDA L RHOADES 100 100 0.001%
CRAIG D RHODES 100 100 0.001%
JEAN M RHODES 100 100 0.001%
SCOTT RHODES 400 400 0.003%
JAEN RHODES C/F BRIAN A RHODES UGMA IA 100 100 0.001%
JEAN RHODES GUARDIAN FOR DENIS A RHODES 100 100 0.001%
ROGER JAMES RICE & BARBARA JEAN RICE J/T 200 200 0.002%
NEIL BENJAMIN RICH 100 100 0.001%
DANIEL L RICHARD & PATRICIA L RICHARD J/T 300 300 0.002%
GARY L RICHARDS & MARTHA E RICHARDS J/T 500 500 0.004%
JESSIE RICHTER 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%
RON RIDNOUR 100 100 0.001%
JOANN A RIEDELL 200 200 0.002%
E DALE RIEDL & PRISCILLA J RIEDL J/T 300 300 0.002%
BRUCE E RIEKEN 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%
LINDA D RIES 200 200 0.002%
BARBARA E RIFFEL 100 100 0.001%
JOHN RIGGINS & LUCY RIGGINS J/T 900 900 0.007%
ROBERT E RIGGLE 150 150 0.001%
LOIS RIGGLE & ROBERT E RIGGLE J/T 100 100 0.001%
JIM RIGGS & SUE RIGGS J/T 100 100 0.001%
STEVEN C RIGGS & TERRIE A RIGGS J/T 200 200 0.002%
WILLIAM MARK RILEA & WANDA JEAN RILEA J/T 1,000 1,000 0.008%
CAPTAIN RICHARD RILEY USN (RET) 1,000 1,000 0.008%
DR NORMAN K RINDERKNECHT 400 400 0.003%
II-64
STEVE RINGGENBERG & LINDA RIGGENBERG J/T 200 200 0.002%
REX B RINKER & SHERYL G RINKER J/T 400 400 0.003%
DUANE RINNAN 100 100 0.001%
DONALD R RIORDAN & REBECCA A RIORDAN J/T 100 100 0.001%
JOHN RISINGER 300 300 0.002%
JOANN A RJEDELL 20 20 0.000%
NANATE DORN ROBBINS 100 100 0.001%
ROBERT H ROBERSON & MARCIA K ROBERSON
J/T 100 100 0.001%
ALBERT LEE ROBERTS 200 200 0.002%
CHRIS JAY ROBERTS 400 400 0.003%
CHRISTINA ROBERTS 200 200 0.002%
DAVID GREGG ROBERTS 600 600 0.005%
HAROLD L ROBERTS 100 100 0.001%
NICK ROBERTS 400 400 0.003%
REGINALD D ROBERTS 300 300 0.002%
RONALD L ROBERTS 4,000 4,000 0.030%
RONALD L ROBERTS & BONNIE J TAYLOR J/T 100 100 0.001%
CHRISTINIA ROBERTS & CHRIS JAY ROBERTS
TIC 1,000 1,000 0.008%
RONALD L ROBERTS & GARY F BROWN J/T 200 200 0.002%
RONALD L ROBERTS & JULIE ILAX TIC 100 100 0.001%
RONALD L ROBERTS & MARVIN GEIS J/T 200 200 0.002%
RONALD L ROBERTS & MARVIN GEIS TIC 200 200 0.002%
RONALD L ROBERTS & RALPH D ROBERTS J/T 300 300 0.002%
RONALD L ROBERTS & RONALD L ROBERTS JR
TIC 100 100 0.001%
RONALD L ROBERTS & YVONNE M ROBERTS J/T 9,000 9,000 0.068%
ALETHEA ROBINETTE 60 60 0.000%
DAVID J ROBINETTE 300 300 0.002%
MICHAEL G ROBINETTE 50 50 0.000%
JACK ROBINSON & LINDA ROBINSON J/T 150 150 0.001%
RANDALL K ROCKHILL 100 100 0.001%
DORIS A ROCKWELL 4,000 4,000 0.030%
KENNY ROEDER 100 100 0.001%
L R ROEDER 1,800 1,800 0.014%
RAMONA ROEDER & DAVID ROEDER J/T 100 100 0.001%
TODD ROELFS & DEE ROELFS J/T 180 180 0.001%
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%
MICHAEL W ROLING 100 100 0.001%
CRAIG ROLLINSON 250 250 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 200 200 0.002%
IREY N ROSE & ANN M ROSE J/T 100 100 0.001%
SIDNEY H ROSKENS 200 200 0.002%
STEVEN ROSKENS 100 100 0.001%
STEVEN H ROSKENS 200 200 0.002%
STEVENS H ROSKENS 100 100 0.001%
DELBERT ROSS 200 200 0.002%
II-65
ROBERT L ROSS 100 100 0.001%
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 0.014%
SHARON ROUW 100 100 0.001%
MICHAEL ROUW & KELLYE ROUW J/T 600 600 0.005%
LANCE ROWELL 100 100 0.001%
MELVIN HARTMAN ROZELLA HARTMAN FAMILY TRUST 100 100 0.001%
MICHAEL ROZENDAAL & SANDRA ROZENDAAL
J/T 100 100 0.001%
RANDY ROZENDAAL & SHELLY ROZENDAAL TIC 100 100 0.001%
ROXY C RUBENDALL 20 20 0.000%
RANDY RUBY & MARILEE RUBY J/T 1,000 1,000 0.008%
GERALD E RUDD 150 150 0.001%
KIM R RUDDICK & LORI J RUDDICK J/T 1,000 1,000 0.008%
ALLEN RUDY & MARGARET RUDY J/T 200 200 0.002%
WILLIAM E RUHS & NANCY A RUHS J/T 300 300 0.002%
MARY LISA RULISON 200 200 0.002%
STEPHEN D RUNNER 1,000 1,000 0.008%
ROBERT D RUNYON 3,000 3,000 0.023%
DOUGLAS R RUPIPER & PAMELA M RUPIPER J/T 300 300 0.002%
DELORES J RUS & CHARLES L RUS ROTH IRA 400 400 0.003%
ROBERT H RUSER & SHIRLEY A RUSER J/T 400 400 0.003%
DELORES J RUSS & CHARLES L RUSS 400 400 0.003%
DWAIN E RUSSELL & LINDA M RUSSELL J/T 250 250 0.002%
CLINTON J RYAN 500 500 0.004%
KEVIN RYAN 100 100 0.001%
MICHAEL L RYAN & TIMOTHY M RYAN J/T 100 100 0.001%
A J SAAK & BEVERLY J SAAK J/T 200 200 0.002%
TODD SAFLY 200 200 0.002%
STEVEN F SAFLY & CONNIE R SAFLY J/T 1,200 1,200 0.009%
HELEN M SAGAR & JOHN L SAGAR J/T 600 600 0.005%
SCOTT A SAGE 600 600 0.005%
WILLIAM T SAGON 200 200 0.002%
DARON M SALMON & KRISTINE L SALMON J/T 200 200 0.002%
CARLTON G SALMONS 1,000 1,000 0.008%
MIKE SALZMAN 400 400 0.003%
ARLENE R SAMPSON 100 100 0.001%
RONALD K SAMPSON 100 100 0.001%
DANIEL SAMUEL & KALPANA SAMUEL J/T 1,000 1,000 0.008%
DAVID R SANDAHL 620 620 0.005%
MIKE SANDERSFELD 200 200 0.002%
RON L SANDKAMP & CAROLYN PHILLIPS-SANDKAMP J/T 300 300 0.002%
MARLA I SANDVE 100 100 0.001%
KEITH SASSEEN 300 300 0.002%
DALE SASSEEN & ROSAMOND SASSEEN J/T 100 100 0.001%
JULIE A SAUCEDO & ALFREDO C SAUCEDO J/T 100 100 0.001%
II-66
LINDA L SAUCIER & C LARRY SAUCIER J/T 200 200 0.002%
TOM A SAUER & NANCI LIN SAUER J/T 100 100 0.001%
RONALD SAVAGE 100 100 0.001%
LINDA L SAWIN 100 100 0.001%
MARILYN SAXTON 100 100 0.001%
STEVEN C SAXTON 200 200 0.002%
SBS INVESTMENT CLUB 100 100 0.001%
DON SCALLON & DEB SCALLON J/T 100 100 0.001%
RICHARD J SCHAECHER 300 300 0.002%
GARY R SCHAEFER 400 400 0.003%
LAURIE SCHAFER & CHRIS SCHAFER J/T 100 100 0.001%
STEVE C SCHAFFER & JEAN L SCHAFFER J/T 100 100 0.001%
RICHARD J SCHARCHER & EDITH SCHAECHER
J/T 200 200 0.002%
TIM SCHARENBROCH & BRENDA SCHARENBROCH J/T 100 100 0.001%
DONNA L SCHECHER 100 100 0.001%
JAMES SCHEMMEL & KAREN SCHEMMEL J/T 200 200 0.002%
RONALD R SCHERMER & DOROTHY J SCHERMENR J/T 400 400 0.003%
JOHN SCHEWE 100 100 0.001%
MITCHELL J SCHIPPERS 160 160 0.001%
NICHOLE L SCHIPPERS C/F COLE G SCHIPPERS UTMA IOWA 100 100 0.001%
DANIEL JAY SCHIRM 200 200 0.002%
BRENT RICHARD SCHIRM & KRISTIN RENEE SCHIRM J/T 100 100 0.001%
SYLVAN SCHLABACH 1,000 1,000 0.008%
DOUGLAS P SCHLADER 200 200 0.002%
RALPH T SCHLAEFLE & L ELAINE SCHLAEFLE J/T 200 200 0.002%
STUART L SCHLATZ & JONI R SCHLATZ J/T 500 500 0.004%
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%
DAVID L SCHMIDT 400 400 0.003%
GREG T SCHMIDT 200 200 0.002%
KENNETH E SCHMIDT 200 200 0.002%
RAYMOND SCHMIDT & JEAN SCHMIDT J/T 200 200 0.002%
RICHARD L SCHMIDT & LORRAINE C SCHMIDT
J/T 120 120 0.001%
DAVID A SCHMITT 200 200 0.002%
JERYL W SCHMITT 200 200 0.002%
WENDELL D SCHMITT 200 200 0.002%
LELAND M SCHMITZ 500 500 0.004%
LOUIS W SCHMITZ 1,000 1,000 0.008%
DARRELL J SCHMITZ & JUDY M SCHMITZ J/T 100 100 0.001%
JACK R SCHMOLL & BARBARA L SCHMOLL J/T 200 200 0.002%
KEVIN L SCHNARR 1,920 1,920 0.015%
RONALD A SCHNECK & CAROL J SCHNECK J/T 500 500 0.004%
FRANCIS D SCHNEIDER 100 100 0.001%
MARY JO E SCHNEIDER 100 100 0.001%
II-67
NANCY SCHNEIDER & RICHARD SCHNEIDER J/T 100 100 0.001%
RORY D SCHNELL 100 100 0.001%
MICHELE M SCHNOES & BRIAN L SCHNOES J/T 100 100 0.001%
STEVE D SCHNORMEIER 200 200 0.002%
STEVEN D SCHNORMEIER 200 200 0.002%
WALTER H SCHOENFELD 100 100 0.001%
MELVIN SCHOEPPNER 300 300 0.002%
MELVIN SCHOEPTNER 100 100 0.001%
GERALD JOSEPH SCHONS 200 200 0.002%
DAWN SCHOPPE 300 300 0.002%
DEAN SCHOPPE 2,000 2,000 0.015%
DONNA RAE SCHOPPE 900 900 0.007%
MARILYNN K SCHOPPE & DARYL A SCHOPPE J/T 4,400 4,400 0.033%
DANA SCHOPPE & MARILYNN & DARYL SCHOPPE J/T 100 100 0.001%
GARY A SCHREIBER & BARBARA A SCHREIBER
J/T 200 200 0.002%
GARY P SCHREIBER & BARBARA A SCHREIBER TENCOM 1,000 1,000 0.008%
SCHREPFER FAM LV TR FBO MARTIN SCHREPFER 335224142 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%
DEAN SCHROEDER 1,000 1,000 0.008%
DON W SCHROEDER 200 200 0.002%
GARY L 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%
DENNIS L SCHROEDER & JEANETTE A HARTUNG-SCHROEDER J/T 200 200 0.002%
MARILYN J SCHRUM 100 100 0.001%
BRIAN SCHUELKE 200 200 0.002%
RONALD C SCHUELLER & DORIS D SCHUELLER
J/T 100 100 0.001%
GRANT WYATT SCHULTZ 200 200 0.002%
WILLIAM M SCHULTZ 200 200 0.002%
WAYNE M SCHULTZ & BETTY J SCHULTZ 100 100 0.001%
WAYNE M SCHULTZ & BETTY J SCHULTZ J/T 200 200 0.002%
DAKIN S SCHULTZ & CURTH SCHULTZ J/T 100 100 0.001%
DUANE M SCHULTZ & JANE E SCHULTZ J/T 100 100 0.001%
DENTON SCHULTZ & JOAN SCHULTZ - - 0.000%
DAVID R SCHULTZ & ROSEMARY A SCHULTZ J/T 200 200 0.002%
ROBERT A SCHULTZ REV TRUST 300 300 0.002%
SALLY ANN SCHUTT 100 100 0.001%
LEON SCHWARTZ & SHARON SCHWARTZ J/T 100 100 0.001%
VICTOR F SCHWEER 200 200 0.002%
CRAIG SCHWIENEBART 400 400 0.003%
JOHN J SCIESZINSKI & BRENDRA L SCIESZINSKI
J/T 200 200 0.002%
ALICE A SCOTT 200 200 0.002%
DAVE SCOTT 100 100 0.001%
II-68
RANDY J SCOTT 400 400 0.003%
DAVID I SCOTT & CAROLYN C SCOTT J/T 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 440 440 0.003%
HOWARD E SEELEY 500 500 0.004%
LINDA SEGO 400 400 0.003%
MARK D SEIVERT & MELISSA A SEIVERT J/T 100 100 0.001%
ALLEN E SELLS 1,000 1,000 0.008%
JERRY L SELOVER & EVELYN M SELOVER J/T 100 100 0.001%
BETTY N SERAN 800 800 0.006%
DAVID J SERAN 100 100 0.001%
JOSEPH W SERAN & DAWN L SERAN J/T 100 100 0.001%
WILLIAM B SEVENBERGEN JR & SUZANNE L SEVENBERGEN J/T 200 200 0.002%
J MILFORD SEVERAID 800 800 0.006%
JOANN M SEVERIN & JOHN F SEVERIN J/T 1,000 1,000 0.008%
JEFFREY H SEVERSEIKE & LISA M SEVERSEIKE J/T 400 400 0.003%
SEVERSEIKE TRUCKING 400 400 0.003%
BRIAN L SEVERSON & MARION A SEVERSON J/T 400 400 0.003%
STAN SEVERSON & ROXANN DITTME J/T 300 300 0.002%
STAN SEVERSON & ROXANN DITTMER J/T 1,200 1,200 0.009%
MARK I SEWARD & ADAM CLARKE SEWARD J/T 200 200 0.002%
LYLE G SEYDEL 1,000 1,000 0.008%
GREG SHAEFFER 400 400 0.003%
ROSE A SHAFER 100 100 0.001%
DALE A SHAFER & DEBORAH A SHAFER J/T 100 100 0.001%
RICHARD E SHAFER & JANE K SHAFER J/T 100 100 0.001%
NAOMA L SHAFFER & DANIEL F SHAFFER J/T 100 100 0.001%
JOHN D SHAFFER & JANICE M SHAFFER J/T 100 100 0.001%
DANIEL F SHAFFER & NAOMA L SHAFFER J/T 100 100 0.001%
KENNETH A SHANDRI & BARBARA P SHANDRI J/T 800 800 0.006%
OLIN L SHANE & KATHERINE J SHANE J/T 200 200 0.002%
TIMOTHY A SHARP 100 100 0.001%
DONALD D SHARP & JUDY L SHARP J/T 100 100 0.001%
JERRY P SHARP & NANCY J SHARP J/T 100 100 0.001%
SUSAN SHAY 150 150 0.001%
RONALD D SHELLEY & MARLENE A SHELLEY J/T 600 600 0.005%
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%
MARY S SHERMAN 800 800 0.006%
MARGARET MARY SHOLAR 400 400 0.003%
BEN SHOLAR & MAGGIE SHOLAR J/T 500 500 0.004%
BEN SHOLAR & MARGARET SHOLAR J/T 700 700 0.005%
DANIEL R SHOLD & SUZANNE J SHOLD J/T 100 100 0.001%
TINDAL SHOLTZ & LEE ANN SHOLTZ J/T 100 100 0.001%
TINDAL WILBUR SHOLTZ & LEE ANN SHOLTZ J/T 100 100 0.001%
CHARLES M SHORE & RUTH M SHORE J/T 100 100 0.001%
ROLLINS M SHORT & ELEANOR M SHORT J/T 1,200 1,200 0.009%
II-69
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%
MARY B SIEBLER & ALVIN E SIEBLER J/T 200 200 0.002%
GARY L SIEBURG 100 100 0.001%
HAROLD T SIECK 100 100 0.001%
TODD SIEFERT & PEGGY SIEFERT J/T 200 200 0.002%
HARRY F SILBHUGH & JANET K SILBHUGH J/T 100 100 0.001%
LYNN EDWARD SILVER & KRISTA ANN SILVER J/T 100 100 0.001%
DOUGLAS SIMMONS & PAMELA SIMMONS J/T 200 200 0.002%
STEVE SIMMS & CINDY SIMMS J/T 100 100 0.001%
KENNETH P SIMON & DARLENE A SIMON J/T 100 100 0.001%
JEFFREY SIMONEAU & MICHELLE L SIMONEAU J/T 200 200 0.002%
LEONARD W SIMONS & MARY A SIMONS J/T 300 300 0.002%
DAVID SIMPSON 200 200 0.002%
ROGER A SIMPSON 1,000 1,000 0.008%
JOHN D SIMS 200 200 0.002%
KAJ SINCLAIR 100 100 0.001%
LARRY SINDT & JACKIE L SINDT J/T 100 100 0.001%
ALLEN SINDT & JULIA SINDT J/T 200 200 0.002%
FRANK B SINGER & BETTY W SINGER J/T 600 600 0.005%
REGINA SINNOTT 100 100 0.001%
SIOUXLAND INVESTMENT CHICKS 100 100 0.001%
DAN R SIPE 200 200 0.002%
LINDA SIX 200 200 0.002%
THOMAS L SIX & LINDA A SIX J/T 200 200 0.002%
JOSEPH E SKAFF & DIANA L SKAFF J/T 200 200 0.002%
DOUGLAS W SKARIN 1,000 1,000 0.008%
ARDIS SKARTVEDT 100 100 0.001%
BRIAN SKARTVEDT 100 100 0.001%
JAMES NELSON SKARTVEDT 100 100 0.001%
KEVIN SKARTVEDT 100 100 0.001%
WAYNE L SKARTVEDT & MARY R SKARTVEDT J/T 100 100 0.001%
PAUL SKARTVEDT & SHANNON SKARTVEDT J/T 100 100 0.001%
STEVEN M SKARTVEDT (KEVIN R SKARTVEDT) 100 100 0.001%
CHARLES SKAUGSTAD JR 2,000 2,000 0.015%
C A SKAUGSTAD M D 2,000 2,000 0.015%
RICHARD SKINNER & DOROTHY SKINNER J/T 100 100 0.001%
JOAN L SKOGLUND 100 100 0.001%
JOHN SKUGLUND 200 200 0.002%
LINDA SKWIERAWSKI 100 100 0.001%
JOHN P SLATTERY 1,000 1,000 0.008%
RYAN J SLATTERY 500 500 0.004%
JERRY SLYKHUIS & MATTHEW SLYKHUIS J/T 100 100 0.001%
MARY K SMAHAJ 20 20 0.000%
TOM SMART & MARY SMART J/T 100 100 0.001%
JAMIE G SMID & JENNY B SMID J/T 100 100 0.001%
BONNY SUE SMITH 200 200 0.002%
DIANA L SMITH 100 100 0.001%
II-70
DOREEN SMITH 400 400 0.003%
GEORGE SMITH 100 100 0.001%
JEREMY M SMITH 200 200 0.002%
JERRY D SMITH 2,000 2,000 0.015%
KENNETH G SMITH 400 400 0.003%
MARY L SMITH 500 500 0.004%
MICHAEL J SMITH 100 100 0.001%
PATRICIA M SMITH 100 100 0.001%
TREVOR L SMITH 140 140 0.001%
MARK S SMITH & ANGELA D SMITH J/T 300 300 0.002%
ROBERT J SMITH & CAROL R SMITH J/T 100 100 0.001%
BEVERLY J SMITH & CHARLES L POWER J/T 300 300 0.002%
STEPHEN S SMITH & DIXIE A SMITH J/T 500 500 0.004%
RUSSELL H SMITH & GILDA L SMITH J/T 100 100 0.001%
JEREMY L SMITH & GWENDOLYN M SMITH J/T 100 100 0.001%
JEREMY L SMITH & GWENDOLYN SMITH J/T 100 100 0.001%
RANDALL D SMITH & JASON L VAN FOSSON J/T 100 100 0.001%
ROBERT SMITH & JEAN SMITH J/T 600 600 0.005%
KEITH ALLEN SMITH & JEANNIE MARIE SMITH J/T 600 600 0.005%
KENNETH W SMITH & KIMBERLY A SMITH 100 100 0.001%
DC SMITH & LUCILLE E SMITH J/T 200 200 0.002%
D C SMITH & LUCILLE E SMITH JTWROS 200 200 0.002%
BENJAMIN SMITH & MICHELLE SMITH J/T 100 100 0.001%
ROMAINE F SMITH & ROBERT DENZEL SMITH J/T 200 200 0.002%
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%
MARK D SMITH & SUSAN K SMITH J/T 400 400 0.003%
EILEEN B SMITH CLIFFORD L SMITH J/T 1,000 1,000 0.008%
COLLIN DEE SMITH FBO KEITH ALLEN SMITH UGMA 200 200 0.002%
ALLEN & MARCIA SMITH REVOCABLE TRUST DTD 4/27/2000 400 400 0.003%
BRUCE M SMTH 100 100 0.001%
ROBERT M SMYTH 100 100 0.001%
HEATHER KATHERINE SNYDER 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%
ALLEN J SNYDER & KAREN S SNYDER J/T 1,000 1,000 0.008%
WILLIAM C SOBEY & SHELLEY BETH SOBEY J/T 1,000 1,000 0.008%
THOMAS J SOENEN 200 200 0.002%
ROGER D SOGARD 100 100 0.001%
THOMAS M SOHNER 100 100 0.001%
PAT SOKOLL 400 400 0.003%
ALAN HOWARD SOKOLOFF 200 200 0.002%
MCDOWELL & SONS LIME CO 2,000 2,000 0.015%
DEBRA J SOPPE & RONALD J SOPPE J/T 100 100 0.001%
JOHN J SOULIS & DIXIE M SOULIS J/T 200 200 0.002%
JAMI L SPAID 10 10 0.000%
JIM L SPAID 20 20 0.000%
RICHARD D SPAIN & PAMELA SUE SPAIN J/T 100 100 0.001%
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DIANA D SPARKS 100 100 0.001%
JOHN SPENCER & EILEEN SPENCER J/T 200 200 0.002%
NELS J SPEUAK 100 100 0.001%
SCOTT O SPICER & PAT A SPICER J/T 200 200 0.002%
LARRY G SPINA & ARLENE D SPINA J/T 200 200 0.002%
RAGENE SPINDLER & DEL RINA SPINDLER J/T 100 100 0.001%
RICHARD J SPORRER & SHARON A SPORRER J/T 202 202 0.002%
DAVID H SPRING & JANETTE L SPRING J/T 500 500 0.004%
ARNIS SPRINGIS & REGINA SPRINGIS J/T 100 100 0.001%
JAMES W SPRY & NANCY D SPRY J/T 200 200 0.002%
DAVID J SQUIERS & LINDA E SQUIERS J/T 100 100 0.001%
COLLEEN ANN STAGGS & ROBERT PAUL STAGGS CO TR OF THE
COLLEE 200 200 0.002%
COLLEEN ANN STAGGS REV TR JULY 2, 1999 100 100 0.001%
ROBERT PAUL STAGGS REV TR JULY 2, 1999 100 100 0.001%
BETTY L STALEY & WILLIAM C STALEY J/T 100 100 0.001%
DARYL STALL & DONNA STALL J/T 400 400 0.003%
BOB STAMMER & TINA STAMMER J/T 200 200 0.002%
LYNN A STAMP & BRIAN R STAMP J/T 100 100 0.001%
LYNN A STAMP & KELLY N STAMP 100 100 0.001%
LYNN A STAMP & KRISTIN M STAMP J/T 100 100 0.001%
STEVEN C STAMP & LYNN A STAMP J/T 200 200 0.002%
ALLAN STANDORF & SANDRA STANDORF J/T 500 500 0.004%
TODD STANDORF & WENDY STANDORF J/T 200 200 0.002%
RAY STANGELAND 100 100 0.001%
LESTER STANGELAND & MARGARET STANGELAND J/T 200 200 0.002%
DAVID N STANGER & JULIE A STANGER J/T 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%
ALAN STAPLES & JUDY STAPLES J/T 200 200 0.002%
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%
JODY STEELMAN & SHARON STEELMAN J/T 200 200 0.002%
JIM STEFFENSMEIER & CAROLYN STEFFENSMEIER J/T 100 100 0.001%
STEVE J STEFFENSMEIER & PATRICIA J STEFFENSMEIER J/T 100 100 0.001%
FRANCIS J STEHLIK 100 100 0.001%
ROBERT J STEINBACH & KATHY J STEINBACK J/T 100 100 0.001%
ROBERT J STEINER 100 100 0.001%
CHARLES W STEINFELDT & MARJORIE STEINFELDT J/T 500 500 0.004%
MATTHEW W STEITZER & JULIE C STEITZER J/T 100 100 0.001%
NICHOLAS T STELTER 100 100 0.001%
MARK STELTER & JENNIFER STELTER J/T 500 500 0.004%
PAUL WILLIAM STENDER 100 100 0.001%
SCOTT ALLEN STENSLAND 120 120 0.001%
ROBERT A STENSLAND & APRIL K STENSLAND J/T 100 100 0.001%
GRAIG STENSLAND & KAREN J STENSLAND J/T 116 116 0.001%
RUSSEL STENSLAND & MARJORIE EA STENSLAND J/T 200 200 0.002%
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STEVE STEPHAN 300 300 0.002%
JACOB R STERNBERG & LEIGH A ROLLINS J/T 100 100 0.001%
RICK I STERNBERG & MARSHA M STERNBERG J/T 100 100 0.001%
EVERETTE E STERNS JR & CORINNE S STERNS J/T 200 200 0.002%
MARK STEWART 200 200 0.002%
LARRY J STIENBLOCK & ELIZABETH A STIENBLOCK J/T 100 100 0.001%
IVAN STIENSTRA & ALMA LOIS STIENSTRA J/T 200 200 0.002%
BRIAN K STILLE & KARLA J STILLE J/T 200 200 0.002%
BRIAN STILLE & KARLA STILLE J/T 100 100 0.001%
DALE E STILLE & KATHERYN A STILLE J/T 100 100 0.001%
L WILLIAM STILLE & MAXINE R STILLE J/T 100 100 0.001%
WESLEY STILLER & CAROLYN STILLER J/T 100 100 0.001%
KEN STOCK 1,200 1,200 0.009%
STOCK BUSTERS INVESTMENT CLUB 100 100 0.001%
KEILY ANN STOCKDALE 100 100 0.001%
KEITH A STOCKDALE 100 100 0.001%
LEVI GRANT STOCKDALE 100 100 0.001%
THOMAS R STOCKMAN 200 200 0.002%
FRED STOEKER 400 400 0.003%
ERNEST L STOERMER & JANICE L STOERMER J/T 400 400 0.003%
BRUCE STOFFERAN 200 200 0.002%
WALTER E STOHLGREN 400 400 0.003%
FRANCES J STOHLGREN FAMILY TRUST JUNE 23, 1992 600 600 0.005%
JANET G STOKESBARY 300 300 0.002%
PAMELA A STOLEE & MARCUS S STOLEE J/T 100 100 0.001%
DUANE D STOLL & BETTY J STOLL J/T 200 200 0.002%
C R STOLTENOW & SANDRA J STOLTENOW J/T 200 200 0.002%
JAMES D STONE 200 200 0.002%
LARRY A STONE & MARGARET J STONE T I C 1,000 1,000 0.008%
MATTHEW STONE FBO LARRY STONE CUST 100 100 0.001%
PAUL R STONER & ESTHER STONER J/T 200 200 0.002%
JASON P STORJOHANN 100 100 0.001%
JULIE M STORJOHANN 100 100 0.001%
TRAVIS STORM 200 200 0.002%
RALPH STORM & SUSAN STORM J/T 1,800 1,800 0.014%
STORM FLYING SERVICE 2,000 2,000 0.015%
IRENE A STOUT REV LIV TR STS 1/25/95 100 100 0.001%
CHARLES P STOVER & MARILYN M STOVER J/T 200 200 0.002%
OLIN STRAIT 200 200 0.002%
WILLIAM K STRANGE & CECILE A STRANGE J/T 100 100 0.001%
MATT STRASSER & JESSICA STRASSER J/T 100 100 0.001%
DENNIS A STRAUBE & CYNTHIS J STRAUBE J/T 100 100 0.001%
DENNIS STRAUBE & CYNTHIS STRAUBE J/T 300 300 0.002%
NICHOLAS STREFF 100 100 0.001%
RICHARD R STREIT & BARBARA ZOELLER J/T 400 400 0.003%
GAYLE V STRICKLER JR & LOIS E STRICKLER J/T 500 500 0.004%
DAVID STROCK & SUSAN KAY STROCK J/T 200 200 0.002%
JEAN A STROTTMANN 200 200 0.002%
M PAUL STROTTMANN 1,000 1,000 0.008%
ROBERT A STRUBLE & KATHLEEN M STRUBLE J/T 100 100 0.001%
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RICHARD L STRUBLE & PAT STRUBLE J/T 100 100 0.001%
JEFFREY F STRUBLE & SHERRIE R STRUBLE J/T 100 100 0.001%
TIMOTHY J STRUCK 100 100 0.001%
SHARON K STRUTZENBERG 100 100 0.001%
MATTHEW STUART 220 220 0.002%
REECE STUART lll 1,000 1,000 0.008%
JAMES DALE STUCKER & ANNA SUE STUCKER J/T 100 100 0.001%
SCOTT STUECKRADT 260 260 0.002%
MICHAEL STUECKRADT & ANN WALSH-STUECKRADT J/T 150 150 0.001%
STEVE STUECKRADT & ELEANOR STUECKRADT J/T 100 100 0.001%
EARL STUPP & JOYCE STUPP 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 &
JENNIFER K S 200 200 0.002%
DAVID D STURTZ & NORMA JOAN STURTZ J/T 200 200 0.002%
LAURA SUKRAW 300 300 0.002%
DENNIS SULT 2,000 2,000 0.015%
DENNIS L SULT 2,000 2,000 0.015%
KATHY ANN SURBRUGG 50 50 0.000%
PAUL D SUTHERLAND 1,000 1,000 0.008%
JAMES A SUTTON 100 100 0.001%
JAMES SWAN 100 100 0.001%
JAMES L SWAN 2,000 2,000 0.015%
VANCE E SWANBERG & MARIBETH J SWANBERG J/T 100 100 0.001%
KENNETH A SWANEY & BETTY A SWANEY J/T 200 200 0.002%
JOHN SWARTZ & JUDITH SWARTZ REV TR 04/27/94 400 400 0.003%
JOHN SWARTZ & JUDITH SWARTZ REV TR DTD APRIL 27 400 400 0.003%
TONY A SWARTZENDRUBER 200 200 0.002%
RICHARD SWASAND & MARY SWASAND REV TTEE 300 300 0.002%
DONALD SWEDBERG & MARJORIE SWEDBERG J/T 400 400 0.003%
DALE SWENSON 200 200 0.002%
ROBERT S SWENSON & PAMELA L SWENSON J/T 1,000 1,000 0.008%
EDWARD D SWINGER 100 100 0.001%
TIM SYLVESTER & MINDY SYLVESTER J/T 200 200 0.002%
CHRISTIAN SYLVESTER & REGAN SYLVESTER J/T 100 100 0.001%
SYLVESTER ENTERPRISES INC 200 200 0.002%
MICHAEL SYNDERGAARD & JODY SYNDERGAARD J/T 100 100 0.001%
KEVIN SYVERSON & MARSHA SYVERSON J/T 200 200 0.002%
CHESTER TABER & GERTRUDE TABER J/T 200 200 0.002%
RICHARD C TAFT & TRISH R TAFT J/T 400 400 0.003%
RICHARD TAFT & TRISH TAFT J/T 300 300 0.002%
RICHARD G TAIT JR 200 200 0.002%
MARK TAKES 300 300 0.002%
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JOSEPH R TAMSE 500 500 0.004%
BONNIE TAYLOR 100 100 0.001%
JEFF TAYLOR 1,000 1,000 0.008%
RICHARD A TAYLOR & JUDITH A TAYLOR J/T 200 200 0.002%
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%
THOMPSON L TEASDALE & MARJORIE TEASDALE J/T 200 200 0.002%
RODNEY D TEEGARDEN 100 100 0.001%
HARRIET J TEGTMEIER 200 200 0.002%
WALTER G TEGTMEIER 100 100 0.001%
JANE F TEICH 200 200 0.002%
VICTORIA TELFORD & NEAL TELFORD J/T 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%
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%
GEORGE W THARP & CAROLINE ANN THARP J/T 100 100 0.001%
CAROLINE ANN THARP & GEORGE W THARP J/T 100 100 0.001%
MICHAEL THEDE & MARCIA MURTY J/T 175 175 0.001%
MERLIN E THEIS 300 300 0.002%
GARY M THELEN 200 200 0.002%
STEVEN THELKE 100 100 0.001%
DONALD F THELKE & AUDREY A THELKE J/T 200 200 0.002%
JAMES L THEYER & CHERYL D THAYER J/T 100 100 0.001%
DAVID R THIELEKE 300 300 0.002%
ALBERTA THIEN 100 100 0.001%
BRUCE THIES & LAURA THIES J/T 400 400 0.003%
JAMES G THOLKES & CAROL C THOLKES REV TR 2/10/92 100 100 0.001%
JEFFREY L THOMAS 100 100 0.001%
KEVIN D THOMAS & DARLA J THOMAS J/T 100 100 0.001%
ALAN L THOMPSON 400 400 0.003%
JEREMY THOMPSON 100 100 0.001%
MERLYN E THOMPSON 20 20 0.000%
RICK THOMPSON 100 100 0.001%
TERRY L THOMPSON 400 400 0.003%
RAYMOND A THOMPSON & ELEANOR M THOMPSON J/T 200 200 0.002%
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%
WILLIAM THOMPSON & REBECCA THOMPSON J/T 300 300 0.002%
CLYDE R THOMPSON & SANDRA M THOMPSON J/T 400 400 0.003%
PHILIP M THOMPSON & SUSAN L THOMPSON J/T 100 100 0.001%
HARVEY O THOMPSON JR 200 200 0.002%
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DENNIS E THORNBURG 100 100 0.001%
DON E THORNBURG & JOYCE E THORNBURG J/T 200 200 0.002%
JOHN A THRAILKILL 600 600 0.005%
LEW W THROSSEL 1,000 1,000 0.008%
JAMES G TIBBOTT 550 550 0.004%
LUKE J TIBBS & LISA J TIBBS J/T 200 200 0.002%
JOHN TICHY & MARILYN TICHY J/T 200 200 0.002%
NOELLE TICHY & TYLER TICHY J/T 100 100 0.001%
LEE C TIDRICK & TERI L TIDRICK J/T 500 500 0.004%
KENNETH TIETJE & DEBORAH TIETJE J/T 100 100 0.001%
TKODEBT PARTNERSHIP 1,600 1,600 0.012%
TKODERT PARTNERSHIP 600 600 0.005%
JAMES D TODD & DEBORA L TODD J/T 100 100 0.001%
DAVE TOFT 100 100 0.001%
LOUIS S TOMASIEWICZ & SHIRLEY L TOMASIEWICZ J/T 200 200 0.002%
ALLEN R TOMASZEK & MARGARET L TOMASZEK J/T 300 300 0.002%
TONICO LLC 2,500 2,500 0.019%
JOHN TOOMSEN & GRACE TOOMSEN J/T 400 400 0.003%
ANNE TOPP 200 200 0.002%
CALVIN TOPP 300 300 0.002%
JAY TOPP 500 500 0.004%
JON TOPP 400 400 0.003%
KARENE M TOPP 400 400 0.003%
MATT B TOPP 1,000 1,000 0.008%
RAYNOLD TOPP 500 500 0.004%
SUE TOPP 200 200 0.002%
WILLIAM H TOPP 400 400 0.003%
JACK L TOPP & CARRIE L TOPP J/T 150 150 0.001%
STEVEN D TOPP & STACEY L JACOBSON J/T 100 100 0.001%
TOPP OF IOWA 100 100 0.001%
MARK TOPPIN & JOANNE TOPPIN J/T 100 100 0.001%
ALBERT TORDOFF & CHERLY TORDOFF 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%
TOURS INC 400 400 0.003%
TIM TRACY & LAURA TRACY J/T 500 500 0.004%
LEONARD TRANBARGER & JANICE TRANBARGER J/T 400 400 0.003%
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%
DENNIS G TRENARY & MARY TRENARY J/T 200 200 0.002%
MICHAEL E TRICARICO & JOYCE M TRICARICO J/T 100 100 0.001%
JERRY J TRITTIEN 1,000 1,000 0.008%
LYLE J TROESTER & BONNIE A TROESTER J/T 100 100 0.001%
L DENNIS TROLLOPE & JOYCE TROLLOPE J/T 400 400 0.003%
MARTA T TROUT 100 100 0.001%
SCOTT J TROW 100 100 0.001%
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DAVID L TRUITT & DEBRA J TRUITT J/T 100 100 0.001%
DAVE TRUSHCHEFF & CATHY TRUSHCHEFF J/T 200 200 0.002%
JULIE TRYTTEN & RICHARD A TRYTTEN J/T 200 200 0.002%
TS INVESTMENTS L L C 400 400 0.003%
LOREN TUNGESVICK 100 100 0.001%
KIA M TUNGESVIK 100 100 0.001%
MARY JO TUNGESVIK & LOREN R TUNGESVIK J/T 100 100 0.001%
LOREN R TUNGESVIK & MARY JO TUNGESVIK J/T 2,000 2,000 0.015%
SCOTT A TUNIS & BARBARA L TUNIS J/T 100 100 0.001%
LUELLEN S TUREK 140 140 0.001%
JOHN ALLAN TURNER 100 100 0.001%
KATHLEEN JO TURNER 260 260 0.002%
DAVID A TURNER & DEANNA TURNER J/T 200 200 0.002%
LARRY TURNER & NANCY TURNER J/T 100 100 0.001%
PTER J TURSI & GERTRUDE TURSI J/T 100 100 0.001%
GARY LEE TUXHORN 200 200 0.002%
DONALD L TWEDT 100 100 0.001%
KAREN J TWEDT 100 100 0.001%
SIDNEY E TYLER & JANE C TYLER J/T 100 100 0.001%
CHARLES E TYRREL 2,400 2,400 0.018%
ALVERN C TYSDAHL 400 400 0.003%
CHAD TYSDAHL 100 100 0.001%
TROY TYSDAHL 100 100 0.001%
ALVERN TYSDAHL & BLAKE TYSDAHL J/T 400 400 0.003%
CLARENCE TYSDAHL TR 200 200 0.002%
DALE UBBEN 100 100 0.001%
MIRIAM UBBEN & DALE UBBEN J/T 200 200 0.002%
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%
EDGAR UHL 100 100 0.001%
EVERETT UHRHAMMER 50 50 0.000%
JAMES J ULBRICH 100 100 0.001%
KENNETH ULFERS 400 400 0.003%
DONALD L UMPHRESS & KATHRYN A UMPHRESS J/T 500 500 0.004%
GEORGE E UMSCHEID & THERESA A UMSCHEID J/T 200 200 0.002%
CLEO E UNDERWOOD 200 200 0.002%
MICHAEL L UNDERWOOD 100 100 0.001%
ANDREW UNSETH & ELAINE UNSETH J/T 400 400 0.003%
NATHAN E UNSETH & RUTH J UNSETH J/T 100 100 0.001%
NATHAN UNSETH & RUTH UNSETH J/T 100 100 0.001%
TODD D UPAH 100 100 0.001%
TORI UPCHURCH 100 100 0.001%
US BANCORP PIPER JAFFRAY C/FBO LINDSAY R UPCHUR 500 500 0.004%
US BANCORP PIPER JAFFRAY INC 600 600 0.005%
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%
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MATTHEW DAVID USHER & TINA MARIE USHER J/T 200 200 0.002%
ELIZABETH VACCO 100 100 0.001%
MARTIN J VACCO ll 100 100 0.001%
JAMES VAJGRT 1,200 1,200 0.009%
ARVID L VALEN & D M VALEN J/T 200 200 0.002%
ARVID L VALEN & DM VALEN J/T 500 500 0.004%
LINDA J VALENTINE & MELVIN R VALENTINE J/T 200 200 0.002%
VICTORIA ANN VALLEY 300 300 0.002%
JENNIFER VALONE 10 10 0.000%
NANCY R VALONE 20 20 0.000%
JAMESON R VALONE C/O SUSAN C FREYLACK CUST 10 10 0.000%
JORDON VALONE C/O SUSAN C FREYLACK CUST 10 10 0.000%
LEO VAN DE KROL & NELLIE VAN DE KROL TIC 200 200 0.002%
ALVIN W VAN DEEST 1,800 1,800 0.014%
BENJAMIN J VAN DEEST 1,600 1,600 0.012%
KAMERON F VAN DEEST 400 400 0.003%
KIMBERLY W VAN DEEST 600 600 0.005%
KIPP L VAN DEEST 1,000 1,000 0.008%
MEL W VAN DEEST - - 0.000%
RONALD JAMES VAN DEEST GENNEP & DORIS JANET VAN GENNEP J/T 200 200 0.002%
JACK VAN DUSSELDORP & ANGELA VAN DUSSELDORP J/T 100 100 0.001%
LARRY VAN DYKE & CAROLYN VAN DYKE J/T 200 200 0.002%
LEO VAN ELSWYK & RUTH VAN ELSWYK J/T 200 200 0.002%
MARLYS J VAN EVERY 50 50 0.000%
STEVEN J VAN GOOTHEM 100 100 0.001%
LINDA R VAN GORKOM 100 100 0.001%
DOUG VAN GORKOM & SUSAN VAN GORKOM J/T 800 800 0.006%
CURTIS VAN GORP 200 200 0.002%
BRIAN J VAN HAAFTEN 100 100 0.001%
MARINELLA VAN HAL & CORNELIUS VAN HAL J/T 200 200 0.002%
LANCE VAN HAUEN 100 100 0.001%
VAN HAUEN AUTO & TRUCK INC 200 200 0.002%
LAWRENCE VAN HEUKELOM & LOIS VAN HEUKELOM J/T 400 400 0.003%
DONALD D VAN HORN 400 400 0.003%
JERRY D VAN HORN & LISA A VAN HORN J/T 100 100 0.001%
DENNIS VAN LANINGHAM & JUANITA VAN LANINGHAM J/T 100 100 0.001%
DENNIS VAN METER & MAUREEN VAN MATER J/T 100 100 0.001%
JUNE VAN OORT 100 100 0.001%
JOSEPH H VAN OORT 100 100 0.001%
MIKE VAN OORT 150 150 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 400 400 0.003%
MARK V VANDER SCHEL & NELLIE M VANDER SCHEL J/T 500 500 0.004%
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MARK W VANDER SCHEL & NELLIE M VANDER SCHEL J/T 200 200 0.002%
MARK W VANDER SCHEL NELLIE M VANDER SCHEL J/T 800 800 0.006%
RICHARD G VANDER WEL 100 100 0.001%
DENNIS J VANDERHEI & MARILYN J VANDERHEI J/T 200 200 0.002%
JERRY VANDERHORST & TRACY VANDERHORST J/T 100 100 0.001%
NORMA L VANDERLOO & VIRGIL P VANDERLOO J/T 120 120 0.001%
THOMAS VANDERLOOP & CAROL VANDERLOOP J/T 100 100 0.001%
HENRY G VANDERZYDEN & VERDA M VANDERZYDEN J/T 1,200 1,200 0.009%
CINDY VANDUSSELDORP & LARRY VANDUSSELDORP J/T 100 100 0.001%
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%
MATT VANPELT 200 200 0.002%
CHARLES VANSICE & LINDA VANSICE J/T 100 100 0.001%
LEONE D VARGASON & LYNN M VARGASON J/T 200 200 0.002%
LARRY J VARLAND 200 200 0.002%
THOMAS J VARNUM 600 600 0.005%
GEORGE L VASS & ELSA J KAPLAN-VASS J/T 300 300 0.002%
BRIAN T VAUGHAN & JOSHUA W KRUSE TIC 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 VAUX 800 800 0.006%
LARRY G VAUX 200 200 0.002%
GARY VAVRICEK & CARLENE VAVRICEK J/T 300 300 0.002%
RUFUS L VAWTER JR 100 100 0.001%
KERVIN VEASLEY 100 100 0.001%
MITCHELL L VEDANE & MALCOM L VEDANE J/T 100 100 0.001%
FLOYD W VEERMAN & MARTHA VEERMAN J/T 200 200 0.002%
G MATTHEW VEON 300 300 0.002%
MARTHA M VEON 500 500 0.004%
MARK A VERGILII 100 100 0.001%
ROBERT D VERNON & MARIAN K VERNON J/T 3,000 3,000 0.023%
ABE J VIDAL 300 300 0.002%
MELANIE K VIERKANDT 100 100 0.001%
MICHAEL VIERKANDT 100 100 0.001%
KEVIN VIERKANDT & DONNA VIERKANDT J/T 400 400 0.003%
STEVEN J VITIRITTO & SHEILA J VITIRITTO J/T 200 200 0.002%
GARY VOLKERT 600 600 0.005%
MARCUS L VOSBURGH 100 100 0.001%
JERRY F VOSS & JO ANN M VOSS J/T 200 200 0.002%
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%
II-79
TINA LOUISE WAGNER 100 100 0.001%
ARTHUR P WAGNER & FLORENCE I WAGNER J/T 100 100 0.001%
ROBERT W WAGNER & JULIANNE M WAGNER J/T 100 100 0.001%
MELINDA WAGONER 400 400 0.003%
CHARLES F WAGONER SR & STEVEN E WAGONER J/T 120 120 0.001%
SCOTT A WAHE 100 100 0.001%
BILL L WAKEFIELD & PAULA J WAKEFIELD J/T 200 200 0.002%
ROBERT G WALDO 200 200 0.002%
JOHN J WALDRON & MARY ANNETTE WALDRON J/T 500 500 0.004%
RONALD ALLEN WALINE 400 400 0.003%
CHARLES H WALKER 100 100 0.001%
LOY B WALKER 100 100 0.001%
MIKE WALKER 300 300 0.002%
DOUGLAS K WALKER & ESTHER WALKER J/T 200 200 0.002%
GROVER WALKER & FLORENCE WALKER J/T 100 100 0.001%
H THOMAS WALKER & MIKIE S WALKER J/T 400 400 0.003%
ARTHUR M WALL 500 500 0.004%
TAMMY J WALL 40 40 0.000%
LORI WALLACE & CALEB FEINE J/T 100 100 0.001%
GARY WALLACE & LORI WALLACE J/T 400 400 0.003%
WILLIAM J WALLJASPER & LAURA A WALLJASPER J/T 200 200 0.002%
DWAYNE WALLUKAIT & LORNA WALLUKAIT J/T 500 500 0.004%
R MICHAEL WALSH 1,000 1,000 0.008%
MARY ANN WALSH REV TR 200 200 0.002%
MARK A WALTER & CURT A BEAN TIC 200 200 0.002%
SCOTT W WALTON 100 100 0.001%
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 200 200 0.002%
JEFF WARFORD & BETH WARFORD J/T 500 500 0.004%
GARRETT L WARNER 100 100 0.001%
LON WARREN 200 200 0.002%
STEPHEN E WARREN & ERLA J WARREN J/T 100 100 0.001%
PETER J WASIELEWSKI 200 200 0.002%
MARGARET H WATKINS 100 100 0.001%
JOEL WATSON & JULIE WATSON J/T 100 100 0.001%
RICHARD E WATTERS & CAROL A WATTERS J/T 400 400 0.003%
DUANE LOUIS WATTS 100 100 0.001%
DAVID M WAYTENICK & KAREN S WAYTENICK J/T 200 200 0.002%
CRAIG E WEARMOUTH & SUSAN B WEARMOUTH J/T 100 100 0.001%
GARY L WEBB 100 100 0.001%
GREGORY S WEBB 100 100 0.001%
STEPHEN D WEBB 100 100 0.001%
KENNETH H WEBB & MARVEL P WEBB J/T 200 200 0.002%
KENNETH WEBB & MARVEL WEBB J/T 200 200 0.002%
MRS HENRY A WEBBER 1,700 1,700 0.013%
II-80
DARWIN A WEBER 100 100 0.001%
KENNETH E WEBER & ELEANOR J WEBER J/T 100 100 0.001%
RICHARD A WEBER & JANET E WEBER J/T 400 400 0.003%
JAMES E WEBER & LINDA M WEBER J/T 400 400 0.003%
WARREN WEBER & MARILYN WEBER J/T 200 200 0.002%
RAYMOND B WEE & JANET M WEE 200 200 0.002%
JON WEEKS 100 100 0.001%
MARLENE R WEEKS 100 100 0.001%
TIM WEIDAUER & CAROL WEIDAUER J/T 600 600 0.005%
DRU WEIDNER 100 100 0.001%
GAYLE WEIDNER 100 100 0.001%
KENNETH E WEINRICH & RUTH WEINRICH J/T 200 200 0.002%
DENNIS WEINSCHENK 100 100 0.001%
OMER J WEINTRAUT & CAROLYN J WEINTRAUT J/T 100 100 0.001%
CINDY H WEISS 100 100 0.001%
RICK T WEISS 200 200 0.002%
JEREMY JON WELCH 120 120 0.001%
LORI J WELCH 100 100 0.001%
JERRY A WELLS & CAROL WELLS J/T 2,000 2,000 0.015%
CYNTHIA L WELLS & EARL R WELLS J/T 100 100 0.001%
BRADLEY W WELP & JANA S WELP J/T 100 100 0.001%
HOLDEN E WELSH 700 700 0.005%
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%
CALVIN E WERKMAN 40 40 0.000%
DENNIS S WERMAGER & STEVEN L WERMAGER J/T 100 100 0.001%
FREDERICK J WESSELS & MARY A WESSELS J/T 200 200 0.002%
LADD WESSELS & MARY LEE WESSELS J/T 200 200 0.002%
FRANK M WESSLING 200 200 0.002%
DAVID WEST 4,000 4,000 0.030%
KATHERYN A WEST 100 100 0.001%
DENNIS M WEST & ELAINE R WEST J/T 200 200 0.002%
CHARLES WEST & MARY ELLEN WEST J/T 200 200 0.002%
PHILIP P WEST & SHAWN L WEST J/T 200 200 0.002%
PHILIP P WEST & SHAWNNL WEST J/T 200 200 0.002%
SHANNON J WESTBROOK & KEVIN R BANKS TIC 100 100 0.001%
ROD WESTENBROECK & CAROL WESTENBROECK J/T 200 200 0.002%
ELIZABETH WESTERCAMP 100 100 0.001%
JOHN WESTERCAMP 100 100 0.001%
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%
LEON L WHARFF & BEVERLY WHARFF J/T 100 100 0.001%
II-81
JAMES T WHEELER & GINA WHEELER J/T 100 100 0.001%
DAN WHEELER & JONIE L 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 300 300 0.002%
GALE S WHITACRE 300 300 0.002%
CHAD R WHITAKER 100 100 0.001%
ROBERT D WHITAKER & CONNIE K WHITAKER TIC 100 100 0.001%
KATHERINE R WHITE 100 100 0.001%
RICHARD L WHITE 400 400 0.003%
LARRY D WHITE & JOAN C WHITE J/T 500 500 0.004%
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%
ANTHONY WHITMORE & SUSANNE WHITMORE J/T 100 100 0.001%
GLENN CRAIG WHITNEY 100 100 0.001%
ARTHUR WHITWORTH 200 200 0.002%
ARTHUR B WHITWORTH 100 100 0.001%
THOMAS D WIARDA 100 100 0.001%
TOM WIARDA & JEFF WIARDA J/T 200 200 0.002%
JOHN WIBHOLM 200 200 0.002%
DANIEL R WICHHART & KRISTY A WICHHART J/T 9,000 9,000 0.068%
DANIEL WICHHART & KRISTY WICHHART J/T 1,000 1,000 0.008%
THOMAS J WICKHAM 200 200 0.002%
CHAD C WICKS 1,000 1,000 0.008%
STERLING E WICKS & DARLENE A WICKS J/T 200 200 0.002%
MAVIS J WIDLUND 200 200 0.002%
DOUG L WIERSON & PEGGY J WIERSON J/T 100 100 0.001%
THOMAS G WIESE 300 300 0.002%
ANNE L WIESNER 200 200 0.002%
STEPHEN WILDEMAN 50 50 0.000%
CHAD W WILE 200 200 0.002%
GREGORY E WILKIE & KIMBERLY WILKIE J/T 1,600 1,600 0.012%
KIM M WILKINSON & LYNNE M WILKINSON J/T 200 200 0.002%
LAVERNE D WILL 160 160 0.001%
ALAN A WILLE 100 100 0.001%
JOHN WILLEMS 300 300 0.002%
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%
ARTHUR WILLEMS & JUDITH WILLEMS J/T 500 500 0.004%
RONALD V WILLEMS & LANETTE F WILLEMS J/T 1,360 1,360 0.010%
JULIE WILLENBORG & DENNY WILLENBORG J/T 200 200 0.002%
RORY WILLETT 600 600 0.005%
BLAKE C WILLIAMS 100 100 0.001%
CURTIS WILLIAMS 1,300 1,300 0.010%
DOUGLAS C WILLIAMS 200 200 0.002%
JAMES WILLIAMS 100 100 0.001%
II-82
KENNETH W WILLIAMS 200 200 0.002%
STEVEN C WILLIAMS 500 500 0.004%
PAUL L WILLIAMS & ALICE M WILLIAMS J/T 100 100 0.001%
PAUL WILLIAMS & ALICE WILLIAMS J/T 100 100 0.001%
ROLLAND G WILLIAMS & ARDEN R WILLIAMS J/T 100 100 0.001%
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%
MINDY A WILLIAMS & WAYNE L WILLIAMS J/T 300 300 0.002%
WILLIAMS ENTERPRISES LLP 1,000 1,000 0.008%
ELDON WILLIS 200 200 0.002%
CAROLE RODBERG WILLIS, C OLSON, R RODBERG & JULIE
BIRKHOLZ & 200 200 0.002%
DAVID JOHN WILLITS 200 200 0.002%
MARILYN MORRISON WILLITS 1,000 1,000 0.008%
THE WILLITTES REV LIVING TR 9/17/92 400 400 0.003%
WILMAR DEVELOPMENT CO 300 300 0.002%
DAVID WILSON 300 300 0.002%
JASON WILSON 150 150 0.001%
WADE A WILSON 2,000 2,000 0.015%
RYAN ELLIOTT WILSON & AMBER LEE WILSON J/T 100 100 0.001%
DAN WILSON & BILL GORMALLY J/T 100 100 0.001%
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%
CORY J WILTSE 260 260 0.002%
BERNARD J WILWERDING & MARY E WILWERDING J/T 200 200 0.002%
KARL WILZ TR DTD 7/24/95 600 600 0.005%
KEVIN WINCHELL 100 100 0.001%
CONNIE L WINDERS 100 100 0.001%
CARROLL L WINER & PAULINE Y WINER J/T 400 400 0.003%
DONALD N WINGROVE 150 150 0.001%
GAIL WINKELPLECK 2,000 2,000 0.015%
BERNARD R WINKLER & ALICE J WINKLER J/T 300 300 0.002%
RICHARD D WINTER & SHARON K WINTER J/T 200 200 0.002%
RICHARD WINTER & SHARON 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%
PAUL L WIRTH & CARMEN WIRTH J/T 100 100 0.001%
JAMES L WISE & JEANINE A WISE J/T 200 200 0.002%
ROBERT P WISE & MARY LEE WISE J/T 400 400 0.003%
ERIK DAVID WISECUP 125 125 0.001%
ROBERT D WISSINK & RONDA R WISSINK J/T 200 200 0.002%
JOHN P WITHHART & CAROL J WITHHART J/T 200 200 0.002%
JAMES R WITHROW & JAMIE W WITHROW J/T 1,000 1,000 0.008%
AFTON WITTICK 100 100 0.001%
RHONDA WOLD 100 100 0.001%
II-83
WOLF CREED INVESTMENT CLUB 100 100 0.001%
JASON WOLFE 600 600 0.005%
RYAN W WOLFE 100 100 0.001%
WILLIAM C WOLFE & LINDA C WOLFE J/T 100 100 0.001%
LYLE R WOLFF & MARY R WOLFF J/T 400 400 0.003%
JOE WOLFGRAM & DOREEN WOLFGRAM J/T 400 400 0.003%
JAMES L WOLKEN 100 100 0.001%
CRAIG A WOOD & DOROTHY J WOOD J/T 1,500 1,500 0.011%
STACIE A WOODS & BRYCE M WOODS J/T 300 300 0.002%
DAVID J WOODS & PAULETTE G WOODS J/T 100 100 0.001%
DALE B WOODWARD 1,500 1,500 0.011%
JOEL G WORTHINGTON & KAREN R WORTHINGTON J/T 200 200 0.002%
BRIAN J WOSTER 200 200 0.002%
CECIL G WRAGE 100 100 0.001%
JOAN L WRIGHT 1,000 1,000 0.008%
RICHARD L WRIGHT 2,400 2,400 0.018%
ROLAND M WRIGHT 600 600 0.005%
JACK WRIGHT & DOROTHY WRIGHT J/T 500 500 0.004%
WILMA WULKE - - 0.000%
WILMA L WULKE 300 300 0.002%
KEVIN WYKLE 200 200 0.002%
MURRAY WYKLE 100 100 0.001%
WILMA J WYKLE 200 200 0.002%
LINDA SUE WYMORE & JAMES FRANCES WYMORE J/T 100 100 0.001%
JEFFREY J WYMORE & JULIE H WYMORE J/T 200 200 0.002%
RANDY VAN WYNGARDEN 100 100 0.001%
RYAN CHARLES YAGER 120 120 0.001%
ALAN FENTON YAHNKE & MELISSA KAY YAHNKE J/T 100 100 0.001%
JAMES A YANECEK & KAY L YANECEK J/T 200 200 0.002%
ROBERT L YEAGER JR 300 300 0.002%
JOSEPH ANDREW YEDLIK 100 100 0.001%
MARY ANN YEDLIK 100 100 0.001%
MICHAEL J YETMAR & KATHRYN R YETMAR J/T 250 250 0.002%
TONG-UK YI & PATTI YI J/T 200 200 0.002%
DENNIS R YODER 100 100 0.001%
BRIAN K YORK 300 300 0.002%
JOHN H YOUNG 500 500 0.004%
KENNETH D YOUNG 100 100 0.001%
RUTH YOUNG 100 100 0.001%
BRANDON E YOUNG & D LYNN YOUNG J/T 100 100 0.001%
STEVE YOUNG & KARIE YOUNG J/T 100 100 0.001%
JACQUELYN K YOUNGQUIST & RUSSELL L YOUNGQUIST J/T 140 140 0.001%
ROGER ZAHRT & BEVERLY ZAHRT J/T 150 150 0.001%
KEVIN ZAHRT & PEGGY ZAHRT J/T 100 100 0.001%
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%
STEVEN ROGER ZASTROW 300 300 0.002%
II-84
PATRICK S ZEDRICK & PAMELA G ZEDRICK J/T 300 300 0.002%
JUDY L ZEGERS & MURRAY D ZEGERS J/T 100 100 0.001%
ELDORA I ZEHRINGER 1,000 1,000 0.008%
ARLIN ZEVENBERGEN 400 400 0.003%
SHIRLEY C ZIEBELL & BRUCE A & STEVEN M ZIEBELL &
ANDREA L LA 100 100 0.001%
MICHAEL W ZIMMERMAN & SHARON D ZIMMERMAN J/T 200 200 0.002%
NANCY M ZIMMERMAN TR UA 8/18/99 NANCY ZIMMERMAN TR 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%
RICHARD ANTHONY ZROSTLIK & JOANNE E ZROSTLIK J/T 200 200 0.002%
RICHARD ANTHONY ZROSTLIK & JOANNE ELLEN ZROSTLIK J/T 200 200 0.002%
DARRELL E ZUBER & MARY JOVITA ZUBER J/T 100 100 0.001%
ROGER M ZULEGER 160 160 0.001%
RAYMOND ZUMMAK & ROSEMARY ZUMMAK J/T 400 400 0.003%
Total for Category 1,508,908 1,508,908 11.425%
II-85
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 Mirenco. This
prospectus does not constitute as an offer to sell, or a
solicitation of an offer to buy, the common stock in any 2,154,684 Shares of
jurisdiction where, or to any person to whom, it is unlawful to Common Stock
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 Mirenco since the date hereof.
MIRENCO, INC.
TABLE OF CONTENTS
Descriptive Title Page
----------------- ----
PROSPECTUS SUMMARY.....................................4
SUMMARY FINANCIAL DATA.................................5
PRO FORMA FINANCIAL INFORMATION.......................5 PROSPECTUS
RESCISSION OFFER.......................................6
RISK FACTORS...........................................7
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS........11
FIDUCIARY RESPONSIBILITY OF THE COMPANY'S MANAGEMENT..12
SELLING SHAREHOLDERS..................................13
APPLICATION OF PROCEEDS...............................15 May ___, 2001
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..........33
DESCRIPTION OF CAPITAL STOCK..........................33
PLAN OF DISTRIBUTION..................................34
ERISA CONSIDERATIONS..................................35
LEGAL MATTERS.........................................35
EXPERTS...............................................35
AVAILABLE INFORMATION.................................35
APPENDIX I (FINANCIAL STATEMENTS) I-1
APPENDIX II (RESCISSION ELECTION FORM) II-1
Until May ____, 2001 (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.
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 25. Other Expenses of Issuance and Distribution.* ]
The following table sets forth an itemized statement of all cash expenses
in connection with the issuance and distribution of the securities being
registered:
Securities and Exchange Commission $ 2,500.00
Printing and engraving expenses* $ 10,000.00**
Legal fees and expenses $ 0 ***
Accounting fees and expenses* $ 25,000.00**
Blue sky fees and expenses N/A
Miscellaneous* $ 2,500.00**
------------
Total $ 40,000.00
==========
* The offering expenses are expected to be the same irrespective of whether
the 2,154,684 share maximum (or some lesser number) of shares are sold.
** Estimated.
*** Legal fees have been prepaid. No additional cash expense will be incurred
as a result of this registration.
Item 26. Recent Sales of Unregistered Securities
There has been no established trading market for the Registrant's common
stock since its inception on February 21, 1997. As of July 31, 2000, Registrant
had approximately 4,900 shareholders of record owning its 13,258,877 outstanding
shares of common stock.
On March 1, 1997, Registrant issued 9,000,000 shares (considering the
effect of the 3:1 and 5:1 stock splits) of restricted common stock to Mr. Dwayne
L. Fosseen, Chairman, CEO and Treasurer of Registrant and record and beneficial
owner of approximately 68.2% of Registrant's outstanding shares, in
consideration and exchange for his services in connection with the organization
of Registrant. Registrant claimed the exemption from registration in connection
with such private placement offering provided under Section 4(2) of the
Securities Act of 1933 and Rule 505 of Regulation D thereunder.
SB-2-1
From May 31, 1997 through April 30, 1998, Registrant issued and sold (at
$.33 per share) an aggregate of 2,572,200 shares (considering the effect of the
3:1 and 5:1 stock splits) of common stock to 515 purchasers for consideration of
cash and services totaling $857,400. No underwriter was employed in connection
with the offering and sale of the shares. The Company claimed the exemption from
registration in connection with its Small Corporation Offering Registration
("SCOR") offering provided under Section 3(b) of the Securities Act of 1933 and
Rule 504 of Regulation D promulgated thereunder. The facts relied upon by the
Registrant to make the (S)3(b) SCOR offering exemption available include the
following: (i) the aggregate offering price for the offering of the shares of
common stock did not exceed $1,000,000, less the aggregate offering price for
all securities sold within the twelve months before the start of and during the
offering of the shares in reliance on an exemption under Section 3(b), or in
violation of Section 5(a) of the 1933 Act; (ii) no general solicitation or
advertising was conducted by Registrant in connection with the offering of any
of the shares; and (iii) the Registrant has not been since its inception (a)
subject to the reporting requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended; (b) an "investment company" within the meaning
of the Investment Company Act of 1940, as amended; or (c) a development stage
company that either has no specific business plan or purpose or has indicated
that its business plan is to engage in a merger or acquisition with an
unidentified company or companies, or other entity or person.
During April 1999, Registrant issued and sold (at $1.00 per share) an
aggregate of 58,600 shares (considering the effect of the 5:1 stock split) of
common stock to three employees and one consultant of Registrant for services
rendered totaling $58,000. No underwriter was employed in connection with the
offer and sale of the shares. Registrant claimed the exemption from
registration in connection with such private placement offering provided under
Section 4(2) of the Act and Rule 504 of Regulation D thereunder.
During May through June 1999, Registrant issued and sold (at $5.00 per
share) an aggregate of 66,979 shares of common stock to 192 purchasers for cash
consideration totaling $334,895. No underwriter was employed in connection with
the offer and sale of the shares. Registrant claimed the exemption from
registration in connection with such private placement offering provided under
Section 4(2) of the Act and Rule 504 of Regulation D thereunder. As part of the
unit offering, the 192 purchasers were also granted a warrant to purchase four
shares of common stock for every one share purchased, as discussed below.
From July 30, 1999 and continuing through July 30, 2000, Registrant offered
at $5.00 per share, up to 2,000,000 shares to Iowa residents. No underwriter
was employed in connection with such Iowa-Only Offering of shares. 1,561,248
shares of common stock were sold. Registrant claimed the exemption from
registration in such intra-state offering provided by Section 3(a) (11) of the
Securities Act of 1933. While (1) the shares were part of an issue registered,
offered and sold only to residents of Iowa, (2) Registrant is incorporated in
Iowa and (3) Registrant is doing business within Iowa, certain of our Iowa-Only
Offering Shares were resold by Iowa residents to non-Iowa residents before
"coming to rest" under (S) 3 (a) (11) and/or Rule 147's nine month standard.
Accordingly, Registrant voluntarily elected to rescind the Iowa-Only Offering.
Upon completion of this Rescission Offer, approximately 3.7% of the eligible
Iowa-Only Offering Shareholders elected to rescind prior purchase of shares.
Since inception, Registrant has periodically issued options to certain
employees, affiliates and/or service providers under employee benefit plans as
defined in Rule 405:
1. According to the 1998 Common Stock Compensation Plan, in December 1998,
options to purchase 367,400 shares were issued to four original employees
for past services at the split-adjusted exercise price of $0.29 per share,
expiring on December 31, 2008.
2. According to the 1998 Common Stock Compensation Plan, in June 1999, options
to purchase 100,000 shares were issued to J. Richard Relick, our Chief
Operating Officer for past services at an exercise price of $4.25 per
share, expiring on June 15, 2009.
3. According to the 1999 Common Stock Compensation Plan, in November 1999,
options to purchse 560,000 shares were issued to Wayne Allison, our
President, and Darrell Jolley, our Chief Financial Officer at an exercise
price of $5.00 per share, expiring on September 30, 2008 and vesting
quarterly through September 30, 2003.
4. According to the 2001 Common Stock Compensation Plan, in March 2001,
options to purchse 9,160 shares were issued to six employees and/or
consultants at an exercise price of $5.00 per share, expiring on March 31,
2010.
Registrant also issued warrants in the following instances:
5. In conjunction with the May through June 1999 private placement offering to
existing shareholders, in June 1999, warrants to purchase 267,916 shares
were issued to non-affiliated investors at an exercise price of $5.00 per
share, expiring on June 15, 2002.
6. In connection with an agreement to pay for legal services rendered in March
2000, warrants to purchase 30,000 shares were issued to Duncan, Blum &
Associates, our securities counsel, in lieu of cash for services,at an
exercise price of $0.01 per share, expiring on March 31, 2003.
SB-2-2
Registrant claimed the exemption from registration in connection with each of
these private transactions provided under Section 4(2) of the Securities Act of
1933 and Rule 505 of Regulation D thereunder.
Item 27. Index to Exhibits [drj to update]
(a)(1) Financial Statements -- Included in Prospectus: Independent Certified
Public Accountants' Report.
Balance Sheets as of December 31, 2000 and 1999.
Statements of Operations for the years ended December 31, 2000 and 1999 and the
period from February 21, 1997 (inception) to December 31, 2000.
Statement of Changes in Stockholders' Equity for the period from February 21,
1997 (inception) through December 31, 2000.
Statements of Cash Flows for the years ended December 31, 2000 and 1999 and the
period from February 21, 1997 (inception) to December 31, 2000.
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:
* 3.1 Certificate of Incorporation of Registrant.
* 3.2 Certificates of Amendment to the Certificate of Incorporation.
* 3.3 Bylaws of Registrant
* 3.4 Form of Stock Certificate
5.1 Opinion of Counsel
* 10.1(a) Employment Agreement between Registrant and Dwayne L. Fosseen.
* 10.1(b) Employment Agreement between Registrant and J. Richard Relick.
* 10.1(c) Employment Agreement between Registrant and Wayne Allison.
* 10.1(d) Employment Agreement between Registrant and Darrell Jolley.
* 10.2(a) Stock Option Agreement between Registrant and Wayne Allison.
* 10.2(b) Stock Option Agreement between Registrant and Bruce Bergeron.
* 10.2(c) Stock Option Agreement between Registrant and Richard Evans.
* 10.2(d) Stock Option Agreement between Registrant and Betty Fosseen.
* 10.2(e) Stock Option Agreement between Registrant and Darrell Jolley.
* 10.2(f) Stock Option Agreement between Registrant and J. Richard Relick.
* 10.2(g) Stock Option Agreement between Registrant and Dave Stone.
* 10.3 American Technologies LLC, Fosseen Manufacturing &
Development, Mirenco, Inc., Ethaco Agreements to Terminate
Prior Agreements and Transfer License, respectively.
* 10.4 Purchase Agreement Between Registrant and American Technologies,
LLC.
* 10.5 Environmental Regulatory Approvals with the U.S.
Environmental Protection Agency and California Air Resources Board.
* 10.6 Summary of Patents and Associated Service Marks.
* 10.7 Copies of U.S. and Canadian Patents Issued to Dwayne L. Fosseen.
* 10.8 Summary of Mexican Patents and Associated Protections Issued to
Dwayne L. Fosseen.
* 10.9 Rental Agreement between Registrant and Fosseen Manufacturing
& Development, Inc.
* 10.10 March 31, 2000 Warrant Agreement between Registrant and
Duncan, Blum & Associates.
* 10.11 Registrant's 1999 Stock Compensation Plan.
* 10.12 Registrant's 1998 Stock Compensation Plan.
* 10.13(a) Lease for land
* 10.13(b) Stock Option Agreement between Registrant and Betty Fosseen
* 10.13(c) Stock Option Agreement between Registrant and Paul Fornier
* 10.13(d) Stock Option Agreement between Registrant and Frank Annett
* 10.13(e) Stock Option Agreement between Registrant and Duane Talbot
* 10.13(f) Stock Option Agreement between Registrant and Norma Fiddelke
* 10.13(g) Stock Option Agreement between Registrant and Richard Moffitt
* 10.13(h) Stock Option Agreement between Registrant and Andy Bales
10.14 Stock Compensation Plan
23.1 Consent of Counsel (Duncan, Blum & Associates).
23.2 Consent of Auditors (Grant Thornton LLP).
* These exhibits were filed in the July 10, 2000 and March 13, 2001
Registration Statement and/or Pre-Effective Amendments filed subsequently.
Since no changes to such filings have occurred and/or are not material,
these exhibits are not filed herewith and are hereby incorporated by
reference.
Item 28. Undertakings
-------------------------
Rule 415
--------
Registrant will:
1. File, during any period in which if offers or sells securities, a post-
effective amendment to this registration statement to:
a. Include any prospectus required by section 10(a)(3) fo the
Securities Act;
b. Reflect in the prospectus any facts or events which, individually or
together, represent a fundamental change in the information in the
registration statement. Notwithstanding the foregoing, any increase
or decrease in volume of securities offered would not exceed that
which ws registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form of
prospectus filed witht the Commission pursuant to Rule 424(b)
(Section 230.424(b) of this chapter) if, in the aggregate the
changes in volume and price represent no more than a 20% change in
the maximum aggregate offering price set forth in the "Calcualation
of Registration Fee" table in the effective registration statement.
c. Include any additional or changed material information on the plan
of distribution.
2. Treat each post-effective amendment as a new registration statement of
the securities offered, and the offering of the securities at that time
to be the initial bona fide offering for determining liability under the
Securities Act.
3. File a post-effective amendment to remove from registration any of the
securities that remain unsold at the end of the offering.
Indemnification
---------------
Insofar as indemnification for liabilities arising under the Securities Act
of 1933 (the "Act") may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities
(other than the payment by Registrant of expenses incurred or paid by a
director, officer or controlling person of Registrant in the successful defense
of any action , suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered,
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication
of such issue.
SB-2-3
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 Registration
Statement to be signed on its behalf by the Undersigned, thereunto duly
authorized, in the City of Radcliffe, State of Iowa, on the 2nd day of May,
2001.
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
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 May 2, 2001
------------------
Dwayne Fosseen, Chairman and Chief Executive Officer
And Treasurer
/s/ J. Richard Relick May 2, 2001
---------------------
J. Richard Relick, Director and Chief Operating Officer
and Secretary
/s/ Wayne Allison May 2, 2001
-----------------
Wayne Allison, President
/s/ Darrell R. Jolley May 2, 2001
---------------------
Darrell R. Jolley, Chief Financial Officer
/s/ Don Williams May 2, 2001
----------------
Don Williams, Director
/s/ Jerrold Handsaker May 2, 2001
---------------------
Jerrold Handsaker, Director
SB-2-4