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Update
08-29-2008
ANNUAL SHAREHOLDERS MEETING!!!!!!!
August 9, 2008 10 a.m. to 3 p.m. C.S.T
Location:238 Development Dr.
Columbia, KY 42728
Contact: 270-384-0388 or 270-384-3990, karnesdynorev@yahoo.com
Meeting will begin at 10:00 a.m. followed by a Shareholders Picnic.
New office address:
238 Development Dr.
Columbia, KY 42728
WE ARE RELOCATING TO A NEW FACILITY TO FACILITATE WORK ON THE ENGINE. OUR PHONE LINES AND INTERNET WILL BE DOWN FOR 3 TO 5 DAYS. THANKS.
There will be no more updates via the web-site or the automated telephone line. We will be available at the office to answer any questions that you might have about the engine and you can e-mail us. Please feel free to call anytime. Thanks
Office Numbers
270-384-0388
270-384-3990
karnesdynorev@yahoo.com
2008 ANNUAL SHAREHOLDERS\' MEETING MINUTES
Keith Livermore opens the meeting at 10:21 am and welcomes everyone. He makes a motion to open, and the motion is 2nd.
There is no quorum present, so Keith informs all that are present that voting for Board Members will happen by proxy via mail in about two weeks.
KEITH LIVERMORE
Mark and I talked of the direction we would like to take the company, and during this discussion, we recognized the need for help. With that being said, Keith introduced GreenPath Advisors LLC and explained their role.
GreenPath Advisors LLC:
Helps to locate investors, grants, and buyers
Provides knowledge to be prepared to sell when that day comes
Keith then introduces each member of GreenPath LLC and gives some background and credentials on each.
JEFF TISCHLEDER-President
Jeff oversees all aspect of all areas of operation
He has 20 years of sales and marketing experience
He has 6 years of equity working experience, and exit strategies
SCOTT BECK-Executive Vice-President
Has 26 years of business and marketing experience
Has worked with Fortune 500 clients
Has a B.S. Degree in Accounting and Business Management
RAUL LINDSTRUM-Chief Financial Advisor
President and Founder of Lindstrum Enterprises
Deals with matters such as financing
Has an M.B.A Degree in Finance and a B.S. Degree in Accounting
JOHN MARCUM-Strategy Leader in Marketing and Research
Founded M.M.C. Solutions to help in unique financial situtations and strategies
Chief Executive Officer in Consulting, consults CPA\'s and Attorneys
Was an advisor for 16 years for Merrill Lynch
JOHN MARCUM SPEAKS
I would just like everyone to know that we were investors in technology before forming the L.L.C. for Karnes Dyno Rev Engine, Inc.
Keith then introduces Mark Karnes
MARK KARNES
\"I would like to thank the people for being here, if it wasn\'t for you guys this wouldn\'t be going on\". \"I see a lot of new faces here today\".
He was 14 years old when this dream started. We started Karnes Dyno Rev Engine, Inc. in 2001. We started with doing a patent search and it was delayed a bit because of 9/11, but we finally got it done. \"I would just like to note that the last 6 years we have learned a lot. It has brought us to a point where we are in better shape and in a better position than what we were before\".
Mark went on to talk about building a plastic model in the basement of his house several years ago. He explained how his original goal was to build a full size model out of plastic and sell the model, and it progressed into prototyping engines, what we are doing now.
The 1st prototype had a lot of problems, one of the core issues was that we couldn\'t get it to seal.
The 2nd prototype engine was smaller than the 1st with a few parts flipped around. This prototype also had its share of problems. The Cam Plate and Rollers just simply would not stand the pressure and speed that was turning. We tried several different materials, from 4140 steel, man-made plastics, and everything in between. We also found some roller bearings that were the size needed to replace the rollers. The engine started up and ran for 3 1/2 minutes before the new bearings gave in.
The intentions were to run the engine on a dyno to tweak the bugs out and change the bearings as needed. We were trying to figure out what the engine wanted. It had carburetors on it, but they were not big enough. They leanee out the engine and could cause the engine to overheat. This all took place in February of 2008.
We then looked again at the 1st prototype, which was the orginal design. Throughout this process, we found a way to seal this engine. However, this engine was still using cam plates and rollers that have not worked before, so we put it aside for the time being.
Mark came up with a way to bypass the cam plates and rollers that would work on both the 1st and the 2nd prototype. He also notes that speed is critical on this particular engine design and it is green friendly. Mark believes that there are too many emissions with vehicles today, and will promote the engine as being green friendly with great fuel economy.
There is a gentleman in Minnesota that does some conversion work on Hummers that will be working on prototype #1 once prototype #2 is running. We will then have two engines. Mark also stated that there is one part that does not have enough patent protection on it yet, so therfore, any information that is not being released is due directly because of the patent pending process.
GOALS, WHAT WE HAVE BEEN DOING, AND WHAT WE
ARE WORKING ON
Mark stated that they would like to get the engine sold this year. The main reason is that we are still in the 15% Capital Gain Bracket.
Mark then goes into detail about the new building, and that he would like to let everyone know, it is now owned by the shareholders. In May, Mark met with the Board Members and announced his intentions to give this building and land to Dyno Rev Engine, Inc. After meeting with the company accountant and their attorneys to see if we could legally do this, the building was then donated to the shareholders of Dyno-Rev Engine, Inc. This is where Dyno is and where it will stay until the company is sold.
Mark said, \"Perception is everything in this business. We have expanded, we own our own building, and we look \"real\" to the outsiders looking in.\"
Mark let all that were present know that we are currently working on a 2 year plan. The Board approved up to 2,000 shares to be sold a few years ago, but we have only had to sell shares as we needed to and have only issued about 1,935. Two weeks ago, they put the rest of them on the market. We want to know without a doubt that we can keep our company up for two years, so we are investigating grants. We don\'t want to sell anymore shares over the 2,000 mark, so looking into grant money to upkeep the company is where we are at in this stage.
We should have the engine put together in a few weeks, that is our goal at the present time.
KEITH LIVERMORE TAKES THE FLOOR
Keith announces that the food is ready for the picnic and invites everyone to eat. \"If anyone has any questions, just find Mark or myself, or one of the Board Members, we will be here all day, and will also have a Question & Answer time after lunch also.\"
MARK KARNES
Mark then calls on Brother Benton to bless the meal.
The meeting is closed.
After lunch, Mark, Keith, the Board Members, and the GreenPath Advisors were available for any and all questions that the shareholders\' had. This portion of the meetin lasted approximately on hour.
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