Meeting Minutes

John Knapo - Participation in an employer sponsored 401k plan is the extent of investment history. Primary goals are saving for retirement and learning more about investing. He has not yet developed and investment philosophy or strategy.

Scheduled Business (19:40 - 20:30)

Financial Partner's Report
The Financial Partner spoke about three major issues:

1. Employer Identification Number (EIN). He stated that it was only a phone call away, and the easiest task, once the appropriate IRS publications and forms were consulted and filled out.
2. Brokerage (Suretrade) Account. In order to get the brokerage account, it is first necessary to get a bank account. After that, it shouldn't be a problem.
3. Bank Account. He had done some research into various banks (Chevy Chase, Bank of America, First Union, and Provident). The research was solely online, and the amount of information varied widely between banks. He was developing a list of questions to ask each of the banks, e.g. what is the availability of wire transfers, what account types are available, etc.

Cohesion Technologies (CSON) - Leroy Cain
Leroy Cain gave a presentation on Cohesion Technologies, a biotechnology company that makes surgical sealant products. He personally purchased shares of the company approximately nine months ago, and has had a good return on that investment.

Cohesion is still in the nascent stages of development, having been spun off from a parent company in 1997. They have Japenese marketing deals in the works, and are beginning the FDA approval process for CoSeal, their surgical sealant product. Apparently, they also have better packaging than some of their competitors.

Leroy planned to get more information for the next meeting, including:

• Who are their main competitors?
• Where do they rank in re: the FDA approval process?

SBC Communications (SBC) - Esther Whieldon
Esther found out about SBC after they sponsored a performance that her chorale was giving.

They are one of the baby Bells, who have expanded into voice, data, and wireless communications. Their stock price has taken a recent dip due to the industry as a whole slumping and some issues with the FCC. They've recently purchased a cable company, and are doing some sort of merger with Ameritech.

Esther finds the stock attractive as it is undervalued, and the company shows strong signs of staying competetive in their industry.

The members voted 6 to 1 in favor of purchasing this stock based on the information presented, with 1 member voting that the club needs more information.

Margin Account
Mr. Schander put the question of whether we should apply for margin trading capability with our Suretrade application. The decision was not to, by a 6-1 margin, with the understanding that we could add a margin capability later by filling out a margin form with Suretrade.

Plans/Action Items (20:30 - 21:00)

Suggestions

• Monthly readings for club members to discuss. -Esther Whieldon
• Document club's philosophy. - John Knapo
• Set up an Educational Area on the club website. -Esther Whieldon

• Derek Pomery - Virus research company that's been in the news.
• John Knapo - Metricom (MCOM), a wireless internet provider.
• Sabre Chase - Optical Technology Group (OTGS) - document imaging software company.
• Leroy Cain - Cohesion Technologies (CSON) - follow up

New Time
The members voted unanimously to move the meeting time from 19:00 to 19:30.

Get EIN
The Financial Partner will obtain an EIN.

Research Banks/Open a Bank Account
The Financial Partner will research bank options, and open a bank account for the club.

Prepare Bylaws For Voting
The Presiding Partner will prepare a copy of the proposed bylaws for voting at the next meeting.

Provide Form For New Members to Join
The Presiding Partner will provide forms for new members to sign to join the club.