Letter from the President

Presidents, Board Chairmen, Advisors and Directors

It has been personally rewarding to have assisted a number of the West's better known corporations get their initial start as public companies, and to help them through the growth stages which require planning, financing, diversifying, and interacting with the stock market and public shareholders. Maintaining a close and continuing relationship with my clients as they grew and matured was one of the most satisfying aspects of nearly two decades of service in investment banking.

The dramatic changes which have occurred in the securities industry and capital markets since the early 1990's have caused me concern over the destiny of the medium-sized growth company. Since the capital markets have become so dominated by the large institutional investor and technology issuers, investment bankers are not offering the same financial services to the medium-sized industrial company. Therefore, how are these companies' needs for continuing financial services going to be fulfilled?

The Angeloff Company was founded to fill this void by offering independent expert corporate financial advisory services and advice, on a continuing basis, to a select number of national and regional companies. You may find these services can fill a need for you, your company or your board.

Sincerely,

Dann V. Angeloff
President