EDSR INFORMATION 11-09-1998 PUBLIC RESOURCE
GROUP INC.
October 29, 1998 Business Development&Finance Specialists
Mr. Paul Steinman
Elk River EDA
13065 Orono Parkway
Elk River, MN 55330
Dear Mr. Steinman:
I am very proud of the professional efforts of Dennis Welch and Leonard Kirscht on behalf of
Public Resource Group providing management for our Minnesota Community Venture
Network. They have built this program into an excellent forum for matching businesses with
prospective community locations and financing. Each for their own reasons, they have decided
to seek employment elsewhere to further their professional careers.
This circumstance provides us with an opportunity to evaluate the current operation and,
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structure of the Venture Network. if he principal focus of our efforts is to develop a process to ,
significant) u grade the i unlit of our business pros oects. We are currently in negotiations
with a major Twin Cities based investment banking firm to structure a joint venture
relationship to manage the Venture Network. We expect to complete these arrangements
shortly. They have committed to work closely with us to help identify growing businesses and
use the CVN resources as a part of their financial services. We are very confident that this
will greatly improve the quality of companies that will be presenting during 1999.
As we complete these negotiations, we are interested in your feedback on the program. We
have enclosed a survey and we would appreciate if you would complete this survey and return
it to us as quickly as possible. We expect to provide greater detail to you on the program by
early November. In the meantime, if you have additional questions please contact me or Rob
Tryon at (800) 642-6258.
Sincerely,
UB IC R UR GROUP, INC.
Patrick Pelstring
Partner
cc: Dennis'Welch, Leonard Kirscht
4205 Lancaster Lane North•Suite 1100 • Minneapolis,Minnesota 55441 ♦(612) 550-7979 • (612) 550-9221 Fax
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