EDSR MEMORANDUM 01-22-1997 ,-(/ AK
ty of ' MEMORANDUM
idli
R.
iver TO: Economic Development Authority
FROM: Paul T. Steinman, Director of Economic
Development
DATE: January 14, 1997
SUBJECT: Business Incubator Prospect
Presentations
MAS TECHNOLOGIES
A special meeting of the EDA for the purpose of hearing a product
presentation by MAS Technologies has been scheduled for 6:30 p.m.,
Wednesday, January 22, 1997, at the Furniture and Things building,
16820 Highway 10. MAS Technologies is a Minnesota company
formed in 1992 to develop and market test instrumentation within the
• product packaging field. MAS stands for Material Analysis Systems.
Some of the company's current major clients include Mobil
Corporation, Uncle Ben's, General Mills, Baxter Health Care, and
numerous others. The company writes its own proprietary software
used in its current systems and intends in this next phase to develop a
number of new products through its technology. The company is
currently in the process of raising approximately $1 million to expand
into its next phase of product development.
The offices of MAS Technologies are currently located in Zumbrota,
Minnesota and access to the Anoka/Sherburne County Capital Fund is
one reason why the owners have indicated a willingness to possibly
relocate their operations to the Elk River business incubator facility.
II. MEDICORD, INC.
Staff is also planning a product presentation for MediCord, Inc., for
Wednesday, January 29, 1997, from 3:30 to 6:30 p.m. in the City Hall
Conference Room. As was discussed at the EDA meeting on January
13, the company has requested that this presentation be organized so
that the press and other public individuals are not required to be
• notified. Therefore, the product presentation will be held at 3:30 p.m.,
13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425
again at 4:15 p.m., and finally at 5:00 p.m. In order to plan
•
appropriately I need to have each of the EDA members fill out the form
attached to this memo indicating which of the three times would be
best for them to attend this presentation. Please fax the attached
sheet indicating your desired time slot to me at 441-7425 as soon as
possible.
MediCord, Inc. is a company which intends to continue development of,
and market, a medical unit for in-home use which will facilitate the
measurement and recording of basal body temperatures, and
additional product lines related to this market. MediCord is currently
in the process of raising capital in the amount of approximately
$500,000 for the purpose of initial marketing of its products. After
successful completion of this stage of the product marketing and sales,
the company expects to seek as much as $2 million of additional equity
for the purpose of establishing full manufacturing capabilities for its
product line.
MediCord was formed in April, 1996, and the company executive
offices are currently located at the home of Mr. Hugh Ferguson, Coon
Rapids, Minnesota.
• MediCord and MAS Technologies have both requested funds from, and
are scheduled to appear before the Investment Advisory Board of the
Anoka/Sherburne County Capital Fund on Wednesday, January 22.
c: Tim Keefe/John Ylvisaker Larry Hickman
MAS Technologies Furniture & Things
1408 North Star Drive 16820 Highway 10
Zumbrota, MN 55992 Elk River, MN 55330
Hugh Ferguson
MediCord, Inc.
P.O. Box 48567
Coon Rapids, MN 55448
Harlan Jacobs
Genesis Business Centers
3989 Central Avenue NE
Minneapolis, MN 55421
• \\elkriver\sys\shrdoc\eda\meetings\biprosp.doc
• MediCord Product Presentation
Wednesday, January 29, 1997
Elk River City Hall Conference Room
I will be able to attend the above-mentioned product presentation at
the following time:
3:30 ❑ 4:15 CI 5:00 El
Name:
Please complete and fax to Paul Steinman, 441-7425.
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