MINUTES OF THE 17TH ANNUAL BOARD MEETING OF
SPACE ENVIRONMENT CORPORATION
OCTOBER 4, 2003
The seventeenth annual board meeting of Space Environment Corporation was held in the Conference Room at the Space Environment Corporation Main Office at 221 N. Spring Creek Parkway, Suite A, Providence, Utah, on October 4, 2003.
Present: J. V. Eccles, R. W. Schunk, J. J. Sojka, V.B. Wickwar, W. J. Raitt.
Meeting was called to order at 9:37am by Chairman W. J. Raitt.
Minutes of the Sixteenth Annual Board Meeting
The Company Secretary, J. V. Eccles, presented the minutes of the previous year's Annual Board Meeting. J. J. Sojka moved to accept the minutes as presented. R. W. Schunk seconded the motion. The motion was passed unanimously.
Minutes of the Special Board Meeting of June 6, 2003
The Company Secretary, J. V. Eccles, presented the minutes of the Special Board Meeting of June 6, 2003. Some discussion was made to help board members not attending the special meeting to understand its need and urgency. J. J. Sojka moved to accept the minutes as presented. V. B. Wickwar seconded the motion. The motion was passed unanimously.
Election of Officers of the Company
J. J. Sojka nominated the following for the officers of the company:
R. W. Schunk President
V.B. Wickwar Vice-President
J. V. Eccles Company Secretary
J. J. Sojka Treasurer
R. W. Schunk seconded the nominations. The above were elected unanimously.
Chairman W. J. Raitt noted how well the company is being run. He noted SEC's growing revenue and future prospects for company profitability.
Election of Officers of the Board of Directors
R. W. Schunk nominated W. J. Raitt as Chairman of the Board and J. V. Eccles as Secretary to the Board. J. J. Sojka seconded the nominations. They were elected unanimously. The officers are as follows:
W. J. Raitt Chairman of the Board
J. V. Eccles Secretary to the Board
W. J. Raitt suggested that the Company Officers look into the requirements and benefits of creating a subsidiary for the sale of commercial products to separate the government contract audit requirements of Space Environment Corporation from future private commercial ventures.
J. J. Sojka moved and J. V. Eccles seconded to adjourn the meeting at 10:55am.
J. Vincent Eccles, Secretary