Page 13 - E-ATS (A)

Litan phoned and Jim asked him about the incorporation of the
company. Essentially, why he had gone ahead with it without letting
Jim see the documentation after having made such a mess of it the
first time. His reply was that he had to have the company set-up in
order to deal with the Indian Government Officials. Jim asked what
Litan thought about sounding out the potential investors and could they
discuss this at their meeting on the first of March? Litan agreed to meet
on the Tuesday but said he could not come to meet the Lawyer as he
had a meeting with the Edinburgh Chamber of Commerce where he
was negotiating a £15,000 investment for the development of the
prototype. Again Jim asked for the costing and Litan said that he had
just sent them.

Finally, Litan's e-mail of the costings arrived. However, Jim responded
to Litan's communication by sending an e-mail pointing out the undue
haste Litan was adopting.

Finally, Jim sent a further e-mail asking for details on the patents.
Unfortunately, Litan failed to get in touch.

Meeting March 1st 2011

The meeting started with Jim asking how Litan had gotten on with the
Edinburgh Chamber of Commerce over the question of the £15,000
funding Litan was negotiating from them to develop the company?
Litan responded by asking how much Jim was willing to put into the
company? Jim replied that he would match whatever funding Litan
could raise. Litan then said that the meeting with the Chamber of
Commerce was not about raising finance rather it was just a meeting to
touch base and inform them how things were progressing with the
company development.

Jim mentioned that he had seen the business lawyer who had advised
that as Jim had said, if E-ATS did not have the patents assigned to it
then the company had no assets. He suggested that a contract be
drawn up as soon as possible and in addition that bespoke articles and

memorandum of association be drawn up to protect the directors and
investors.