COMPANY'S OUTLINE

Name Of Company : Patine Corporation

Date Of Incorporation : December 2, 1959

Head Office Address : 2 - 6 - 1, Sugamo, Toshima-ku,
Tokyo, 170-0002, Japan
: Tel. No. (03) 3915-9111 Fax No. (03) 3915-7486
: Tel. No. (03) 3915-9112 (International Division)

E-mail: info@patine-jp.com
URL: http://www.patine-jp.com

BUSINESS CONTENTS:
( EX MEMORANDUM OF ASSOCIATION )

1. To contract for Construction, Interior & ornamentation, piping work, ceiling work, paint work and equipment installation for mainly related with Ice Skating Rinks and Artificial Snow Ski Slope.

2. To contract for management/operation of Ice Skating Rinks, Artificial Snow Ski Facility, Swimming Pools, and Amusement Parks/Centers.

3. To sell machines, equipment, goods related with the above listed business including Zamboni Ice Resurfacing machines, Dupliskate sharpening machine, Okespor rental skates, dasherboard system, and MK blades, etc.

4. To distribute deicing chemicals for airports, streets, highways, and parking lots and to sell road heating and deicing equipment/systems.

5. To manage sporting goods stores and restaurants

6. To sell soft drinks and water by vending machines.

7. To do business in leasing and management of real estate.

8. To operate automobile workshops.

9. To do business as licensed tabacconist.

10. To act as fire and automobile insurance agent based on applicable laws.

11. To do all such things as are identical or conducive to the above objects.

BRIEF HISTORY OF THE COMPANY

Dec. 1959 Company established with a paid-up capital of JPYen 3,000,000.- for manufacture and sale of sporting boots with 3 shops in Tokyo (Shop sales was switched to whole sale distribution in 1970).

Dec. 1959 Started snow skiing & ice skating bus touring business. (Touring business was closed in 1969.)

Nov. 1960 Entered into an agency agreement with Frank J. Zamboni & Co., Inc., U.S.A., for the sale of Zamboni Ice Resurfacing Machine for Japan.

Jan. 1962 Entered into an exclusive distributorship agreement with Tucker Sno-Cat Corporation, U.S.A., for the sale of Sno-Cat over-snow vehicles for Japan.

Jan. 1962 Built a sport shoes manufacturing factory in Tokyo. ( Factory was closed in 1970 and assigned the manufacturing line with Okespor in France since 1978)

Sep. 1963 The company capital increased to JPYen 12,000,000.-

Mar. 1964 Entered into an exclusive distributorship agreement with Rolba, Switzerland for domestic production of snow removal vehicle with technical support from Kawasaki.

Dec. 1967 Started business in contracting for ice skating rink management.

Mar. 1968 Started business in designing and installation of ice skating rinks.

May 1969 The company capital increased to JPYen 48,000,000.-.

Mar. 1971 Started business in automobile maintenance, leasing and management of real estate.

Apr. 1973 Established subsidiary MK Trading Co., Limited to import sporting goods.

Apr. 1974 Established subsidiary Patine Limited for Patine ice rink management.

Aug. 1978 Moved head office to Toshima-ku, Tokyo, the current location.

Sep. 1980 Entered into a Sub-license agreement with ITT Corp., U.S.A., (International Telephone and Telegraph Corp.) for local manufacture of ITT ICEMAT SYSTEMS under its patents and the exclusive sale thereof for the areas of Asia and Oceania.

Apr. 1982 Established Osaka Office.

Sep. 1982 Entered into a technical cooperation agreement with Okespor France, for its manufacture and supply of PVC ice skating boots under the trademark of "PATINER".

Aug. 1983 Entered into a license agreement with Holmsten Ice Rinks, Inc., U.S.A., for local manufacture under its patents of DLR Rink Systems and the exclusive sale thereof for the area of Asia.

May 1986 Transferred all ice rink management business to the Patine Limited on its resuming the business.

Oct. 1986 Started road heating business.

Nov. 1987 Established Hokuriku Office.

Mar. 1991 Entered into an exclusive distributorship agreement with Bassai Limited, Canada for the sale of Low Emmisivity Ceiling Curtain and other energy saving products and technologies of Bassai Limited for Asia and Oceania.

Jun. 1991 Opened Sapporo Agent Office and Kyushu Office.

Jun. 1992 Established Paxon Ice Rinks Ltd. in Hong Kong together with Maxon Engineering Ltd. in Hong Kong to market ice skating rinks in mainland China.

Jun. 1994 Entered into a Joint Venture with Fuji Offset Plate Manufacturing Ltd. for the new Fuji Ice Palace Pte Ltd.

Aug. 1994 Entered into an exclusive distributorship agreement with Cryotec Deicing Technology, Inc, a division of General Atomics International Service Corp. in San Diego, California,USA for CMA, E36, CF7 and other acetate based deicing chemicals for highways and airport runways.

Aug. 1995 Entered into a Joint Venture with Universal Technology Inc., a Japanese corporation, for technical consultation for Reverse Osmosis water purification, Incinerator, Acourstic Barrier Sounder Particle Separater, and some other waste management technology.

Sept. 1995 Entered into an exclusive agreement with Tucker Machines Inc. for Tucker Lawm Master multi-purpose football field maintenance machine.

Nov. 1995 Entered into an OEM agreement with M & E based in Nagano Prefecture, Japan and started domestic production and distribution of deicing chemicals.

Nov. 1995 Aquired some shares of Bassai Limited and became shareholder of the same company and it's associated organization in Canada.

July 1998 Merged with Patine Limited and MK Trading Co., Ltd. and the capital increased to Yen 52,580,000.-

Jan. 1999 Entered into exclusive distributorship for Boarder Patrol by Athletica, Inc. for in-line dasherboard system for Japan.

Sept. 1999 Entered into exclusive distributorship for IceCourt in-line floor tiles for Japan and Korea as well as for other Asian countries on a non-exlusive basis

Capital (Paid-up) JP Yen 52,580,000.-

Officers Ryuichi Maki, Chairman
Akinori Ogiwara, President
Toshio Atobe, Director
Yoji Sato, Director
Miwako (Ohashi) Ando, Auditor

Main Bank The Sakura Bank Ltd., Sugamo Branch, Tokyo

CURRENT LINES OF BUSINESS

Designing and Installation :

Building, piping, equipment installation and electrical works mainly related to ice skating rinks, in-line skating, artificial snow slope, road heating, roof snow-melting and floor-heating works.

Manufacturing :

ITT ICEMAT SYSTEM, ITT HEATMAT SYSTEMS, dehumidifiers, electrical control panel, skating boots, boots racks, ice rink dasher boards, ice hockey goal posts.

Imports :

Zamboni Ice Resurfacing Machines, Dupliscate Skate Sharpening Machines, PVC Skates as "PATINER", Ice Skating Rink and In-line skating rink Dasherbaord System, Low Emissivity Ceiling material for ice skating rink and other energy saving products, Ice Court in-line skating floor tiles, MK skate blades, in-line skating boots, ice skating boods, SnowCat over-snow maintenance vehicle, Cryotech acetage based highways/runways deicing chemicals (CMA, CF7, E36, NAAC, GS4, etc.), etc.

Management and Operation :

Ice Skating Rinks, Swimming Pools, Artificial Snow facilities, various sports facility and amusement facilities, office building, etc.

Leasing :

Ice skating rink system and refrigeration system, skating boots for rental use, rental snow ski and snowboard, in-line skating floor and dasherboard package.

Real Estate :

Leasing and management of office/commercial building.

Services :

Repair services of Zamboni ice resurfacers and Sno-Cat over-snow vehicles.

Other Lines :

Fire and Insurance agent, licensed tobacconist.
Sales and consultation on Reverse Osmosis Water Purification Sytem, Waste Management, and other environmentally friendly products.

CLIENTS/REFERENCES

Contruction/Facilities

Taisei Construction Ltd., Seibu Construction Ltd., Hitachi Plant Construction Ltd., Maekawa Manufacturing Ltd.(Mycom Japan), Sankenn Setubi, Daidan, etc.

Railways/Amusement Parks

Odakyu Electric Railways, Tobu Railways, Fuji Express Ltd., Keihan Electric Rail Way Ltd., Nankai Electric Railways, Kintetsu Raiways, etc.

Government and Municipalities

Fuchu city, Kawaguchi city, Ichihara city, Mooka city, Joetsu city, Aichi prefecture, Kakumuhara city, Sapporo city, Yamagata Sport Association, Housing Public Corporation, Japan Highway Public Corporation, Ministry of Construction Regional offices, etc.

Ice Skating Rinks

Approx. 100 major ice rinks in Japan and approx. 10 ice rinks in SE Asia including SM Group (Philippines), Fuji Offset Plate Mfg (Singapore), Pt Pakuwon Jati (Indonesia), Country Heights Group (Malaysia), Mall Group (Thailand), etc.

MAJOR SUPPLIERS

Domestic
Ryoreisha Ltd., Mitsubishi Electric Corp., Sanken Setsubi Kogyo Ltd., Sanki Engineering Ltd., Kuken Kogyo Ltd., Kyushu Denki Koji Ltd., Daikou kasei shouji KK, Inoue Koumuten, Kuriyama Reiki, Yokoyama Shouten, etc.

Overseas (exclusive distributor in Japan and some in SE Asia)
F.J. Zamboni Co., Inc. (USA)
Cryotech Deicing Technologies (USA)
Okespor (France)
Hattersley & Davidson Ltd. (UK)
Ice Court LLC (USA),
Athletica, Inc. (USA)
Dupliskate Jonah (Canada), etc

ANNUAL SALES


Fiscal Year Ended: Amount in JP Yen

May 31, 1996 2,581,500,000.-

May 31, 1997 2,347,170,000.-

May 31, 1998 2,213,630,000.-

AFFILIATED COMPANIES

Company's Name Nationality of Location of Capital
Corporation Head Office

Samhwa Patine Int'l, Ltd. Rep. of Korea Seoul Won86,060,000.-

Paxon Ice Rinks Ltd. Hong Kong Hong Kong HK$200,000.-

Fuji Ice Palace Pte. Ltd. Singapore Singapore

Patents and Trademarks

held : 44 patents and 8 trademarks.

Patine Icemat Ice Rink System
Patine DLR Direct Expansion System
Competition Ice Maintenance
Aluma-Zorb Low E Ceiling Project
Snow & Winter Theme Park Project
Other reference available upon request.