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"
EVIDENTTECHNOLOGIES,INC.
MINUTESOFAMEETJNG
OF
THEBOARD
OF
DIRECTORS
November
2,2005
Pursuant
tonotice,ameeting
of
theBoard
of
Directors
of
EvidentTechnologies,Inc.(the"Corporation")washeldonNovember2,2005at6:00p.m.atSchylerMeadows CountryClub.Thefollowingdirectorswerepresent:ClintBallinger,MichaelLoCascio,JohnCavalier.
Cnet
Opalka.
Michael
Duraand
Walt
Robb
representingaquorum.
The
followinginvitedguestsalsoparticipatedinallorportions
of
themeetingasobservers:BrianMoore,LauraMann,Michael
Devincenzo,
DanLandry,SteveTalbot,MichaelEnsley,GeorgeWilliams,LouSackal,and
Jeff
Goronkin.ThemeetingwascalledtoorderbythechairmanClintonT.Ballinger.whopresided,MichaelDeVincenzo,secretary
of
theCorporation,actedassecretary
of
themeeting.Clinton
Ballinger
openedthemeeting
by
welcomingeveryoneanddistributingtheagenda,
attachedas
Exhibit
A.
Michael
Ensley
wasthenintroduced
to
the
group.MichaelEnsleypresentedacompetencymodelhehasbeenpreparingfortheCorporation,attachedasExhibit
B.
Abriefdiscussionwasheldattheconclusion
of
thepresentationregardingthedesireto
continueto
buildeachmember
of
themanagementteam'scompetencyintheidentifiedskills.Theseskillsetswerethenbrieflydiscussed.FollowingEnsley'spresentationDanLandry,SteveTalbot,MichaelEnsley.GeorgeWilliams,LouSackaland
Jeff
Goronkinweredismissedfromthemeeting.At
this
time,materialscomprisingan
engagement
letterfromTejas,atermsheetfora
Series
D
round
of
financing,
a
draft
of
theprivateplacementmemorandumandacopy
of
anagreement
to
issue
warrantsto
NiskayunaDevelopmentCorp.weredistributed
to
theremainingparticipants.ThesematerialsareattachedasExhibitsC,D
J
EandF,respectively.ClintBallingeropenedthediscussionsregardingtheraising
of
aseriesDround
of
financingbyindicatingthatitwastheCorporation'sintentiontoraisemoneyata$60
Millionevaluation.
Thereafter
adiscussion
washad
concerning
theproperevaluation
of
the
company
withJohnCavalier
suggestingthat
the
Corporation
shouldraise
money
ata
minimumevaluationof$55Million.
Jerry
Abbruzzese.
a
director
ofTejas
SecuritiesGroup,Inc.enteredthemeeting.Mr.AbbruzzeseindicatedthatheagreedthattheBoardshouldgrantset
the
evaluationataminimum
0[$55
Million.Mr.AbbruzzesefurtheropinedthatweshouldaskTejastoraiseaminimum
of
$7Million.Thereafteradiscussiontookplaceregardingtheminimumamountdesiredtobe
raised
in
(he
Series
0
round
of
preferred
financing.The
board
came
to
a
consensus
that
GOVERNMENT
EXHIBIT
GU-95
 
G
"
\
.
that
7M
wouldrepresent10%
of
thecompanyfollowingtheraiseandthatthiswouldbesufficientto
execute
onthebusinessstrategy.Atthistime,Mr.Abbruzzeseleftthemeetingandadiscussionfollowedregardingtheplacementmemorandum.
The
boardsuggestedthatthedraftplacementmemorandumlackedinformationconcerning
our
businessdevelopmentefforts.Mr.Ballingerindicatedthatsuchinformationwouldbeincludedinfuturedrafts.
WHEREAS,
EvidentTechnologies,Inc.,aDelawarecorporation(the"Company"),iscurrentlyintheprocess
of
negotiatingaEngagementLetterandTermSheetinconjunctionwiththeoffering
of
SeriesDPreferredStock;
WHEREAS,
theBoardbelievesthatitisinthebestinterest
of
the
Company
toenterintoan
Engagement
LetterwithaTermSheetwithTejasSecuritiesGroup,Inc.onsubstantiallytheterms
of
theDraftEngagementLetterandTermSheet,attachedhereto,ontheconditionsthattheminimumamounttoberaisedinanengagementwithTejasSecuritiesGroup,Inc.shouldbenolessthan$7Millionandthepre-moneyevaluation
of
the
Company
shouldnotbelessthan
$55
Million;
NOW,
THEREFORE,
BEIT:
VOTED,
thattheproperofficers
of
theCompanyareeachherebyseverallyauthorizedtoexecute,deliverandperform,inthe
name
andon
behalfofthe
Company,anyandallotherdocuments,certificates,consents,acknowledgmentsandinstrumentsandsuchcollateralagreementsastheymay
deem
necessary,usefulorrequiredinfurtherance
of
theprecedingResolutionsinordertogiveeffecttotheintent
of
saidResolutions;andbeitfurther
VOTED,
thattheproperofficers
of
the
Company
areeachherebyseverallyauthorizedtotakeanyandallactionnecessary,appropriate,contemplatedbyorrequired,inthe
judgment
of
suchofficer
of
theCompany,infurtherance
of
theprecedingResolutionsandthetransactionscontemplatedthereby,thetakingby
any
suchofficer
of
anyactionconnectedwiththeforegoingtobeconclusiveevidence
of
suchofficer'sauthoritythereforefromtheBoard.FollowingthevotesconcerningtheSeriesDround
of
preferredfinancingMr.BallingeradiscussionwashadconcemingwarrantsthatwereissuedtoandpurchasedbyNiskayunain2003.Mr.Ballingerexplainedthat
of
the85,423issuedwarrants,56,949hadvested,and18,474sharesremainedun-vestedpendingreceipt
of
fundingfromthestate.Mr.
loCascio
indicatedthatMr.Abbruzzesehasdonealot
of
workinassistingthe
company
raise
money
andboth
Mr.
BallingerandMr.LoCascioindicatedthat
Mr.
Abbruzzesehadassistedinthediscussionswith
Mr.
Bruno's
officeregardingthemoneyforRussell
Sage
College.Mr.
Robb
indicatedthattheamount
of
warrantsandtheprice
of
thewarrantsresultedinalot
of
moneyandaskedwhatwewillbereceivingfromthemoney.Atthispoint,itwaspointedoutthatwewouldbeenteringintoaleasearrangementforareducedfeeandthat
(he
airhandlingsystemalonewouldbeworththeprice
of
thewarrants.Uponmotiondulymadeandseconded,itwasunanimously:
of 00

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