January 2002

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Table of Contents
1.0 Executive Summary.............................................................................................................................1 1.1 Objectives ...................................................................................................................................2 1.2 Mission........................................................................................................................................3 2.0 Company Summary.............................................................................................................................3 2.1 Company Ownership .................................................................................................................3 2.2 Start-up Summary ......................................................................................................................3 3.0 Products ...............................................................................................................................................7 4.0 Market Analysis Summary..................................................................................................................7 4.1 Market Segmentation ................................................................................................................8 4.2 Target Market Segment Strategy.............................................................................................9 4.3 Industry Analysis .........................................................................................................................9 4.3.1 Competition and Buying Patterns .......................................................................................10 5.0 Strategy and Implementation Summary..........................................................................................11 5.1 Competitive Edge....................................................................................................................11 5.2 Sales Strategy..........................................................................................................................12 5.2.1 Sales Forecast .....................................................................................................................12 5.3 Milestones ................................................................................................................................14 6.0 Management Summary ....................................................................................................................14 6.1 Personnel Plan.........................................................................................................................15 7.0 Financial Plan ....................................................................................................................................15 7.1 Important Assumptions............................................................................................................16 7.2 Break-even Analysis................................................................................................................16 7.3 Projected Profit and Loss .......................................................................................................18 7.4 Projected Cash Flow ...............................................................................................................20 7.5 Projected Balance Sheet ........................................................................................................23 7.6 Business Ratios .......................................................................................................................24

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1.0 Executive Summary
Copriso is a total solution provider for printing related services and products such as office stationery, broc hures, business forms, and marketing materials to Denver area businesses. It is a Colorado based, home business. Copriso operated under the name of ePrint, Inc. for the past five years under the sole ownership of Adam Suson. In 1983 Adam joined his family owned Sir Speedy franchise which his father had founded in 1972. From 1983 to 1996 Adam managed sc heduling, proc urement, press operations, employees and customer service issues for Sir Speedy. When the family chose to sell the franchise in 1996, Adam bec ame an independent printing consultant under the name of ePrint, Inc. The name Copriso was adopted in 2001 to represent "Colorado Printing Solutions". This name change was due to a Colorado name registration conflict. With the new name, it was determined that an aggressive marketing strategy should be implemented. This strategy involves direc t mail and telephone solicitation. To fac ilitate this marketing strategy, Copriso brought on board a new business partner. Paul Levy brings 15 years of sales and marketing experience in both c omputer tec hnology and telephony. During that 15 year period, Paul demonstrated consistent performance personally, and with sales team members, in meeting and exceeding all sales goals with quotas ranging from $1$3 million. Paul handled both individual sales as well as sales management and training. Printing is an unavoidable business expense for most businesses. With our combined experience, and this industry's resilience, we feel that this change in name and ownership coupled with our new marketing strategy will prove a sound business dec ision. Our keys to success and critical fac tors for the next year are, in order of importance: Implementing our new marketing plan. Increasing our customer base. Financial control and cash flow planning We are seeking a long-term loan to assist in our marketing strategy. Due to the seasonal nature of this industry, this loan will assist with business expenses during the first year of operation and insure that our marketing efforts are consistent.

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1.1 Objectives
1. To generate generous annual sales by the third year of this plan. 2. To establish a tiered client hierarchy: 20% long term, established customers 60% customers with ongoing irregular and periodic needs 20% new customers with unestablished needs. 3. To find 12 new appointments and bidding opportunities per month. 4. To establish two new long-term "quality" relationships per month. 5. To operate at 50%+ margin. This margin is arrived at through historical rates from the previous eight years of data. 6. To be a true one-stop operation by being able to ac commodate all of a customer's printing needs from consulting and design assistance to printing, binding, and distribution. Our goal is to eliminate the need for our customers to source any printing outside of our sc ope. 7. To promote an awareness of Copriso so as to support sales and income goals through aggressive marketing and telephone contac t. This awareness will come from both marketing and word-of-mouth referrals. We will be using our existing customer base to solicit continued and enhanced business as well as requesting referral information from every customer. Client awareness of Copriso will initially be promoted through direc t mailings and telephone sales. Future marketing plans are being disc ussed with both radio and television potentials. 8. To ac hieve a 30% annual growth rate. This number is arrived at using eight years of historical data and applying the new marketing plan. Page 2

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1.2 Mission
Copriso is a printing solutions provider dedicated to offering a single source for all printing needs with a priority on earning and maintaining our customer's trust. We will maintain a consistent and reasonable margin while providing customers with a fair price and exceptional service. We will also maintain a friendly, fair, and creative work environment, that respec ts new ideas and hard work.

2.0 Company Summary

Copriso is a privately owned and operated small business with well established relationships in the Denver Metro area. It was incorporated in 2001, but was conceived and begun in 1996 as ePrint, Inc. Copriso was founded by Adam Suson who had 14 years experience in printing, managing and operating a Sir Speedy franchise. Copriso offers a unique way to ac complish printing for businesses. Many companies that refer to themselves as brokers really match c lient and printers for a fee and their responsibility ends there. Printers try to meet the needs of their clients, but have a foc us on profitability. Our company structure fills a niche while providing a classic environment of the "win/win" sc enario. We save our customers money and time in three ways: 1. We operate for our customers as an internal resource or employee of their company without the need for ongoing salaries. 2. We find the most efficient and effec tive way for our customers to ac complish each and every printing task. 3. We do this at a rate that's very competitive, saving the customer an average of 10% to 25% off of direc t printer pricing. On the other hand, we provide a valuable service for our printer partners by bringing them large volumes of ongoing business. Our printer partners offer us a substantial disc ount off of the regular costs due to this positioning, allowing our projec ted margin.

2.1 Company Ownership

Copriso is a privately-held Colorado S-corporation. Adam Suson, Copriso's founder, is the President and Operations Manager. Adam will be handling the internal operations, job management, and ac counting functions. Paul Levy is the Vice President and Sales Manager. Paul will be handling the marketing, sales, computer based functionality, data management and storage functions.

2.2 Start-up Summary

Our start-up costs and expenses assumptions are shown in the following tables and illustration. The start-up costs are to be financed by direc t owner investment. An additional loan is being sought to ensure business operations, marketing and stability during the first three years.

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Table: Start-up
Start-up Requirements Start-up Expenses Legal Stationery etc. Brochures Consultants Insurance Rent Research and Development Expensed Equipment Working Capital Total Start-up Expenses Start-up Assets Cash Required Other Current Assets Long-term Assets Total Assets Total Requirements

$1,000 $250 $0 $800 $0 $0 $500 $100 $40,350 $43,000

$50,000 $0 $0 $50,000 $93,000

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Table: Start-up Funding
Start-up Funding Start-up Expenses to Fund Start-up Assets to Fund Total Funding Required Assets Non-cash Assets from Start-up Cash Requirements from Start-up Additional Cash Raised Cash Balance on Starting Date Total Assets $43,000 $50,000 $93,000

$0 $50,000 $0 $50,000 $50,000

Liabilities and Capital Liabilities Current Borrowing Long-term Liabilities Accounts Payable (Outstanding Bills) Other Current Liabilities (interest-free) Total Liabilities Capital Planned Investment Adam Suson Paul Levy Other Additional Investment Requirement Total Planned Investment Loss at Start-up (Start-up Expenses) Total Capital $0 $50,000 $0 $0 $50,000

$21,500 $21,500 $0 $0 $43,000 ($43,000) $0

Total Capital and Liabilities Total Funding

$50,000 $93,000

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3.0 Products
Copriso provides custom solutions for business printing needs. We service customers that are looking for a one-stop solution for all of their printing needs. We provide them with an overall cost savings through our "value-add" strategy of job specific solution sales. Our solutions foc us on the needs of the customer, the time frame for the projec t and the overall sc ope of work. With well established vendor partners, Copriso can ac commodate any job size with solutions tailored to the specific need and can further reduce costs by aggregating and alloc ating among the various sources. Products and services include: SERVICES: Consultation Printing needs analysis and rec ommendations Inventory management and storage Graphic design Corporate image Copy writing Pickup and delivery Elec tronic communication and file management Bindery, including cutting, folding, stitching, die cutting, foil stamping embossing

PRODUCTS: Letterhead Envelopes Business cards Business forms including multi-part and carbonless Broc hures Mailers Fliers Packaging Catalogs Coupons Labels Annual reports Spec ialty items including silk sc reening, embroidery and advertising specialties

4.0 Market Analysis Summary

The market for printing is worth an estimated $168 billion nationwide ac cording to the 2001 Printing Industry of America (PIA) report and projec ted to grow an average of 5% per year. The 2002 print markets will mirror the growing but slowing ec onomy. Total US print shipments should grow around 5% to approximately $171 billion. This rate of growth in print shipments is slightly below the growth in total US economic output not adjusted for inflation, reflec ting the transition of the printing industry from a growth industry to a mature industry. However, this should allow plenty of opportunity for printers with an additional $8.2 billion in printing shipments. Approximately 2% of the growth in print shipments is expec ted to reflec t price increases, leaving around 3% real growth. Copriso's predecessor, ePrint, Inc., has been selling at a rate of approximately $160,000 per year with no sales efforts at all for the past 5 years.

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4.1 Market Segmentation
The printing industry is separated into the following market segments with the following anticipated growth: Electronic Prepress 10% Manuals 8% Direct Mail 10% Marketing/Promotion 13% Quick Printing 6% Catalogues 5% Packaging 6% Coupons 4% Inserts 7% Labels 4% Trade Binding 4% Business Forms 4% Business Communications 6% Annual Reports 2% Books 6% Magazines 5% Traditional Prepress (negative 3%) Although Copriso handles all business printing needs, our foc us and expertise will be towards the larger sc ale, full color promotional and marketing piec es. Our ability to source more effectively and job specifically allows us to offer a much more competitive rate for eac h individual circumstance. Our ideal product foc us is with full color, sheet fed printing. Customers for this product include, marketing and advertising firms, manufac turing, retail, and restaurant.

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4.2 Target Market Segment Strategy
There is already a sense of segment strategy in the way we define our target markets. We are choosing to compete in the small to medium size business segment which we define as 10 to 200 employees with sales ranging from $250,000 to $5 million and printing expenditures of between $5,000 and $30,000. Industries include construction, property management, healthcare, manufac turing, Colorado based retail chains, Medical, Ac counting and Legal firms. We are not adverse to doing business outside the Colorado front range, however, our marketing and sales efforts are direc ted within Colorado. We believe that this segment of the market would not use an advertising/marketing agency yet would need the services of a printer instead of doing their own in-house work. Our strategy revolves around "partnering" with c lients. The smaller customer is likely to produce their own printed materials and larger customers tend to use the services of an agency. Medium size companies have the need for more professionally produced printing while not having the established budget to substantiate hiring an agency. Our goal is to provide an exceptional level of service while saving our customers money. We have ac quired lists of potential clients through the services of InfoUSA, a rec ognized leads source. With the foc us that we've chosen, and the area within which we're looking, there are over 5,000 immediate targets. With excellent businesses growth in this area, we feel that there are sufficient opportunities to keep our business easily on trac k.

4.3 Industry Analysis

The printing industry operates in an environment where a myriad of forces work on costs, prices, product demand and supply. Paper prices, elec tricity costs, labor conditions, and capital costs impact the bottom line, while changes in new printing tec hnologies, emerging advertising media, new ways of conducting business, and the strengths of the print buying industries all impact the top line. Although there has been a softening of the economy in general, the printing industry is not as disc retionary as other market segments.

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4.3.1 Competition and Buying Patterns
In printing, cost and service are the two key areas. Sales efforts within the industry are generally sparse. Most quick and small commercial printers rely on Yellow Pages advertising and referrals in lieu of a direc t sales effort; most are not truly full service printers; most rely on name rec ognition. We also feel that 80% of customers are willing to try alternative sources for their printing needs bec ause there is a general lac k of quality service to support the continued patronage of existing clientele. As a service-centric business, Copriso, will strive to maintain existing customers with high quality service while educating them in additional services and products. Printing in general is not salescentric as it is a necessary business expense. Therefore, most printers rely on customers coming to them. By going to the customer, we can capture a lion's share of the existing printing purchases. Comparison of Local Competition
C ompany 1 Physical Space No. Presses Area Served Years in Business No. of Employees Avg. Yrs. / Employed Products 1,500 Sq Ft 2 S.E. Denver 24 4 2 General business C ompany 2 7,500 Sq Ft 6 S.E. Denver 24 14 2 Business small commercial Design, printing, bindery, consulting Speed C ompany 3 C ompany 4 C ompany 5 Home Office C ompany 6 8,000 Sq Ft C ompany 7 10,000 Sq Ft

15,000 Sq Ft 8,000 Sq Ft

7 3 0 2 5 Metro Denver Metro Denver Metro Denver Metro Denver Metro Denver 19 12 10 15 38 15 1 Business small commercial 8 1 C ommercial, specialty, comprehensi ve Design, printing, bindery, consulting 1 10 Small business small commercial Design, printing, bindery, consulting C ommunicati on No large format, no full color Yes Yes Yes No No Yes 8 2 Medium commercial 10 5 C ommercial specialty

Services

Printing, bindery

Strengths

Nice people

Weaknesses No regular Poor client contact, accuracy old equipment Pickup Deliver C onsult Warehouse Inventory Mgmt. Terms When they can When they can No Not really No Yes Yes Yes No Yes No Yes

C ustomer service Large scale Employee and specialty turnover

Design, prepress, printing, bindery, Onsite for everything C ustomer service

Design, prepress, printing, bindery, Product knowledge Quick printing

Yes Yes No No No Yes

Yes Yes Yes Yes No Yes

Yes Yes No No No Yes

Yes Yes Yes Yes No Yes

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5.0 Strategy and Implementation Summary
Our strategy is to offer an unusually high level of service while aggressively maintaining and pursuing customer relationships. Organized, regimented and sustained contac t will fac ilitate ongoing opportunities. Our service strategy is three fold: 1. Our business premise is one of reducing customer ac tion. We pickup and deliver all projec ts and when c ustomer involvement is needed for review and/or opinion, the meetings are at the customer site. 2. We manage our time wisely. Each projec t has a realistic due date which allows Copriso to manage and produce a job while meeting and exceeding our deadlines consistently. Although we build in sufficient time for any issues that might arise, we typically offer timelines that are far shorter that the industry standard. This is possible through our regular contac t with our customers and, therefore, our knowledge of their upcoming needs to eliminate the "crisis management" that is so prevalent in the quick-print industry. 3. Each projec t is handled with c are. We manage each step of the proc ess to insure that the job is moving within our timeline and meeting or exceeding our expec tations. We work closely with our vendor partners and reinforce our expec tations along the way. We take great pride in presenting a perfec t finished product to a satisfied customer. Contac t is the key to service. Marketing is designed to gain market share, new opportunities, new contac ts, and eventually new customers. Sales is not only closing the order, but is customer service, knowing the customer, making sure that the customer feels like they are our most important client, and maintaining regular contac t with the key dec ision makers. Our strategy is supported by a contac t management software platform by Symantec Corporation called ACT! It is one of the top three contac t management software programs available and has proven invaluable in managing customer interac tions. Our new marketing manager has implemented this program as a foundation for our new marketing strategy. Regular contac t fac ilitates new opportunities, knowledge of personnel changes, company foc us shifts, referral possibilities and customer comfort level. Regular contac t assures customers that we are a part of their team and not just someone else to contac t if and when a need arises.

5.1 Competitive Edge

Our strongest advantages are our consultative philosophy and purchase methodology. We come to the market with 18 years of printing knowledge in the Colorado area and over 14 years of direc t Business-to-Business sales experience. Additionally, we have 12 years of experience with computer tec hnology which we will integrate with our business model to enhance and streamline our capabilities. Our foc us on customer service is our foundation. The goal is to reduce the number of our customers who are willing to try someone else from the industry standard 80% to zero.

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5.2 Sales Strategy
The first element is to get an onsite appointment. We will develop a rapport with the customer by taking a genuine interest in them and their business needs. Next we address current and future printing needs, develop a customized solution and present that in a clear format as quickly as possible. Finally, we follow up on all opportunities in a regimented manner. We utilize our customer contac t management software to fac ilitate this goal. Furthermore, we will continue to seek new contac ts through our chamber memberships, seminars, business associations, referrals, and continued telemarketing. Our sales strategy is designed to both maximize and maintain existing relationships while continually looking for new opportunities. We also continually strengthen our existing vendor relationships while exploring new sources. This assures our clients that we can ac commodate their needs with the best possible resource for their particular job. It also helps Copriso maintain multiple sources of supply to insure competitive supply pricing and timely turnaround availability.

5.2.1 Sales Forecast

With no sales efforts on existing business, Copriso (as ePrint) handled approximately $160,000 in annual sales over the past three years. Our new marketing strategy should increase our sales only slightly in the first few months, due to the extensive efforts that will be put forth to build and coordinate our operations. We expec t to get approximately 3 new customers per month for the first 6 months. We have arrived at our target sales figures by adding these new customers and their business volumes to the numbers from previous years' history, and also growing the business printing needs of the existing clients. Future projec tions indicate that a 30% increase per year is very attainable.

Table: Sales Forecast

Sales Forecast 2002 Sales Printing Services Other Total Sales Direct Cost of Sales Printing Services Other Subtotal Direct Cost of Sales $275,000 $0 $275,000 2002 $151,250 $0 $151,250 2003 $357,500 $0 $357,500 2003 $196,625 $0 $196,625 2004 $464,750 $0 $464,750 2004 $255,613 $0 $255,613

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5.3 Milestones
The ac companying table lists important program milestones with dates for each. The milestone sc hedule indicates our emphasis on planning for implementation. What the table doesn't show is the commitment behind it. Our business plan software includes complete provisions for plan-vs.-ac tual analysis, and we will be holding monthly follow-up meetings to disc uss the variance and course correc tions.

Table: Milestones
Milestones Milestone Business Plan Long-term Loan Flow Charting Business Systems $30,000.00 cash in bank Benefits Package Articles of Incorporation Logo Apparel Totals Start Date 6/1/2001 11/1/2001 6/1/2001 6/1/2001 1/1/2003 10/1/2001 6/1/2001 6/1/2001 End Date 12/31/2001 1/2/2002 8/1/2001 8/1/2001 6/1/2004 12/31/2002 6/30/2001 12/31/2001 Budget $100 $0 $0 $500 $0 $0 $0 $200 $800 Manager Owners Owners Adam Paul Owners Owners Owners Adam Department Department Department Department Department Department Department Department Department

6.0 Management Summary

Copriso is structured to be a two person operation. Both owners are managers as well. There is no immediate plan to hire any formal employees, however, the nature of our business model has us working with many subcontrac tors to match spec ific jobs.

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6.1 Personnel Plan
Our two owners are key to our success. Adam Suson has been involved with the printing industry since 1983 when his family owned and operated a Sir Speedy Franchise. From 1983 to 1996 he managed sc heduling, proc urement, press operations, employees and customer service issues for Sir Speedy. Duties included outsourcing, projec t management, timeline estimates and press knowledge. Adam demonstrated a unique ability to earn and maintain c ustomer trust with his steadfast determination to meet and exceed customer expec tations. His outgoing personality is continually reinforced with c lient rec ognition, confidence and trust. After 1993, he was handling all aspec ts of the printing proc ess individually. Adam will be handling the ac counting and job operations functions. Paul Levy has 15 years of sales and marketing experience with industries ranging from banking and brokerage to tec hnology and telephony. During his sales career, Paul consistently demonstrated an above average ability to find, close and maintain c lient relationships. He has managed sales volumes of up to $3 million annually and client populations of up to 5,000. Paul has had training and experience in telemarketing, prospec ting, canvassing, leads sourcing, and sales to both government and corporate C-level, and has utilized various contac t management software products. Furthermore, he has over 10 years marketing experience with a previous startup company, AMISYS, Inc. Paul has given seminars, put on demonstrations, met with c lients both one-to-one, and in groups ranging from 2 to 1,000. He also brings an in-depth knowledge of computer tec hnology to Copriso. As computer technology is playing an ever increasing role in the printing industry, his expertise in this area has and will continue to prove invaluable in c ustomer communications, general operations, and our ability to handle and manipulate multiple media formats. Paul will be handling the sales and marketing functions.

Table: Personnel
Personnel Plan Adam Suson Paul Levy Other Total People Total Payroll 2002 $45,000 $45,000 $0 2 $90,000 2003 $45,000 $45,000 $0 2 $90,000 2004 $45,000 $45,000 $0 2 $90,000

7.0 Financial Plan

* We want to finance growth through increasing sales and enlarging our customer base. * Initial funding for the marketing effort will be crucial to long-term success. * The most important fac tor in our case is our low overhead and high margin. *We will attempt to maintain our pre-paid and COD business to further strengthen our cash position in the long run.

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7.1 Important Assumptions
The financial plan depends on important assumptions, most of which are shown in the following table. The key underlying assumptions are: * We assume an immediate increase in sales. * We assume there are no dramatic changes in business printing needs. * We assume a constant growth in our long-term customer base. * We assume continued influx of new customers with our aggressive marketing and sales strategies. * We assume that the printing industry will continue to show a resilience against global ec onomic fac tors as a non-disc retionary commodity.

Table: General Assumptions

General Assumptions 2002 Plan Month Current Interest Rate Long-term Interest Rate Tax Rate Other 1 10.00% 8.00% 30.00% 0 2 10.00% 8.00% 30.00% 0 2003 3 10.00% 8.00% 30.00% 0 2004

7.2 Break-even Analysis

The break-even analysis shows what Copriso requires in sales per month to break even. Our sales forec ast is in line with this projec tion and exceeds it rapidly. Furthermore, we anticipate an ability to regularly ac quire 2 to 3 new customers per month.

Table: Break-even Analysis

Break-even Analysis Monthly Revenue Break-even Assumptions: Average Percent Variable Cost Estimated Monthly Fixed Cost $21,907

55% $9,858

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7.3 Projected Profit and Loss
We expec t to ramp up the sales conservatively in order to ac hieve our desired long-term profit estimates.

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Table: Profit and Loss
Pro Forma Profit and Loss Sales Direct Cost of Sales Other Production Expenses Total Cost of Sales Gross Margin Gross Margin % 2002 $275,000 $151,250 $0 $151,250 $123,750 45.00% 2003 $357,500 $196,625 $0 $196,625 $160,875 45.00% 2004 $464,750 $255,613 $0 $255,613 $209,138 45.00%

Expenses Payroll Sales and Marketing and Other Expenses Depreciation Entertainment Telephone/Fax Liability Insurance Rent Payroll Taxes Other Total Operating Expenses Profit Before Interest and Taxes EBITDA Interest Expense Taxes Incurred Net Profit Net Profit/Sales

$90,000 $8,948 $0 $750 $1,800 $600 $0 $16,200 $0 $118,298 $5,453 $5,453 $3,780 $502 $1,171 0.43%

$90,000 $10,804 $0 $1,125 $1,800 $600 $0 $16,200 $0 $120,529 $40,346 $40,346 $3,160 $11,156 $26,030 7.28%

$90,000 $13,217 $0 $1,688 $1,800 $600 $0 $16,200 $0 $123,504 $85,633 $85,633 $2,360 $24,982 $58,291 12.54%

7.4 Projected Cash Flow

With the current projec tions, lac k of overhead, and expec ted margins, we projec t no additional need for future investment or borrowing. Cash flow and cash balance should both increase steadily through the lifec ycle of the business eliminating the need for further or ongoing funding.

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Table: Cash Flow
Pro Forma Cash Flow 2002 Cash Received Cash from Operations Cash Sales Cash from Receivables Subtotal Cash from Operations Additional Cash Received Sales Tax, VAT, HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations Cash Spending Bill Payments Subtotal Spent on Operations Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Current Assets Purchase Long-term Assets Dividends Subtotal Cash Spent Net Cash Flow Cash Balance 2003 2004

$110,000 $141,400 $251,400

$143,000 $207,420 $350,420

$185,900 $269,646 $455,546

$0 $0 $0 $0 $0 $0 $0 $251,400 2002

$0 $0 $0 $0 $0 $0 $0 $350,420 2003

$0 $0 $0 $0 $0 $0 $0 $455,546 2004

$90,000 $171,000 $261,000

$90,000 $234,452 $324,452

$90,000 $310,295 $400,295

$0 $0 $0 $5,500 $0 $0 $0 $266,500 ($15,100) $34,900

$0 $0 $0 $10,000 $0 $0 $0 $334,452 $15,968 $50,868

$0 $0 $0 $10,000 $0 $0 $0 $410,295 $45,251 $96,119

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7.5 Projected Balance Sheet
The following table shows our projec ted Balance Sheet.

Table: Balance Sheet

Pro Forma Balance Sheet 2002 Assets Current Assets Cash Accounts Receivable Other Current Assets Total Current Assets Long-term Assets Long-term Assets Accumulated Depreciation Total Long-term Assets Total Assets Liabilities and Capital Current Liabilities Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Earnings Total Capital Total Liabilities and Capital Net Worth 2003 2004

$34,900 $23,600 $0 $58,500

$50,868 $30,680 $0 $81,548

$96,119 $39,884 $0 $136,003

$0 $0 $0 $58,500 2002

$0 $0 $0 $81,548 2003

$0 $0 $0 $136,003 2004

$12,829 $0 $0 $12,829 $44,500 $57,329 $43,000 ($43,000) $1,171 $1,171 $58,500 $1,171

$19,847 $0 $0 $19,847 $34,500 $54,347 $43,000 ($41,829) $26,030 $27,201 $81,548 $27,201

$26,010 $0 $0 $26,010 $24,500 $50,510 $43,000 ($15,799) $58,291 $85,492 $136,003 $85,492

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7.6 Business Ratios
Business ratios for the years of this plan are shown below. Industry profile ratios based on the Standard Industrial Classification (SIC) code 7389.1706, Printing Brokers, are shown for comparison.

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Table: Ratios
Ratio Analysis Sales Growth Percent of Total Assets Accounts Receivable Other Current Assets Total Current Assets Long-term Assets Total Assets Current Liabilities Long-term Liabilities Total Liabilities Net Worth Percent of Sales Sales Gross Margin Selling, General & Administrative Expenses Advertising Expenses Profit Before Interest and Taxes Main Ratios Current Quick Total Debt to Total Assets Pre-tax Return on Net Worth Pre-tax Return on Assets Additional Ratios Net Profit Margin Return on Equity Activity Ratios Accounts Receivable Turnover Collection Days Accounts Payable Turnover Payment Days Total Asset Turnover Debt Ratios Debt to Net Worth Current Liab. to Liab. Liquidity Ratios Net Working Capital Interest Coverage Additional Ratios Assets to Sales Current Debt/Total Assets Acid Test Sales/Net Worth Dividend Payout 2002 0.00% 2003 30.00% 2004 30.00% Industry Profile 8.77%

40.34% 0.00% 100.00% 0.00% 100.00% 21.93% 76.07% 98.00% 2.00%

37.62% 0.00% 100.00% 0.00% 100.00% 24.34% 42.31% 66.64% 33.36%

29.33% 0.00% 100.00% 0.00% 100.00% 19.12% 18.01% 37.14% 62.86%

25.04% 48.34% 76.80% 23.20% 100.00% 37.98% 13.86% 51.84% 48.16%

100.00% 45.00% 45.74% 2.00% 1.98%

100.00% 45.00% 38.57% 2.00% 11.29%

100.00% 45.00% 33.23% 2.00% 18.43%

100.00% 100.00% 82.52% 1.54% 1.73%

4.56 4.56 98.00% 142.86% 2.86% 2002 0.43% 100.00%

4.11 4.11 66.64% 136.71% 45.60% 2003 7.28% 95.70%

5.23 5.23 37.14% 97.40% 61.23% 2004 12.54% 68.18%

1.60 1.26 60.73% 2.33% 5.94%

n.a n.a

6.99 58 14.33 27 4.70

6.99 46 12.17 25 4.38

6.99 46 12.17 26 3.42

n.a n.a n.a n.a n.a

48.97 0.22

2.00 0.37

0.59 0.51

n.a n.a

$45,671 1.44

$61,701 12.77

$109,992 36.29

n.a n.a

0.21 22% 2.72 234.89 0.00

0.23 24% 2.56 13.14 0.00

0.29 19% 3.70 5.44 0.00

n.a n.a n.a n.a n.a

Page 25

Appendix
Table: Sales Forecast
Sales Forecast Jan Sales Printing Services Other Total Sales Direct Cost of Sales Printing Services Other Subtotal Direct Cost of Sales 0% 0% $15,000 $0 $15,000 Jan $8,250 $0 $8,250 Feb $25,000 $0 $25,000 Feb $13,750 $0 $13,750 Mar $30,000 $0 $30,000 Mar $16,500 $0 $16,500 Apr $25,000 $0 $25,000 Apr $13,750 $0 $13,750 May $25,000 $0 $25,000 May $13,750 $0 $13,750 Jun $25,000 $0 $25,000 Jun $13,750 $0 $13,750 Jul $20,000 $0 $20,000 Jul $11,000 $0 $11,000 Aug $20,000 $0 $20,000 Aug $11,000 $0 $11,000 Sep $25,000 $0 $25,000 Sep $13,750 $0 $13,750 Oct $25,000 $0 $25,000 Oct $13,750 $0 $13,750 Nov $20,000 $0 $20,000 Nov $11,000 $0 $11,000 Dec $20,000 $0 $20,000 Dec $11,000 $0 $11,000

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Appendix
Table: Personnel
Personnel Plan Adam Suson Paul Levy Other Total People Total Payroll 0% 0% 0% Jan $3,750 $3,750 $0 2 $7,500 Feb $3,750 $3,750 $0 2 $7,500 Mar $3,750 $3,750 $0 2 $7,500 Apr $3,750 $3,750 $0 2 $7,500 May $3,750 $3,750 $0 2 $7,500 Jun $3,750 $3,750 $0 2 $7,500 Jul $3,750 $3,750 $0 2 $7,500 Aug $3,750 $3,750 $0 2 $7,500 Sep $3,750 $3,750 $0 2 $7,500 Oct $3,750 $3,750 $0 2 $7,500 Nov $3,750 $3,750 $0 2 $7,500 Dec $3,750 $3,750 $0 2 $7,500

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Appendix
Table: General Assumptions
General Assumptions Jan Plan Month Current Interest Rate Long-term Interest Rate Tax Rate Other 1 10.00% 8.00% 30.00% 0 2 10.00% 8.00% 30.00% 0 Feb 3 10.00% 8.00% 30.00% 0 Mar 4 10.00% 8.00% 30.00% 0 Apr 5 10.00% 8.00% 30.00% 0 May 6 10.00% 8.00% 30.00% 0 Jun 7 10.00% 8.00% 30.00% 0 Jul 8 10.00% 8.00% 30.00% 0 Aug 9 10.00% 8.00% 30.00% 0 Sep 10 10.00% 8.00% 30.00% 0 Oct 11 10.00% 8.00% 30.00% 0 Nov 12 10.00% 8.00% 30.00% 0 Dec

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Appendix
Table: Profit and Loss
Pro Forma Profit and Loss Sales Direct Cost of Sales Other Production Expenses Total Cost of Sales Gross Margin Gross Margin % Jan $15,000 $8,250 $0 $8,250 $6,750 45.00% Feb $25,000 $13,750 $0 $13,750 $11,250 45.00% Mar $30,000 $16,500 $0 $16,500 $13,500 45.00% Apr $25,000 $13,750 $0 $13,750 $11,250 45.00% May $25,000 $13,750 $0 $13,750 $11,250 45.00% Jun $25,000 $13,750 $0 $13,750 $11,250 45.00% Jul $20,000 $11,000 $0 $11,000 $9,000 45.00% Aug $20,000 $11,000 $0 $11,000 $9,000 45.00% Sep $25,000 $13,750 $0 $13,750 $11,250 45.00% Oct $25,000 $13,750 $0 $13,750 $11,250 45.00% Nov $20,000 $11,000 $0 $11,000 $9,000 45.00% Dec $20,000 $11,000 $0 $11,000 $9,000 45.00%

Expenses Payroll Sales and Marketing and Other Expenses Depreciation Entertainment Telephone/Fax Liability Insurance Rent Payroll Taxes Other Total Operating Expenses Profit Before Interest and Taxes EBITDA Interest Expense Taxes Incurred Net Profit Net Profit/Sales 18%

$7,500 $568 $0 $50 $150 $50 $0 $1,350 $0 $9,668 ($2,918) ($2,918) $333 ($975) ($2,276) -15.17%

$7,500 $793 $0 $50 $150 $50 $0 $1,350 $0 $9,893 $1,358 $1,358 $330 $308 $719 2.88%

$7,500 $905 $0 $50 $150 $50 $0 $1,350 $0 $10,005 $3,495 $3,495 $327 $951 $2,218 7.39%

$7,500 $793 $0 $50 $150 $50 $0 $1,350 $0 $9,893 $1,358 $1,358 $323 $310 $724 2.90%

$7,500 $793 $0 $50 $150 $50 $0 $1,350 $0 $9,893 $1,358 $1,358 $320 $311 $726 2.91%

$7,500 $793 $0 $50 $150 $50 $0 $1,350 $0 $9,893 $1,358 $1,358 $317 $312 $729 2.91%

$7,500 $680 $0 $75 $150 $50 $0 $1,350 $0 $9,805 ($805) ($805) $313 ($335) ($783) -3.91%

$7,500 $680 $0 $75 $150 $50 $0 $1,350 $0 $9,805 ($805) ($805) $310 ($335) ($781) -3.90%

$7,500 $793 $0 $75 $150 $50 $0 $1,350 $0 $9,918 $1,333 $1,333 $307 $308 $718 2.87%

$7,500 $793 $0 $75 $150 $50 $0 $1,350 $0 $9,918 $1,333 $1,333 $303 $309 $720 2.88%

$7,500 $680 $0 $75 $150 $50 $0 $1,350 $0 $9,805 ($805) ($805) $300 ($332) ($774) -3.87%

$7,500 $680 $0 $75 $150 $50 $0 $1,350 $0 $9,805 ($805) ($805) $297 ($331) ($771) -3.86%

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Appendix
Table: Cash Flow
Pro Forma Cash Flow Jan Cash Received Cash from Operations Cash Sales Cash from Receivables Subtotal Cash from Operations Additional Cash Received Sales Tax, VAT, HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations Cash Spending Bill Payments Subtotal Spent on Operations Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Current Assets Purchase Long-term Assets Dividends Subtotal Cash Spent Net Cash Flow Cash Balance $0 $0 $0 $0 $0 $0 $0 $7,826 ($1,826) $48,174 $0 $0 $0 $500 $0 $0 $0 $18,009 ($7,709) $40,465 $0 $0 $0 $500 $0 $0 $0 $24,897 ($3,697) $36,768 $0 $0 $0 $500 $0 $0 $0 $28,165 ($3,065) $33,702 $0 $0 $0 $500 $0 $0 $0 $24,776 $3,124 $36,826 $0 $0 $0 $500 $0 $0 $0 $24,774 $226 $37,053 $0 $0 $0 $500 $0 $0 $0 $24,655 ($1,655) $35,397 $0 $0 $0 $500 $0 $0 $0 $21,283 $1,617 $37,015 $0 $0 $0 $500 $0 $0 $0 $21,397 $603 $37,618 $0 $0 $0 $500 $0 $0 $0 $24,782 ($2,682) $34,936 $0 $0 $0 $500 $0 $0 $0 $24,663 ($1,663) $33,273 $0 $0 $0 $500 $0 $0 $0 $21,273 $1,627 $34,900 $7,500 $326 $7,826 $7,500 $10,009 $17,509 $7,500 $16,897 $24,397 $7,500 $20,165 $27,665 $7,500 $16,776 $24,276 $7,500 $16,774 $24,274 $7,500 $16,655 $24,155 $7,500 $13,283 $20,783 $7,500 $13,397 $20,897 $7,500 $16,782 $24,282 $7,500 $16,663 $24,163 $7,500 $13,273 $20,773 0.00% $0 $0 $0 $0 $0 $0 $0 $6,000 Jan $0 $0 $0 $0 $0 $0 $0 $10,300 Feb $0 $0 $0 $0 $0 $0 $0 $21,200 Mar $0 $0 $0 $0 $0 $0 $0 $25,100 Apr $0 $0 $0 $0 $0 $0 $0 $27,900 May $0 $0 $0 $0 $0 $0 $0 $25,000 Jun $0 $0 $0 $0 $0 $0 $0 $23,000 Jul $0 $0 $0 $0 $0 $0 $0 $22,900 Aug $0 $0 $0 $0 $0 $0 $0 $22,000 Sep $0 $0 $0 $0 $0 $0 $0 $22,100 Oct $0 $0 $0 $0 $0 $0 $0 $23,000 Nov $0 $0 $0 $0 $0 $0 $0 $22,900 Dec Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

$6,000 $0 $6,000

$10,000 $300 $10,300

$12,000 $9,200 $21,200

$10,000 $15,100 $25,100

$10,000 $17,900 $27,900

$10,000 $15,000 $25,000

$8,000 $15,000 $23,000

$8,000 $14,900 $22,900

$10,000 $12,000 $22,000

$10,000 $12,100 $22,100

$8,000 $15,000 $23,000

$8,000 $14,900 $22,900

Page 5

Appendix
Table: Balance Sheet
Pro Forma Balance Sheet Jan Assets Current Assets Cash Accounts Receivable Other Current Assets Total Current Assets Long-term Assets Long-term Assets Accumulated Depreciation Total Long-term Assets Total Assets Liabilities and Capital Current Liabilities Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Earnings Total Capital Total Liabilities and Capital Net Worth $0 $0 $0 $0 $50,000 $50,000 $43,000 ($43,000) $0 $0 $50,000 $0 $9,450 $0 $0 $9,450 $50,000 $59,450 $43,000 ($43,000) ($2,276) ($2,276) $57,174 ($2,276) $16,221 $0 $0 $16,221 $49,500 $65,721 $43,000 ($43,000) ($1,556) ($1,556) $64,165 ($1,556) $19,606 $0 $0 $19,606 $49,000 $68,606 $43,000 ($43,000) $662 $662 $69,268 $662 $16,217 $0 $0 $16,217 $48,500 $64,717 $43,000 ($43,000) $1,385 $1,385 $66,102 $1,385 $16,215 $0 $0 $16,215 $48,000 $64,215 $43,000 ($43,000) $2,112 $2,112 $66,326 $2,112 $16,212 $0 $0 $16,212 $47,500 $63,712 $43,000 ($43,000) $2,840 $2,840 $66,553 $2,840 $12,840 $0 $0 $12,840 $47,000 $59,840 $43,000 ($43,000) $2,057 $2,057 $61,897 $2,057 $12,838 $0 $0 $12,838 $46,500 $59,338 $43,000 ($43,000) $1,277 $1,277 $60,615 $1,277 $16,223 $0 $0 $16,223 $46,000 $62,223 $43,000 ($43,000) $1,995 $1,995 $64,218 $1,995 $16,220 $0 $0 $16,220 $45,500 $61,720 $43,000 ($43,000) $2,715 $2,715 $64,436 $2,715 $12,831 $0 $0 $12,831 $45,000 $57,831 $43,000 ($43,000) $1,942 $1,942 $59,773 $1,942 $12,829 $0 $0 $12,829 $44,500 $57,329 $43,000 ($43,000) $1,171 $1,171 $58,500 $1,171 $0 $0 $0 $50,000 $0 $0 $0 $57,174 Jan $0 $0 $0 $64,165 Feb $0 $0 $0 $69,268 Mar $0 $0 $0 $66,102 Apr $0 $0 $0 $66,326 May $0 $0 $0 $66,553 Jun $0 $0 $0 $61,897 Jul $0 $0 $0 $60,615 Aug $0 $0 $0 $64,218 Sep $0 $0 $0 $64,436 Oct $0 $0 $0 $59,773 Nov $0 $0 $0 $58,500 Dec Starting Balances Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

$50,000 $0 $0 $50,000

$48,174 $9,000 $0 $57,174

$40,465 $23,700 $0 $64,165

$36,768 $32,500 $0 $69,268

$33,702 $32,400 $0 $66,102

$36,826 $29,500 $0 $66,326

$37,053 $29,500 $0 $66,553

$35,397 $26,500 $0 $61,897

$37,015 $23,600 $0 $60,615

$37,618 $26,600 $0 $64,218

$34,936 $29,500 $0 $64,436

$33,273 $26,500 $0 $59,773

$34,900 $23,600 $0 $58,500

Page 6