» "Chatman Grissom cated the mestng to order at 10:45 am ‘and determined a ‘quorum 1 bo present cndvot he business ofthe corporation. “The flowing members wore in attendance in Aus: Bil Newiand Gerald Smith Keith Dodson ‘Also present: Brenda McCombs, Ass. Secretary ‘Joo Courtney, VP 2) Agenda Updatos and Announcements, Director McCoy advise the board that he would Ike an executve session at {the end ofthe meeting to discuss a cal he had received, 3) Review and Approve Board tinutes, tune 5, 2007 BOD Meeting (Aus) Motion made (Dodson) and Seconded (Smith) to approve the minutes as Presented. All voted ayo, none opposed, 4) Committee Reports. ‘Audit and Accounting: Director Smith stated that he had nothing t report at this tine, Compensation/Stock Options Committes: Director Dodson stated that he had nothing to report tis time. President Danie reported that he had Markating and Sales Committ Na, Feceived an ema fom Jef Magnus reaming GAP's commits ‘The emails transcribed here as folowe:‘To: Quartz Mountain Aerospace Board of Directors From: Global Aviation Partnere President, Jeff Magnus Date: June 30, 2007 ‘hie tolor foo reafirn the commitment Global Aviation Partners entered Into with Quartz Mountain Aerospace eighteen monthe age. We would also reaffim our commitment and suppor of John Daniel and his team. Though tis process has not beon timely and within budget, we believe that receiving prodict devoid of Probable faults is ore than worth the addtional cost and time. We understand and ‘are familar with the governmental regulatory process, the necessary development of ‘kiled craftsmen and many of the industries hidden hurdles, John, in our opinion, is ‘navigating these waters with superb seamanship and as an excellent Captain, ‘We have been in negotiation with another aircraft owner to represent them within the fame capacly as we do you. ‘The only diferent ls we would contract vith you to build thelr product, Our agreement with the owner ls scheduled to be competed shorty. At that point we wil ofer the product to you and negotiate manufacturing ‘agreement. The new producti nat In competion with the 1 ‘Within the past 30 days we have complted our third tip to nda and have received 8 financial commitment for more than 60 aircraft. Our commitment is to begin delivery January 30, 2008 at approximately three alrrat per month, Because of tho delivery delays, we have lot several of our schools. ‘They simply coud not walt any longer; thelr requirement for new ara was immediate 18 months ago. They have Purchased our compatitors srcral. We have also added soveral become completely frustrated with our competitors ava and pr ‘Our delvery delay has helped us reaffim our niche marke; fine tuned and sokitied ‘ur eurtent dealer relationships, ‘We strongly beiove in John's abit to produce a fst class product and our ably to purchase, sel and support everything you can make forthe next three years. As the ‘current product comes to futon and our dealer network comes to lo, we wil both have a need to work very closely tagether as we engineer and add new produce to aur stable of offerings. We envision developing an equily positon In GMA, ‘AS we emerge from this dificult development time and complete the sales and Production journey, we want you to know that there ar only a couple of people in the ‘county that could have completed this task. You have chosen the BEST! John Danie, o a faut, is honest, straight forward and knows what he 's doing. I can only Imagine the frustration the board has dealt with. As accomplished business people 's almost impossibie to understand the required government regulation and oversight Fequired to complete the task John has undertaken, An example might be to emomber the issues the General encountered while navigating the task of building {the fst alrrat. Mf you multiply that by 1000, you wil begin to see John's picture.617) Finance/Management Report. President Daniel gave a brit report on the status of cashflow, bum rate report and {he cashflow projections. He also, gave an update on QMAF and how it woul affect the bur rte nthe future. He briefed the board of the Incoming eantracs for GMAF. President Daniel reported on the test fight ofthe fst sirpane, that al went well, and thatthe plane is ready for paint. He also adked that Paul O'Donnell would be o site owork onthe IFR cetiication In personnel matters, President Daniel avi Danio and that he is relocating to Kensas and has Bracberry, IT, wil be relocating to Alabama, company ona parttime b Erm rel cade on ca at chan ioe pod tothe vaing of he proxies. The anonymous caer had complied fet manageent vias preseuing.enployeosocilire is vling harcore, Wil poten Citcomes. Present Dail explained that he had ested dan ase tate te Brows, expan the bi's an resumes ofthe propoeed ow Oetora and stk Sockholdrempoyees inthe proxy process, "cian i i ed that he had Visiod wih Jan ose an wee sls thet no undue pressure wes ape by Ms Foso, ata in any event management sould be witin te igs rae tng tecommendans to nploealstoctheldrs. The boat deed at nthe ee sa Proce would be mad dct to too fhe Corporate Au Motion (Daniel) was made and Seconded (Smith) to have al proxies mailed tothe office of the Corporate Aucitor for tabulation. All voted aye, none opposed. the board of the resignation of J. a positon with AgCo. Craig continue working for the 8) Acknowledge the Motion (Daniel) was made and Seconded (Smith to acknowledge the ‘lection of srectors as presente to Stockholder tru the appropriate ‘meeting notices and as the Stockholder Ballots and Proves, with voaling as certed by All voted ‘aye, none opposed, 9) Acknowledge the results of Stockholder Voting on Resolution SH7.01. ton of Directors by vote of Stockholders, Motion (Dodson) was made and Seconded (Smith) to acknowledge the ‘afrmation of Stockholder Resolution SH7-01 amending tha Corporate “Artles of incorporation and directing that appropiate flings be delved to the Secretary of Stato of Nevada to comply with recording te aaa 9 ena emt once nan hn