(a) General Development of Business

Electronic Tele-Communications, Inc. ("ETC" or "the Company") is a Wisconsin corporation, incorporated in 1980. The Company designs, manufactures, and markets digital voice information platforms and related services for the telecommunications industry. Substantially all of the Company's products are proprietary and have been developed since 1996. Research and development activities have been and will continue to be important to the development of new products and markets.

ETC leases a facility in Waukesha, Wisconsin that includes executive offices, manufacturing, engineering, technical services, marketing, and a regional sales...