An Overdue Update

Fort Car Wash Refinancing: Financing Institution has agreed to the financing package put forward. Currently jumping through hoops and completing renovations as required.

Fort Car Wash Phase 2: Local competition has closed up shop and the building is now in recievership. Commercial bay requests continue to increase. A brochure is currently being assembled for this expansion - construction could potentially start as early as August/ September 2006, completing in early 2007.

Each bay would measure 25' wide and 110' long and would include it's own fixed catwalk. This new construction would cost an additional 65% as compared to the original constructed value and would allow for two additional industrial bays (as compared to 10 car bays).

The advantage being that a truck will take 45-60 minutes to clean, versus a car or pickup which takes on average 10 minutes. Add to this the extra large bay requirements and the subsequent additional charge for use ($1.25 per minute versus $0.60 per minute) and the benefits quickly add up.

Car/Pickup (denoted "Car") versus Long Haul Truck/ Industrial Vehicle (denoted "Truck") Direct Comparison:

• Typical Car Wash: $6
• Typical Established Car Wash Occupancy (Rural): 25-35%
• Typical Cost per Bay - Car (without Land): $125,000
• Typical Income Range per Bay - Car: $3,800-5,300 per month

• Typical Truck Wash: $65
• Typical Established Truck Wash Occupancy (Rural): 35-50%
• Typical Cost per Bay - Truck (without Land): $350,000
• Typical Income Range per Bay - Truck: $11,000-15,800 per month

Edson Car Wash: Construction continues. Labor shortage affects our major suppliers. Car Wash equipment may not be complete until end of June 2006.

Urban Market: Research continues. More focus required.

A few new projects on the horizon. More details as they become available.
The lack of detailed information will be mitigated soon.

Here's to the future.