May, 2003

Recent events have served to increase our feedstock supply and plant improvements have grown our manufacturing capacity. The immediate results are more consistent production and an increased availability of Micronutrients TBCC®.

On January 1, 2003 Micronutrients purchased the alkaline etchant business from Phibro-Tech, Inc. a subsidiary of Phillip Brothers Chemicals, Inc. The scope of this acquisition includes the customers of Phibro-Tech’s Joliet, IL and Sumter, SC facilities. Micronutrients now manufactures alkaline etchant chemicals for the printed circuit board companies formerly supplied by these two facilities along with recycling their spent etchant.

The copper-laden spent etchants produced during the manufacture of circuit boards serve as feedstock for Micronutrients’ production of Tribasic Copper Chloride. The copper secured through this acquisition has substantially increased the supply of our preferred source of copper.

The ultimate goal in purchasing this business is to stabilize our copper feedstock supply and ensure our ability to satisfy the demand for Micronutrients TBCC® in the Animal Feed Industry.