MINUTES OF THE BOARD OF DIRECTORS
PRECISION PARTS
CALL TO ORDER
Director Tatyana Kotovet called to order the regular meeting of the Board of Directors of Precision Parts,
was held at 10 a.m. on April 18, 2014, in the Summit meeting room.
ROLL CALL
Directors present: Tatyana Kotovet, Janice Stork, John O’Connor, Matthew Bryce, Amanda Cooley, Juan
Mandez, Janice Stork, and Jim Riley. Directors excused: Martin Klopf and Alan Rufenacht.
APPROVAL OF MINUTES FROM LAST MEETING
Secretary Francisco Lanassa read the minutes from the March meeting.
OLD BUSINESS
The first order of business was to welcome Amanda Cooley as a new director on the Board. Amanda has
vast experience in marketing and in production, and she will add depth to the Board.
A review of the method of financing the capital expansion was completed regarding whether to
purchase or lease. The unanimous decision of the Board was to purchase. Revised expansion costs were
presented. The new total is estimated to be $1,375,000 as opposed to the original estimate of
$1,169,999.
NEW BUSINESS
Agenda items included reports from the Finance, Production, and Sales departments:
Finance. February results were reviewed, and they were considered better than expected for this
month. Precision Parts’ financial reporting format was reviewed.
Production. Production reports were reviewed along with other relevant operational data. February
production results were good. A progress report was completed on the current capital improvement
program. The new bag machine was delivered, and it will be operational shortly. Additional staffing will
proceed with three bag machines being operated on the day shift to handle the additional retail
business.
Sales. On March 1, Matthew Wang was promoted to the position of National Sales Manager. Matthew
was a District Manager for the past five years. This move should result in a fully organized and better
coordinated sales department. It is expected that sales costs will be better contained, sales calls will be
focused and better organized, markets will be better defined, and new market potential will be
recognized.
At the close of the discussion of agenda items, Matthew Bryce informally presented some ideas relative
to future expansion, including a suggestion to change distributors to reduce lead time for deliveries. This
suggestion met with disapproval primarily because of poor timing and lack of a factual basis for this
extreme move. As a result, it was concluded that the Board and its management directors should
examine the possibilities of some strategic planning sessions to review long-term direction.
ADJOURNMENT
The meeting was adjourned at 11:45 a.m. The next meeting will be on May 16, 2014 at 10:00 a.m.
Submitted by:
Francisco Lanassa, Sr.
Secretary and General Counsel