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Easi – Executive Summary
Expert Application Systems, Incorporated will outperform any and all competitors
in the compliance software systems industry.
Expert Application Systems, Incorporated (EASI) develops compliance software systems for growth markets. EASI’s systems are designed to be extremely user-friendly, accurate, and portable among computer platforms. Today’s manufacturers must comply with a host of regulations and standards arising from the joint actions of governmental regulatory and private standards organizations. In the United States, many electronic products must be listed by one of several private Nationally Recognized Testing Laboratories (NRTLs) as meeting certain product safety standards. This certification helps companies avoid criminal, civil, and private actions. EASI’s initial product is a software system that guides users through the Underwriters Laboratories (UL) product safety compliance process. UL, one of several NRTLs, is the world’s largest independent testing laboratory. Its client base represents one of the largest markets for EASI’s products. Expert Application Systems, Inc. has received a strong Letter of Endorsement from UL and is formalizing a strategic alliance with Underwriters Laboratories that will continue to give EASI significant access to UL resources. EASI is also currently developing key strategic alliances within the European Community (EC) and with the Canadian Standards Association (CSA). In addition, UL has proposed including EASI products in their marketing plan and distributing EASI’s software through their existing channels. EASI’s strong relationship with UL is a significant competitive advantage that will contribute to our success in the marketplace. This has generated tremendous interest for EASI’s compliance software in the product safety industry.
Interviews, surveys and trade articles all confirm that companies resent the time and expense involved in obtaining UL listing/recognition. Currently, 95% of products covered by UL Standard 1950 (UL 1950) fail to receive listing/recognition on the first submittal to UL and only 50% succeed after the second submittal. UL clients complain that the Standards are confusing, not user-friendly, and difficult to integrate into the product development cycle. However, obtaining the UL mark is a competitive necessity. The 592 UL Standards, in addition to similar international standards, represent an expanding and lucrative market opportunity for compliance software systems. EASI’s UL products target an untapped global market of $1.5 billion in program sales and $248 million in annual update sales. Our initial product is targeted to approximately 5,700 domestic manufacturers and represents total potential sales in excess of $10 million in program sales and $1.7 million in annual update sales. We are pursuing an aggressive marketing strategy designed to establish a strong foothold for EASI.
EASI is developing multiple products for the product safety industry. EASI’s software systems provide easy-to-use, efficient guidance through compliance processes. The benefits achieved using our systems include higher probability of first-time listing/recognition, reduced expense, shortened product time-to-market, and improved access to standards updates. EASI’s initial product, UL Solutions – 1950, targets the Underwriters Laboratories Standard that generates the largest user demand and greatest revenue for UL – UL Standard 1950: Safety of Information Technology Equipment Including Electrical Business Equipment. Potential customers are currently reviewing an alpha version of the system. Several Fortune 500 companies, in addition to Underwriters Laboratories, have agreed to serve as beta sites for UL Solutions – 1950. Customers have been involved at every stage of the development process and continue to provide valuable feedback regarding the key features that should be integrated into our product. This interaction is ongoing and customer input continues to drive our product development. The experience of EASI personnel is leveraged with object-oriented expert systems development tools to create high-quality, customer-driven products at lower costs than those of conventional software developers.
Key Management Personnel
The EASI management team is well balanced in talents and experience and is supported by a highly qualified Board of Advisors. In addition, EASI has a broad network of contacts in all areas of business.
Patricia Mack – President : Ms. Mack founded a software company that continues to operate successfully. Her experience includes profit and loss responsibility, risk management, and process testing. Ms. Mack is responsible for positioning EASI as an industry leader and developing corporate strategies.
Margarita Ash – VP of Product Development: Ms. Ash has seven years of product research and development experience with IBM, including product safety compliance and certification processes for the U.S., Japan, and Europe. Ms. Ash’s responsibilities include determining appropriate development tools and strategies that meet customer needs and the planning of software production.
David Beuerlein – Vice President of Finance and Operations: Mr. Beuerlein has a wide range of operational and financial systems experience with General Dynamics including financial forecasting in New Product Development. Mr. Beuerlein is responsible for financial planning and control and the implementation of software production and customer support systems.
Deborah Sallee – VP of Sales and Marketing: Ms. Sallee has over six years of engineering experience with Powerex, Inc. and Harris Corporation and has worked extensively in the area of technical marketing. Ms. Sallee has also previously worked with UL compliance needs. Ms. Sallee’s responsibilities include directing the planning and implementation of all sales and marketing efforts.
Revenue projections for the five years shown below include sales for UL Solutions – 1950, subsequent products, and update subscriptions. The values shown are for fiscal years ending on September 30. To attain projected revenues of $32 million in year 5, EASI will require an investment of $600,000. In return for this investment, EASI is offering 25% equity in the company. Projections indicate an annual rate of return of 104% to the investor(s).
|Expert Application Systems, Inc.|
|Table of Contents||Appendices|
|0. Executive Summary
1. The Company
2. The Market
4. Marketing Plan
5. Product Development
7. Financial Plan
Letters of Support
Product Screen Samples
Product Price List
Endorsement from UL
Board of Advisors