My Vision Craig Barrett President & CEO When I founded Vermont Machine Tool in 1983 it was in response to the proverbial "handwriting on the wall" that spelled out the forthcoming decline in our industry's ability to compete with aggressive, subsidized foreign competition. My analysis has, unfortunately, proven out by the closing and downsizing of too many domestic machine tool manufacturers. Even more unfortunate has been the demise in our own immediate geographic area, aptly nicknamed the "Precision Valley". I have witnessed the depletion and migration of valuable human resources from internationally renowned machine tool manufacturers in our community. The net result has been a loss of the creative and innovative thinking which for the better part of a century led the world in increased productivity and precision in machining and manufacturing. I have always subscribed to the often stated dictum that we must pay attention to past history in order to avoid repeating the same mistakes in the future. With that in mind, I decided to pursue the acquisition of Bryant Grinder, setting the goal of returning Bryant to the preeminent position of producing the finest high speed ID and OD grinders available in the marketplace. This task, while daunting to some, is not only possible but is well on its way to reality. Since July 18, 2002, the date we actually purchased Bryant Grinder, the reborn Bryant has shipped eleven (11) of the thirteen (13) machines in process at the time the old Bryant closed their doors. At the same time we were completing the production of these machines, we also began the process of ramping up our Bryant wheelhead production and repair facility, which I am proud to say has been producing high standard wheelheads and workheads for over three months. Our Bryant Service Parts department has been diligently keeping customer requirements satisfied since September, 2002 and continues to improve on response and delivery. The Training and Service department is in full operational mode with the first training class under the new Bryant Grinder completed in June, 2003. Now we move on to where I envision Bryant Grinder in the future. As I write this, our engineering staff is carefully reviewing and evaluating improvements in all areas of the entire product line. We are nearing the end of an arduous journey in the implementation of our new ERP system which is enabling us to respond much more quickly to build requirements as well as customer required Service Parts. Our journey towards the completion of ISO 9002 certification continues to insure that quality is not a concern or issue for our customers. I have pledged that there will be an ongoing effort for product improvement, cost efficiencies (without sacrificing quality), expeditious manufacturing processes and a total commitment to customer satisfaction. With the staff we have assembled via the merging of Vermont Machine Tool and select Bryant Grinder personnel we not only have the ability but the desire to accomplish our stated objectives. Six years from now Bryant Grinder will be 100 years young and we intend to live up to all the expectations of the past 100 years and the promise of the next 100 years. As the only remaining domestic manufacturer of high speed, precision grinding machine tools, Bryant Grinder will once again be the name on everyone's lips when speaking of precision and innovation in specialized ID and OD grinding applications. If you are an existing, previous or potential future customer of Bryant Grinder, join us as we enter a new era of exciting and exhilarating change which is showcased in our motto: "Excellence and innovation in precision grinding since 1909"