Evolution Developments Business Plan Painter/businessplans... · Web viewEvolution Developments...

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2010

7/7/2010

Evolution Developments Business Plan


Jasmin BrownJodi MarshallAngela SchmidSheleen Summach

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Table of Contents

Executive Summary 4

1.0 Introduction1.1 Mission Statement 61.2 Goals and Objectives 6

2.0 Operations Plan2.1 Net-zero Homes Concept 82.2 Net-zero Building Features 92.3 Description of Operations 112.4 Organizational Structure 112.5 Board of Directors 122.6 Management 122.7 Location of Sarilia 132.8 Sarilia Site Plan 142.9 Sarilia Home Design 152.10 Capacity 172.11 The Building Process 172.12 Contractors and Suppliers 202.13 Common Activities 212.14 Working Capital Planning 21

3.0 Human Resources3.1 Shareholders and Board of Directors 243.2 Shareholder Agreement 25

4.0 Marketing Plan 4.1 Marketing Strategy 274.2 Competition 27 4.3

Customers and Target Market 27 4.4 Product Strategy 28

4.5 Pricing Strategy 284.6 Placement Strategy 284.7 Promotion Strategy 294.8 Promotion Expenses 29

5.0 Financial Plan5.1 Start-up 315.2 Development Costs 315.3 Property, Plant and Equipment 315.4 Sales 315.5 Expenses 315.6 Projected Income Sensitivity Analysis 325.7 Financing 32

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6.0 Conclusion 34LIST OF APPENDICESAppendix A: Balance SheetAppendix B: Debt FinancingAppendix C: Income Statement Appendix D: CCA ScheduleAppendix E: Statement of Cash FlowsAppendix F: Projected Income Statement – Best Case ScenarioAppendix G: Projected Income Statement – Worst Case ScenarioAppendix H: Cost per Unit

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Executive Summary

Evolution Developments (ED) was created in 2007 to introduce net-zero housing to

Saskatchewan. All four owners bought into the business by purchasing 25% of the voting

common shares for $100,000 each. Each shareholder was given a position on the Board of

Directors. The members’ wide array of experience and educational backgrounds are key success

factors for Evolution Developments.

The shareholders have performed extensive market research and determined that there are an

increasing number of consumers who are willing to pay a premium for products that are

environmentally sound. A net-zero home produces as much energy as it consumes, reducing

utility costs and contributing to the long-term health of the environment. Sarilia Estates,

located twenty minutes from the city of Saskatoon on the banks of the North Saskatchewan

River, has been chosen for the net-zero housing development. The close proximity to the City

and the beautiful scenery attract established professionals from the community. In addition,

the South-facing landscape is a perfect fit for a home powered by solar technology.

In the first year of operations, a prototype house was successfully designed and built. Nine

more net-zero homes were fully constructed and sold in the following two years at a gross

profit of approximately 17%. ED’s architect has designed three net-zero home plans, ranging in

size from 1,100 square feet to 1,500 square feet, with modifications available upon demand.

Prices are set at approximately $260 per square foot, which represents a 30% premium above

the average house price in Saskatoon. The market research performed by Evolution shows that

the average consumer will recoup this cost through reduced utility bills over a period of ten to

twelve years. In a period of rapidly increasing energy costs, this premium could be recovered in

as little as six years. These long-term savings, along with the environmental benefits, are what

make net-zero houses attractive.

110 lots are currently available for purchase at Sarilia. Evolution intends to purchase these lots

for the housing development, and construct approximately twenty-two homes per year over

the next five years. The lots are currently priced at $55,000, which is much lower than the

average price in Saskatoon. However, the shareholders’ believe that this land price will rise

significantly over the five-year period, especially as the development begins to grow. In order to

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control this variable, Evolution would like to purchase all of the land in the current year. An

offer has been made “subject to financing”, which means that Evolution has the option to

purchase the land if the necessary financing can be gathered. The four shareholders are willing

to contribute $2,000,000 in equity, and are looking for $3,000,000 in financing. A financial

analysis indicates that Evolution Developments will continue to generate positive cash flows

while making debt and interest payments over this five year period.

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1.0 Introduction

Evolution Developments was incorporated in 2007 by the four current shareholders, Sheleen

Summach, Angela Schmid, Jodi Marshall and Jasmin Brown. The focus of the company is to

provide affordable, environmentally friendly housing in Saskatoon and the surrounding area.

The company specializes in the design, construction, and maintenance of net-zero housing,

which is a new concept involving the construction of homes that produce as much energy as

they consume. The homes are meant to appeal to all families and individuals interested in a

lifestyle that contributes to the health of our planet. Evolution Developments is known for its

innovative technologies supporting the company objectives of reducing energy consumption

and profitably creating the first net-zero development in Saskatchewan.

1.1 Mission Statement

Evolution Developments defines its mission as follows:

“To design, build, and maintain green homes.”

The company is dedicated to the designing, building, and maintaining of net-zero homes.

Evolution Development’s innovative technologies, management expertise, and environmentally

friendly housing initiatives promise to solidify a profitable position in the development industry

in Saskatoon while maintaining the company goal of being green.

1.2 Goals and Objectives

Evolution Developments’ objective is to profitably create and maintain the first net-zero

residential development in Saskatchewan. A long-term goal is to continue to create such

developments in Alberta, Saskatchewan, and Manitoba in the future.

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2.0

Operations Plan

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2.1 The Net-Zero Homes Concept

Net-Zero Defined

A net-zero home is a home that generates as much energy as it uses on a yearly basis.

A home uses energy in three areas:

Space heating/cooling – the energy used to heat or cool the home

Domestic hot water – the energy used to heat hot water for use in baths/showers,

washing clothes, and in the kitchen

Lights, appliances and mechanical – the energy used to run lights and all appliances such

as the fridge, stove, washer and dryer

Energy Reduction Strategies

There are three basic energy reduction strategies:

1. Reduce - reduce the amount of energy used through improved building design, reduced

hot water consumption and efficient appliances

2. Reuse - reuse waste energy through the technologies such as Heat Recovery Ventilation

and Drain Water Heat Recovery

3. Recycle - replace conventional energy with alternative energy such as passive solar,

solar hot water, wind, geothermal and photovoltaic.

Why Build Green?

It's the right thing to do for the environment

Have a healthier, more comfortable home

Save on energy costs

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2.2 Net-Zero Building Features

Compact Design

A smaller home takes less building materials to construct and requires less energy consumption

than a larger home. A home should be just the right size for its occupants and their activities.

Orientation of the Home

The best way to orient a home is with its long axis running east to west. With this orientation,

the longest side of the home faces south. The south is the sunniest direction and hence the

warmest, so orienting a building this way maximizes solar heat gain.

In Canada, the sun is quite low during the coldest months when you need it most for heating.

As such, it is important to consider the location of evergreen trees, neighboring homes, etc to

the south of the home.

Passive Solar Design

Passive design is an approach to building set up that uses architectural design to reduce

traditional energy consumption and provide thermal comfort to the home. Passive design is

very specific to the location of the home in terms of climate, orientation, etc. A key element of

passive solar design is the use of south facing windows.

Exterior Surface of the Home – Features

Double wall construction with cellulose fiber insulation

High performance building panels used in floors, walls, and roofs for residential and light

commercial buildings.

A number of insulation materials

Windows – properly designed as a source of light, passive heat, and ventilation

Air and vapor barriers

Green roofs

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Space Heating

Forced air

Hot water

Electric

Wood burning

Heating and Water

Energy star water heaters

Tank-less water heaters

Restricted shower heads

Tap aerators

Energy star clothing and dishwashers

Drain water heat recovery

Alternative Energy

Geothermal – using the earth as a source of heat in the winter and a source of cooling in

the summer

Solar hot water

o Active systems – use electronic pumps to circulate fluid through the collectors

o Passive systems – rely on thermo-siphoning to circulate water

o Open-loop systems – circulates potable water through the collector

o Closed-loop systems – use glycol and a heat exchanger to transfer the heat to

potable water

Wind – source of clean renewable energy

Photo voltaic – used to convert the sun’s energy into electricity

Wood burning – used a source of energy

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2.3 Description of Operations

Evolution Developments specializes in the designing & planning, building and maintaining of

net-zero homes in the Sarilia development of the North Saskatchewan River Valley.

Designing & Planning – assisting clients in determining the options available in constructing a

home that will significantly reduce or eliminate energy consumption for space heating,

domestic hot water and/or appliances.

Building - hiring contractors with the necessary expertise in housing construction and the

installation of the recommended available technologies.

Maintaining – assisting in the application for available grants, learning how to use the new

technologies, dealing with warranty issues, and monitoring client energy savings.

Evolution Developments is dedicated to providing homes whose energy consumption is

equivalent to the energy generated by the home through on-site renewable energy.

2.4 Organizational Structure

Evolution Developments operates as a corporation in order to take advantage of the small

business deduction and limited legal liability. The shares in the company are equally held by:

Jasmin Brown, M.Arch, MRAIC, 2008 Pug Award Winner

Jodi Marshall, MPAcc, CA

Angela Schmid, MSc (Environmental Management), P.Eng

Sheleen Summach, CRU, Saskatchewan Real Estate Association Director

Evolution Developments

Sheleen Summach 25%Angela Schmid 25% Jasmin Brown 25%Jodi Marshall 25%

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Each of the four shareholders contributed $100,000 initially. An additional equity investment of

$2,000,000 is planned for 2010.

2.5 Board of Directors

The board of directors consists of Sheleen Summach, Angela Schmid, Jodi Marshall, and Jasmin

Brown. The diverse backgrounds of the board members assist the company in analyzing its

strengths and weaknesses, identifying industry trends and emerging markets, and provide the

company with the required knowledge and financial expertise to make it a success. The

personal and professional experiences of the board members help to advance the mission of

the company.

2.6 Management

As this company is just beginning to develop, the management of the company has been taken

on by the shareholders. Each member of the management team brings both financial expertise,

as well as knowledge, to a different area of the business.

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2.7 Location of Sarilia

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2.8 Sarilia Site Plan

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2.9 Sarilia Home Design

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2.10 Capacity

Sarilia Estates has been sub-divided into 120 lots. Evolution Developments has purchased and

built homes on ten of these lots. The remaining lots will be purchased in 2010 to secure the site

for future development. It is Evolution Development’s plan to build the next 110 homes over

five years, constructing 22 net-zero homes per year.

2.11 The Building Process

Evolution Developments is involved in three main stages of the development of net-zero

homes:

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Designing & Planning

Evolution Developments’ design services assist clients in determining the options available in

constructing a home that will significantly reduce or eliminate energy consumption for space

heating, domestic hot water and/or appliances.

Throughout this process, Evolution Developments is able to perform cost benefit analyses of

each green building technology available. This assists the customer in comparing the short and

long term costs to the economic, social, and environmental benefits of building green. The

customer will then have the knowledge needed to invest only in the right technologies.

The cost benefit process allows Evolution to understand the customer’s goals and objectives,

and define their selection criteria. The costs as well as the economic, social, and environmental

benefits will be documented. Also provided for the client are a calculation of Net Present Value,

Internal Rate of Return and Pay Back Period.

The design of a low energy or net-zero home requires the integration of as many as 20 different

energy saving technologies. Throughout the preliminary planning process, Evolution

Developments

Determines the client’s specific targets for energy efficiency

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Identifies design constraints (client budget, local building requirements, architectural

design standards)

Develop preliminary plan to meet goals and objectives

Identifies potential federal, provincial and other grants available

Prepares a draft planning report for review and approval

The integrated design of a low energy or net zero home requires very detailed construction

plans. Evolution Developments currently has 3 net-zero home plans, ranging in size from 1,100

square feet to 1,500 square feet. Modifications can be made to these homes in order to suit the

client’s needs. The plan package includes the following:

Site plan

Foundation plan

Floor plan(s)

Electrical plan(s)

Building sections (2 minimum)

Exterior elevations (4 elevations)

Building

Evolution Developments takes full responsibility for hiring contractors with the necessary

expertise in housing construction and the installation of the recommended available

technologies. Evolution tenders for contractors in order to hire the best contractor at the

lowest cost to the company. The contractor is provided with a construction budget and

construction schedule.

Throughout the process, Evolution Developments takes on the following responsibilities:

Project and quality control

Cost control and change order management

Contractor and supplier payment

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Evolution Developments takes on the risk of the project and provides the client with a quality

home at a predetermined price.

Maintaining

A highly integrated low energy home is inherently more complex than a standard home.

Evolution Developments is available after the client moves into the home, to help them with

any issues that may arise. Examples of the maintenance with which we assist the client:

applying for available grants, learning how to use the new technologies, dealing with warranty

issues, and monitoring client energy savings.

2.12 Contractors and Suppliers

Evolution Developments has the following options of “Green Contractors” and “Green

Suppliers:”

Green Contractors

Legacy Homebuilders

Bryant Construction

Castle Hill Construction

Green Technology Suppliers

Nexsan Technologies

Code Green Ltd

EnvioStar Systems

Home Building Suppliers

JH Builders Warehouse

RONA

Home Hardware

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2.13 Common Activities

Daily

Planning and designing

Site supervision

Weekly

Materials purchases

Show-home tours and presentations

Monthly

Progress payment to contractors

Financial report preparations

Budget preparation

Actual-to-budget investigation

Yearly

Financial statement preparation

Tax return preparation and planning

Actual-to-budget preparation

2.14 Working Capital Planning

Upon decision to purchase a home and mortgage approval from a financial institution, the

customer makes a deposit of 15%. Evolution Developments provides the cash to build the home

and takes care of paying the contractors and suppliers on a monthly basis. At the possession

date, the client is responsible for providing Evolution Developments with the remainder of the

payment for the home.

Inventory Management

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Evolution Development purchases the building supplies from one of its building supply

stores, at a discount due to the quantity of supplies purchased on an annual basis

Building supplies will only be purchased at the time that they are needed to begin

building the home, and on an as-needed basis

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3.0

Human Resources Plan

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3.1 Shareholders and Board of Directors

Evolution has the following Shareholders and Board of Directors:

Jasmin Brown – 25% Shareholder and Board member

M. Arch, MRAIC, 2008 Pug Award winner

Before forming Evolution Developments with Jodi, Angela and Sheleen, Jasmin worked as a

Principal with Crosby Hanna & Associates where she specialized in residential developments

and environmental planning. Jasmin has a strong background in environmentally sustainable

housing initiatives including providing advisory services on the Alstonvale Net Zero Home built

in Hudson, Quebec from 2007 to 2008. Jasmin has developed the design schemes and floor

plans for our development site.

Jodi Marshall – 25% Shareholder and Board member

MPAcc, CA

Jodi Marshall obtained the prestigious MPAcc degree from the University of Saskatchewan and

is a Chartered Accountant. Jodi was formally a partner with Myers Norris Penny LLP in

Saskatoon. She brings to the business over 17 years of experience in consulting. In addition,

Jodi sits on the board of the Canadian Green Builders Council of Saskatchewan. Jodi has used

her strong financial and consulting background to develop a solid business case for Evolution

Developments.

Angela Schmid – 25% Shareholder and Board member

MSc (Environmental Management), P.Eng

Before joining Evolution Developments, Angela was a Principal at Dumont and Associates in

Saskatoon where she specialized in energy efficient buildings, and indoor air quality. She has

been involved in a wide range of energy efficiency activities including energy audits, and

developing standards for housing agencies. Angela was also a lecturer research associate at the

University of Saskatchewan. Angela will bring her extensive environmental efficiency expertise

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to the building of our net zero development. She will also use her teaching background to

assist Sheleen in promoting net zero homes in Saskatoon.

Sheleen Summach - 25% Shareholder and Board member

CRU, Saskatchewan Real Estate Association Director

Sheleen has been selling real estate for over 18 years in Saskatoon. Through this she has

established herself as a key member of the community and has collected extensive contacts.

Sheleen has been recognized by her peers with a “Realtor of Distinction” award and has

maintained the spot of “#1 Realtor” in Saskatoon for several years. Sheleen brings to the

business the expertise to attract our target market and successfully sell the homes in our

development.

3.2 Shareholders Agreement

The above four shareholders have formed a Shareholders Agreement, with each of the owners

having a 25% interest. Each shareholder, since they are also an employee, will take a

management salary of $100,000 per year over the five year project. Each of the shareholders

has invested $100,000 into the Company, and will contribute another $500,000 each in 2010.

Profits after debt servicing from the sale of homes in the development will be distributed

through dividends.

Decisions will be made by the Board based on a majority vote. If all of the Board members

exercise their right to vote, three votes are required to pass a decision. If there are only three

voters then two votes are necessary to hold a majority. Quorum at all meetings will be at least

three Board members in attendance.

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4.0

Marketing Plan

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4.1 Marketing Strategy

Saskatoon is a rapidly growing city with growing industries and an increasing number of

residents. In 2006 the City had a population of 233,923 according to the Canada 2006 Census.

This has grown to 257,300 in 2009 according to estimates by Statistics Canada and the City is

estimated to continue growing. In addition, many residents of Saskatoon are concerned with

environmentally sustainable living. As a result, a need for new environmentally sustainable,

net-zero homes has been identified.

Although there are several new developments in Saskatoon and the surrounding area, none

have filled the niche of net-zero living. Further, the planned development is on the

Saskatchewan River; prime real estate that is in high demand by home buyers.

4.2 Competition

As mentioned above, there are no direct competitors to Evolution Developments as no

companies in the Saskatoon area have explored the market for net-zero homes. However,

competition still exists as follows:

- Rental homes

- Conventional developments (i.e. non net-zero)

- Individual homes (i.e. not in a development community)

The main factor that separates Evolution Developments from the competition listed above and

is the concept of net-zero homes. Evolution Developments will also set itself apart from the

competition with its prime location, in Sarilia Country Estates, on the Saskatchewan River.

4.3 Customers and Target Market

Evolution Development’s target market is environmentally-conscious families looking to live in

homes that are different from all the rest; homes that will make a positive contribution to the

environment. Homes in the development will range in price from $300,000 - $450,000, and

therefore the target market encompasses both young and established professionals, with

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household income of $70,000 to $100,000. This group is highly educated, and recognizes the

need to make changes in the way we live and use resources.

4.4 Product Strategy

As discussed above, the main differentiator of Evolution Developments is the offering of net

zero homes. These homes are attractive to the target market because of their minimal impact

on the environment, their long-term energy savings and their attractive location. The homes

will be high quality and modern in all aspects, from the floor plans to the appliances and

finishing. These homes have been designed by Jasmin Brown, Evolution Developments’

Architect. Homebuyers will be able to choose between three different floor plans, and four

different colour scheme and design plans.

4.5 Pricing Strategy

In order to create lasting quality, highly energy-efficient homes, Evolution Developments is

employing a premium pricing strategy as compared to similar, non-energy efficient homes. The

premium in the price will be significantly offset in the long-run for home owners as a result of

the energy cost savings they will experience. The average home uses 40,000 kWh of energy

each year, resulting in utilities costs of over $5,000 per year. In contrast, because a net zero

home creates its own energy, these costs will be saved. It will also be offset by the lower

property costs of Sarilia Country Estates as compared to properties in Saskatoon.

4.6 Placement Strategy

The original net zero development will be part of Sarilia Country Estates, located 25 minutes

northwest of Saskatoon, near Langham, SK. This location means that it is close to all of the

amenities of the city, with all of the luxury of a relaxing country home. Nearby Langham also

hosts several stores, as well as an elementary and secondary school.

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4.7 Promotion Strategy

The promotion strategy will be primarily internally generated. Sheleen Summach, the in-house

Realtor, will use her well established name and contacts to spread the word about the net zero

development. She will do this by the following means:

- Promotion on her personal realty listings website. The development will be presented

conspicuously on the home page of her website with links to educational information

about net zero homes, their benefits, and current listings in the development.

- A fully functioning show home will be built in the 2010 on the development. This home

will act as a sales tool to show people how net zero homes operate and to act as

tangible proof that a net zero home can be built. Sheleen will have the home open on

weekends for open houses and will also be available for viewings by appointment. While

costly, we believe that this home will be one of our most powerful marketing tools and

the home will be sold when the development is completed.

- Radio advertising with Wired 96.3 and Magic 98.3. Wired 96.3 is a hits music station

that is extremely popular with the young population, including 25 to 35 year olds and

Magic 98.3, Saskatoon’s soft rock station is popular with young to middle-aged

individuals. Advertising with both of these stations will help us reach more of our target

market. On air advertisements will include a brief description of net zero homes, their

positive impact on the environment, open house times and location, and contact

information of [Insert Name]. Advertisements will be aired Friday to Sunday as studies

have found that people are most likely to attend open houses when told about them on

weekends, when they have a greater amount of free time.

4.8 Promotion Expenses

Projected Promotional Expenses

2010 2012, and thereafter

Realty Website 5,000 5,000

Show Home* 335,400 10,000

Radio 40,000 40,000

* Cost of the Show Home in 2011 includes cost of building the home and maintenance for the year. Costs in 2012 and thereafter (i.e.

until all homes in the development are sold) relate to maintenance and costs to disassemble Show Home after selling phase is completed.

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5.0

Financial Plan

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5.1 Start-up

Evolution Developments began operations in 2007 by performing marketing research to

determine the potential demand for net zero housing. Initial financing of $400,000 was

provided by the owners through a purchase of common shares.

5.2 Development Costs

Housing blueprints for three different floor plans were drafted by Jasmin Brown with the

related development costs being deferred and amortized over the length of the development

project (8 years).

5.3 Property, Plant and Equipment

Construction equipment was purchased in years 1 and 2, and is amortized using a CCA rate of

10% per year.

5.4 Sales

With the average home in Saskatoon selling for $200 per square foot, a net-zero home is a

premium product with a selling price of $260 per square foot. The increase in the cost is the

outcome of high efficiency products used in the development of the housing. These products

reduce future utility costs to the owner and have a significantly lower impact on the

environment. A prototype house was built and sold at a gross profit of $67,600. Over 2008 and

2009, sales were primarily made through word-of-mouth advertising. The sale is made before

construction begins, and revenue is recognized on a percentage-of-completion basis. This

decreases the risk of houses sitting in inventory, and the related maintenance costs that would

be incurred. An average gross margin of 17% has been realized on the ten houses sold to date.

5.5 Expenses

Labour is contracted for each house, and materials are purchased as needed. Labour and

materials costs account for approximately 80% of total costs per house. Other costs include

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interest, advertising, liability insurance, and legal fees involved with incorporation in the first

year.

5.6 Projected Income Sensitivity Analysis

A sensitivity analysis was performed for a best and worst case scenario. Exhibit F looks at the

best case scenario in which case 22 net-zero homes are developed and sold each year for the

next five years until the 110 lots are developed. Costs of building the net-zero homes has been

projected at 80% of the selling price, which has been the historical cost of development. Any

increase to the costs will flow through to an increased sale price. There is a positive net income

in 2010 of $327,000, and net income remains positive until the completion of the project in

2014. The free cash flow is in a negative position in 2010 due to the initial purchase of the 110

lots; however, it quickly turns around in 2011. It is important to purchase all the lots in 2010 to

guarantee the low price and the lots to continue the development.

The worst case scenario considers a change in the sales per year, as well as the cost per unit.

Decreased annual sales would extend the project an additional two years, resulting in

additional fixed costs overall. If costs per unit were to increase by 5%, the negative cash flow in

2010 would increase to $5.2 million. However, this scenario does not take into consideration

the annual increase in housing prices. The shareholders believe that if costs were to increase by

5%, that the sale price could be increased by the same amount. In addition, the land held for

development is likely to increase in value, which means that it could be sold if demand for net-

zero housing is slower than anticipated.

5.7 Financing

In 2008 additional financing was obtained through a bank loan of $500,000, repayable over 7

years at a rate of 10%. These funds were used to purchase additional equipment, and to

support the development of nine houses over the following two years. Ending inventory

consists of houses in varying stages of completion. To date, all houses that have been built have

been sold, and cash flows have remained positive over the three years of operation (see Exhibit

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E). Thus far, the owners have been able to remove $300,000 from the business in the form of

salaries for work performed.

The project is expected to yield an internal rate of return of 21%; however, additional cash is

needed to finance the purchase of land in 2010. To address this cash shortfall, each shareholder

will contribute an additional $500,000 in exchange for common shares of Evolution

Developments. Debt financing of $3,000,000 will be repaid over five years at an interest rate of

10% (see Exhibit B). Significant returns in subsequent years will allow the Company to repay the

debt and earn an internal rate of return of 25%.

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6.0 Conclusion

Sarilia will be the first net-zero residential development in Saskatchewan. Evolution

Developments is a pioneer in environmentally-friendly living solutions and has opened up a

niche market in residential building in Canada. Saskatchewan is an ideal place to build the first

net-zero development as a result of its increasingly environmentally conscious population, its

rising population of young professionals, and its affordable land prices.

With the cash injection obtained by the bank loan of $3,000,000, the development will earn an

average of $600,000 per year in after-tax profits and a return on investment of 21%, making the

investment very profitable. The Sarilia development is not only a safe investment for any

portfolio, but also an invaluable investment in the environment and an innovative way of life in

Saskatchewan.

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NOTE:

Information for the “Operating Plan” was taken from the following website: www.vereco.ca

http://www.vereco.ca/

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