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PART II - OTHER INFORMATION ITEM 1 LEGAL PROCEEDINGS The Company is party to the matter entitled LeBlanc v. Tomoiu, et. al., which action was filed in the Superior Court of Connecticut. The verified complaint seeks damages relating to the acquisition by the Company's former subsidiary, General Ultrasonics Corporation, of the stock of H2 Energy Solutions, Inc. from substantially all of its shareholders, as well as attorney's fees and costs. The Company has responded to the verified complaint and denies any liability. The Company's subsidiaries, GS AgriFuels Corporation and NextGen Fuel, Inc. are party to the matter entitled O'Brien & Gere Limited, et al v. NextGen Chemical Processors, Inc., et al., which action was filed in the Supreme Court of the State of New York. The verified complaint had sought performance of and damages relating to certain service and related agreements, plus attorney's fees and costs. This matter relates to the provision by plaintiffs of certain engineering services to NextGen Chemical Processors, Inc. ("NCP") during 2005 and 2006. NCP is owned by the former shareholders of NextGen Fuel, Inc., subsidiary. On September 19, 2007, the Supreme Court of the State of New York dismissed a significant portion of O'Brien & Gere's complaint with prejudice. Management does not believe that there is a reasonable possibility that the claims made against NextGen Fuel by the plaintiffs in this litigation indicate that a material loss has occurred. Accordingly, no accrual has been made in connection with those claims. The Company's Sustainable Systems subsidiary is party to the matter entitled Sheridan Electric Co-Op., Inc., v. Sustainable Systems, LLC, which action was filed in the District Court of Montana. The verified complaint seeks to accelerate repayment of an unsecured note due March 1, 2010 (the "Sheridan Note"), as well as attorney's fees and costs. All payments due on the Sheridan Note were current at the time Sheridan filed this action. Sustainable otherwise has been and remains in compliance with the terms of Sheridan Note. Sustainable has responded to the verified complaint and denies any liability. The Company is party to the matter entitled Scozzafava v. GS AgriFuels Corporation, et. al., which action was filed in the Supreme Court of the State of New York. The verified complaint seeks damages under plaintiff's former employment agreement with GS AgriFuels, plus attorney's fees and costs, relating to plaintiff's petition for additional compensation that plaintiff believes he is entitled to receive. The plaintiff's employment agreement was terminated for cause by the Company in December 2007. The Company is preparing an answer to the verified complaint and denies any liability.