For a general description of VEC, check the Glastron website at:

http://www.glastron.com/pages/Technology.html


Genmar has big plans for VEC technology beginning with the 2005 models:

FROM: Irwin Jacobs

DATE: December 8, 2003

SUBJECT: VEC fishing boats for 2005 model year


When Genmar first began manufacturing fiberglass boats with its new VEC
technology, we were convinced that, over time, we would be able to build these
superior-quality boats throughout all Genmar fiberglass boat companies,
substantially growing our market share. In another leap forward for VEC
Technology, I am announcing today that Genmar will launch an all-new line of
entry level VEC Technology fishing boats in time for the 2005 model year. I'm
notifying all Genmar Dealers at this time so we can properly plan for the
production and launch of this new, revolutionary VEC product.

To date, we've successfully built more than 20,000 VEC boats and won a fistful
of awards for innovative engineering. Not content to rest on our laurels, this
past June we unveiled our newest generation product - the VEC Shield boat -- in
the GE Plastics display at the National Plastics Exposition in Chicago. Since
then, we've announced that we will be in commercial production of the VEC
Shield boats sometime during the middle of next year.

Today, our Genmar and VEC Technology engineers are convinced there isn't a
category of fiberglass boats built today that VEC-built boats couldn't
successfully compete with and, ultimately, become the market share leader.

To this end, Genmar and VEC Technology engineers successfully designed a new
line of entry level fishing boats that will be manufactured for the 2005 model
year at our state-of-the-art VEC Technology plant in Little Falls, Minnesota.

Over the next six to eight months, we will finalize our production capacity,
create new tooling and establish the dealer distribution system within our
Genmar dealer organization. Genmar's new entry-level VEC Technology fishing
boats will compete head-on with boats from Trophy, Sea Fox, Carolina Skiff and
several other low-cost regional boat builders. These new entry-level VEC
Technology fishing boats will be superior in quality to our competitors'
products and provide the boat buying consumer a substantially better warranty.
These VEC boats will also offer more competitive prices than consumers are
presently paying for boats produced by competing brands.

We believe that our new entry-level VEC Technology fishing boat line will
compete in a market of approximately 20,000 units annually. Further, it is our
belief that these new VEC Technology fishing boats will propel Genmar into the
lead in the entry level fishing boat market within 12 to 18 months after
launching this new VEC Technology product.

Genmar will be offering its new entry-level VEC Technology fishing boat lines
under the brands of Aquasport, Glastron, Hydra Sports, Seaswirl and Wellcraft.
Each of these companies will have its own entry-level VEC products packaged
under its own brand name, so every Genmar dealer presently selling Aquasport,
Glastron fishing boats, Hydra Sports, Seaswirl and/or Wellcraft will have the
new entry-level VEC fishing boats made available to them. We are absolutely
convinced this new VEC product will substantially increase traffic and sales in
those dealerships that step up to take advantage of this opportunity. In order
to give first priority to our existing Genmar Dealers, please complete the
attached questionnaire and return it to me as soon as possible. We will first
contact those Genmar dealers who send back the attached questionnaire. It is
our intention to set up dealerships to represent our new entry level VEC
fishing boat lines no later than Spring, 2004.

As previously announced, Genmar will hold its 2005 dealer meeting for all
Genmar Boat Companies in Las Vegas, NV on September 12 through 15, 2004. As
promised, all Genmar boat companies 2005 models will not be shipped before
August 1, 2004. This also includes our new entry level VEC Technology fishing
boat lines.

If you are interested in this exciting new opportunity, I urge you to please
complete and return the enclosed questionnaire as soon as possible.

Thanking you in advance, I remain,

Your friend,

Irwin L. Jacobs