New Century Companies, Inc. (New Century), incorporated in March 1996, is engaged in acquiring, re-manufacturing and selling pre-owned computer numerically controlled (CNC) machine tools to manufacturing customers. The Company provides rebuilt, retrofit and remanufacturing services for numerous brands of machine tools. It also manufactures original equipment CNC large turning lathes and attachments under the trade name Century Turn. CNC machines use commands from onboard computers to control the movements of cutting tools and rotation speeds of the parts being produced. The remanufacturing of a machine tool, typically consisting of replacing all components, realigning the machine, adding updated CNC capability and electrical and mechanical enhancements, generally takes two to four months to complete. Once completed, a remanufactured machine is a like new machine with a price ranging from $275,000 to $1,000,000, which is approximately 40%-50% of the price of a new machine. The Company entered the machine tool industry through a plan of reorganization and merger with New Century Remanufacturing, Inc. (NCR) signed on May 25, 2001. Under the reverse merger, NCR became a wholly owned subsidiary of New Century. The primary industry segments in which NCR machines are utilized to make component parts are in aerospace, power generation turbines, military, component parts for the energy sector for natural gas and oil exploration and medical fields. The Company sells its products to customers in the United States, Canada and Mexico. New Century has designed and developed a large horizontal CNC turning lathe with productivity features new to the metalworking industry. The Company has applied for a patent for the Century Turn Lathe. Its three largest suppliers are GE Fanuc Automation, Bearings and Drives and Sandvik Coromant. New Century markets its CNC turning lathes primarily through direct sales and independent representatives throughout the United States. The Company also markets its lathes through advertising in industrial trade publications. It has engaged the services of three independent sales representatives who have had a key impact on the amount of direct sales. The Company markets its CNC vertical boring mills by advertising in regional and national trade publications and distributes product literature explaining the differences between used and remanufactured machinery.

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