5100 Poplar Ave., Suite 2100
Memphis, Tennessee 38137
Telephone: 901-255-9300
Facsimile: 901-255-9301

To whom it May Concern:

I have had the pleasure of working with Mr. Keller on a professional

basis since 1989.  Our association has included many large-scale

projects, including: the acquisition of a soft drink manufacturer and a telecommunications

company, the entry of a large U.S. corporation into the European market, and the

restructuring of a manufacturing company.  We also worked together on an

ultra-growth management project that resulted in a successful NASDAQ

listing.  I recently recommended Mr. Keller to a client who was in need

of turnaround management.  Mr. Keller did just that - with very

successful and surprising results.

Through my professional relationship with Mr. Keller, I have found his

approach to business management and development to be of high quality

and integrity, and one that yields profound measurable results.  Mr.

Keller's unique experience and insight has proved invaluable in a number of situations and engagements.  Should you have a corporate management consulting, business planning or development project that requires skillful execution, I would not hesitate to recommend

Mr. Stu Keller and the firm of Keller CRD, as I do so regularly. 

Sincerely,

G. Robert Morris

Partner

To whom it may concern:

We retained Mr. Stu Keller to develop our business and operating plan during a period when our telecommunications business was experiencing ultra-growth.  This was not a typical plan, as we rolled-up two companies into our new corporate plan and required the assets, product lines, the management team experiences, and the financials of these companies to be properly represented as well as our 4 year growth plans.  This complex project was executed within the agreed upon timeline and budget, and with the high degree of accuracy we expected. 

We were so satisfied with Mr. Keller’s performance, we retained him to help us in the areas of negotiations, internal financial control, and facilitate our recent merger that included the due diligence process as well as counsel in dealing with financial and legal issues. 

If you are looking for a results orientated, highly skilled corporate development professional that is also a pleasure to work with, I highly recommend you contact Mr. Stu Keller.

Sincerely,

Mr. James Silva

President

james@debit-cards.com

Dear Stu:

      I   would like to take this opportunity to thank you for the great job you and your team performed analyzing and selecting our last three portfolio ventures.  I realize it was a difficult task finding three diamonds in the rough out of the hundreds of possibilities -  we are all elated it worked out so well.   If all continues as planned, a 30+% annual return should be realized.

      I just realized it has been 15 years since our first deal together. We must get away and celebrate, perhaps at the summer place on the coast.  Please give me a call so we can set a date.

     We wish to retain you to plan and manage a merger for one of the new ventures we acquired from Marty's tech fund.  Please forward a management consulting agreement with your normal rate and include the stock option plan we worked out for the last deal.

     We believe these terms will be satisfactory, and remain,

                                                                                                                                     Very truly yours,

                                                                                                                                      L  P

To whom it may concern:

The purpose of this letter is to offer my evaluation and unqualified recommendation as to the management abilities and qualification of Stuart Keller.  My firm represented Kelco, Inc., a manufacturing corporation of which Stuart was President and C.E.O.  We performed various management advisory services, tax planning and preparation, and audited the company in 1988 pursuant to an initial public offering. 

I consider Stuart one of the better business managers I have evaluated in terms of the performance that he squeezed out of the company, mostly single-handedly.  I realize that talk is cheap and platitudes tend to be redundant, so I would rather discuss in detail some of Stuart’s accomplishments which I personally observed and which I felt extraordinary. 

Kelco experienced growth during a time, which I considered phenomenal considering the depressed state of the economy in Arizona and the nation as a whole.  The sales went from nothing to $13 million-plus in a very short time.  Production schedules were maintained, and operations in general were well controlled in all aspects.  Cash and receivables management were excellent and an operating profit was maintained throughout all this time. 

During the time I represented the company, I noted three specific accomplishments Stuart achieved that were particularly noteworthy.  First, he maintained production schedules with an absolute minimum inventory simply through tight controls over production, scheduling, procurement, and general expending procedures.  I believe inventory turnover was maintained at the rate of 8 – 12 times annually.  Secondly, Stuart developed a unit costing system from scratch for all products, and costing was applied on a per-unit basis to sales.  At the time of the audit in 1988, a physical inventory was taken, and the books-to-physical-inventory adjustment was less than $2,000, which I felt  was extraordinary considering sales exceeded $13 million.  I am certain that any businessman can appreciate the difficulty of maintaining this degree of accuracy in inventory and costing. 

Finally, during 1988 Stuart implemented a system of administrative controls, which my firm designed, which significantly streamlined the administrative functions, provided virtually flawless internal control, and was comparable to those used by large public corporations. What was noteworthy about this was that Stuart executed the implementation of this system so that it was in-place and operating perfectly in less than 30 days. 

You may have observed that Stuart possesses an incredible amount of energy and drive, and that he achieves his goals by making himself fully knowledgeable and then accomplishing the tasks through an extraordinary amount of hard work and hands-on control.  I often referred to Stuart as a super-manager, because although it is possible to find businessmen who are singularly competent  in areas of  finance, business planning, sales and marketing and operations, it is rare for a person to be exceptional in all of these areas, as I have observed Stuart to be.

I believe that my evaluation of Stuart deserves more than the usual two paragraphs of platitudes, and I hope that this somewhat describes what I felt should be discussed in detail.  I would be pleased to offer my unqualified recommendation of the management abilities of Stuart Keller based on the accomplishments, which I have personally observed, and would be pleased to answer any additional questions you may have. 

Sincerely,

Neil C. Thex, CPA

CONTROLS

FLECK CONTROLS 20580 Enterprise Avenue Brookfield, WI  53008

Dear Stu,

I certainly thank you for a job well done.  The counseling you provided on our OEM business development program was, without a doubt, one of the best investments I have made in years. I have already implemented some of the programs that resulted from our work together, and it looks like it will have a profound impact on our bottom line this year. 

The direction you have given us on customer service relations was also of great value.  I have met with Andy and presented your recommendations in detail.  Your "insight from the outside" approach has enabled us to see our customer service from an entirely different aspect.  We will be making some of those changes right away and look forward to sharing the results with you.

I look forward to spending some time with you on my next trip to Phoenix. 

	January 7, 1993

		To Whom it May Concern This letter is to inform you that Ionics, Inc. and the writer has been associated with Stu Keller since 1980.  By association I mean, we have know him as a competitor, as a principal in a corporation that was one of our largest accounts, and as a business development and management consultant.   We consider Stu Keller an exceptionally talented and innovative leader and corporate executive. He has proven to be a very astute businessman during all of our transactions and a man of high ideals and ethical business practices. We would consider him a great asset to any corporation or to anyone who would be involved with him as a business associate.  Very truly yours, W. J. Polens Vice President