**Exhibit 20**

**TAYCO DEVELOPMENTS, INC.****SHAREHOLDERS' NEWSLETTER, SPRING 2005******

**THIS NEWSLETTER IS DIRECTED TO ALL SHAREHOLDERS OF TAYCO
DEVELOPMENTS.  WE HOPE THAT IT WILL GENERATE INTEREST IN THE
COMPANY, AND PROVIDE CURRENT FINANCIAL AND PROJECT INFORMATION.
COPIES OF THIS NEWSLETTER WILL ALSO BE CIRCULATED TO SHARE-HOLDERS WHO HAVE SHARES IN BROKERAGE ACCOUNTS.**



**ITEM:	FINANCIAL RESULTS**

Tayco Developments' quarterly results were negatively affected by both a reduction in revenues and
an equity loss from affiliate Taylor Devices which had a loss in the quarter.  The reduced revenue
is due partially to Tayco performing internal research on new products, and the reduced royalty due
to Taylor Devices' shipment levels and product mix.

Results for the third quarter and nine months periods of F/Y 2005 are as follows:

|**THIRD QUARTER**      | **F/Y 04-05** | **F/Y 03-04**
|---------------------- | ------------- | -------------
|**REVENUES**           | **$79,413**   | **$137,059** 
|**NET INCOME**         | **($2,171)**  | **$36,586**  
|**EARNINGS PER SHARE** | **--**        | **4¢**       
|                       |               |              
|**NINE MONTHS**        | **F/Y 04-05** | **F/Y 03-04**
|**REVENUES**           | **$332,299**  | **$443,165** 
|**NET INCOME**         | **$49,978**   | **$73,542**  
|**EARNINGS PER SHARE** | **5¢**        | **7¢**       
|                       |               |              
|**SHARES OUTSTANDING** | **987,928**   | **987,928**  
|                       |               |              

**ITEM:	TSUNAMI OF DECEMBER 26, 2004**

The true death toll will never be known from the tsunami resulting from a magnitude 9.0 earthquake
occurring underwater at a depth of 18.6 miles off the coast of Sumatra, Indonesia in late December.
In addition to damage from the huge quake, a tsunami formed with peak wave heights of nearly 100
feet.  The damage was extremely high in Indonesia, Sri Lanka, Thailand, and India, with the death
toll currently at more than 280,000 people.  Slippage of the earth's tectonic plate boundaries occurred
over a length of more than 700 miles, with plate motion at the fault rupture of about 50 feet.

This catastrophe caused unprecedented interest in the shares of both Taylor Devices and Tayco
Developments.  The Companies were featured on numerous media outlets ranging from National
Public Radio to CNN.  Taylor Devices' stock closed in the $2.50/share range on December 23, but
peaked at $7.50/share on December 30.  Trading volume was an astounding 28 million shares on
December 28, 2004.  Tayco Developments' shares were less affected, rising from $1.90/share closing
on December 23 to a peak of $3.00/share on December 29, 2004.  Peak volume was more than
100,000 shares on December 27 and December 28, 2004.

Many of the countries effected by the quake had building codes far inferior to present-day U.S.
standards.  It is hoped that these nations will quickly elevate their codes to equal present U.S.
requirements which are easily the most stringent in the world.  If this occurs, both Taylor and Tayco
expect an influx of new orders for seismic protection products and research into new applications
for seismic damping devices.

In terms of overall magnitude, the earthquake itself was the fourth largest in the past 100 years.  The
tsunami from by this quake caused more casualties than any other tsunami in recorded history.

**ITEM:	EUROPEAN WARSHIP ANALYSIS CONTRACT**

In our Winter 2004 Newsletter the Company announced the receipt of two additional funding blocks
on this contract.  The first of these has been successfully completed, and relates to determining
optimal operating parameters for the springs and dampers used in the ship's shock isolation system.
A voluminous report was written jointly by Tayco Developments and Taylor Devices and was
recently delivered to the customer.  Thus far, the comments received from the customer have been
highly favorable.  The only potential issue is the costing of production hardware.  The proposed
technology meets all requirements, but is relatively expensive by European standards.  Tayco's
concern is that if the entire program for the ship is over budget, then the customer could elect to
reduce or even eliminate the shock requirements.  If this occurs, then certain low-performance
technologies, such as simple blocks of rubber, could be considered as acceptable.  These, of course,
would be less costly than Tayco's proposed solutions.  This type of performance vs. cost "tradeoff"
was popular within the U.S. Government in the period 1965-1975.  However, poor performance of
low-cost systems during the Vietnam War caused the design philosophy in the U.S. to move away
from this type of performance reduction.  Europe has had only limited experience with these issues.
For example, the British had substantial difficulties with their ships during the Falkland Islands War
(1982).  A decade later,  problems were found with some of the equipment fielded by our European
allies during the Persian Gulf War (1991).  Tayco's knowledge of current European design
philosophy is such that the Company cannot be sure of which path will be taken by our customer.

The second funding block on the project is for design, manufacture, and testing of sub-scale
prototype isolators.  Much of this effort is being done by Taylor Devices using designs patented by
Tayco for the hardware being provided.

**ITEM:	NAVY WARSHIP SEATING SYSTEM**

Taylor Devices is in the process of completing the production contract for Tayco's seat isolators,
back-fitting all available seats on the U.S. Navy Mk V Special Operations Boats.  As this contract
reaches completion, orders have been received for prototype seat isolators to be tested on two other
types of U.S. Naval vessels during 2005.  In addition, a development contract has been received from
the U.S. Army to adapt Tayco's seating isolation system for use on certain vehicles subjected to
severe shock inputs.  This latter program is progressing at a fairly slow pace at this time with
extensive computer analysis needing to be performed before prototype production can begin.



**ITEM:	U.S. ARMY GUNNERY SYSTEM**

In last year's Spring Newsletter we discussed U.S. Army live fire tests performed on an improved
recoil system for large gun systems.  All testing on this program has now been successfully
completed and Taylor Devices has received a contract to begin low rate production of the recoil
absorber.

**ITEM:	NEW NAVAL GUN SYSTEM**

Tayco has begun work on the analysis and isolator design for a new gun system being developed for
U.S. Navy warships.  The concept we are using is the patented "Hexapod" arrangement of tension-compression isolators used worldwide for shipboard navigation systems.  This is a relatively slow
moving project that is not expected to see production for several years.  Nevertheless, Tayco's
analytical work will transpire in the years prior to production.

**ITEM:	ISOLATORS COMPLETED FOR SPACE SHUTTLE PAYLOAD BAY**

Testing has been completed on Tayco's patented isolators being used to provide isolated cargo
platforms within the Space Shuttle's payload bay.  Isolators are now being delivered by Taylor
Devices to support both the Space Shuttle and the International Space Station Programs.



|By: |  | /s/Douglas P. Taylor
|--- |  | --------------------
|    |  | Douglas P. Taylor   
|    |  | President