**Exhibit 20**

**TAYCO DEVELOPMENTS, INC.****SHAREHOLDERS' NEWSLETTER, WINTER 2003-2004**



**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 SHAREHOLDERS WHO HAVE SHARES IN BROKERAGE
ACCOUNTS.**

**ITEM: ANNUAL MEETING**

Tayco Developments' Annual Shareholders' meeting was held on November 14,
2003. The total outstanding number of shares on the meeting record date was
990,213. A total of 864,156 shares were present in person or by proxy at the
meeting. The following are the election results for the slate of directors
presented by management:



The Board of Directors and management of Tayco Developments sincerely
appreciate the continued support of the Company's Shareholders, and the
continued high level of Shareholder participation in corporate matters.



**ITEM: FINANCIAL RESULTS**

Revenue and income continue at good levels in our present fiscal year, which
began on June 1, 2003. Comparative results are:

|**FIRST QUARTER**
    **(8-31-03)** | **F/Y 03-04** | **F/Y 02-03**
|----------------------------------- | ------------- | -------------
|                                    |               |              
|**SALES**                           | **$147,256**  | **$132,812** 
|**NET INCOME**                      | **$28,513**   | **$114,307** 
|**EARNINGS PER SHARE**              | **3¢**        | **12¢**      

****

|**SECOND QUARTER (11-30-03)** | **F/Y 03-04** | **F/Y 02-03**
|----------------------------- | ------------- | -------------
|****                          |               |              
|**********SALES**             | **$158,850**  | **$121,035** 
|**NET INCOME**                | **$8,443**    | **$71,230**  
|**EARNINGS PER SHARE**        | **1¢**        | **7¢**       

****

|**SIX MONTHS (11-30-03)** | **F/Y 03-04** | **F/Y 02-03**
|------------------------- | ------------- | -------------
|****                      |               |              
|**********SALES**         | **$306,106**  | **$253,847** 
|**NET INCOME**            | **$36,956**   | **$185,537** 
|**EARNINGS PER SHARE**    | **4¢**        | **19¢**      

The Net Income shown includes both income from operations and Tayco
Developments' equity in the Net Income of Taylor Devices, Inc. and Tayco Realty,
Inc., our affiliates.

Our affiliate, Taylor Devices, has incurred losses in the first and second
quarters of F/Y 03-04 that negatively influence Tayco Developments' results.
These equity losses have been subtracted from the Net Income listed. The net
effects of these equity losses are $47,015 for the first quarter, $26,987 for
the second quarter and $74,002 for the year to date. In addition, Tayco
Developments' research expenses are increased for 2004, due to extensive
computer modeling and testing costs on improvements to our new machined modular
spring elements.



**ITEM: TAYCO RECEIVES NEW PATENT**

The Company is pleased to announce the issuance of a new patent from the U.S.
Patent Office. The patent is number 6,640,941, entitled "Shock-Isolation
Structure," the inventor is Douglas P. Taylor, and the patent issued on November
4, 2003.

The patent is for a new type of tension-compression shock isolator, intended
for providing shock protection to electronics systems installed on both warships
and aircraft. Tension-compression isolators are a popular component, produced in
large quantities by Taylor Devices for many years. The component originated in
the 1970's with patents issued to Tayco for liquid spring type
tension-compression isolators. However, as electronic design breakthroughs
occurred in the 1980's and 1990's, the systems protected by our isolators became
smaller and smaller. Indeed, one popular Naval system that has used the
tension-compression isolator for decades weighed 600 lbs. in the 1970's and 200
lbs. in the 1980's. Today, the latest generation version of this system weighs a
mere 7 lbs., and our older style liquid spring isolators cannot physically be
made this small. The new patent is for a tension-compression isolator
specifically intended for electronics packages weighing less than 10 lbs., using
non-traditional technology. Hopefully the design will prove effective for the
next 20 years. It is now being manufactured by Taylor Devices, Inc.

**ITEM: MODULAR MACHINED SPRINGS**

A great deal of effort is being expended by Tayco on the development of this
new component. We have recently seen significant breakthroughs in providing
enhanced performance to these products. Taylor Devices has just received a new
order for isolators using these spring elements to be used on a new tactical
laser system for the U.S. Military. These will incorporate the results of our
recent work. In addition, Taylor Devices has made two recent new proposals for
similar isolator concepts for other emergent U.S. Military programs. Both of
these proposals are utilizing this new spring technology.



**ITEM: 74th SHOCK AND VIBRATION SYMPOSIUM, SAN DIEGO,
CALIFORNIA**

The Symposium is the world's oldest continuous engineering conference, and is
presently held once yearly with U.S. Government sponsorship. This year's events
were attended by 547 hardy souls from sixteen countries, who encountered the
effects of natural disaster on a first-hand basis. On October 26, massive brush
fires swept rapidly out of the nearby hills toward San Diego. This was also the
first day of the six-day Symposium. When I arrived at the San Diego Airport,
along with Michael Mosher of Tayco, visibility was only 200 feet due to the
thick, roiling smoke. Due to the fires, breathing was difficult and ash was
building up on vehicles at a rate of one inch per hour. The city was essentially
shut down and many highways were closed. Thankfully, traffic was minimal. Upon
our arrival at the hotel conference center, breathing masks were being handed
out to all guests, and we could see dense smoke clouds from active fires within
sight of the hotel.

Nonetheless, all conference sessions went on as scheduled and Tayco's
military seating isolation system was one of the *stars of the show*. At
the opening ceremony, a group of U.S. Navy Special Operations personnel
acknowledged the success of the new seating system. Two conference sessions were
devoted to all aspects of the Navy's involvement on this program and the
extensive testing performed. At one of the sessions, award plaques were
presented to Michael Mosher of Tayco Developments and Alan Klembczyk of Taylor
Devices for their contributions to Operation Iraqi Freedom. The awards were
presented by the U.S. Navy Seals, who publicly could state only that the Tayco
seating system was now in combat operations on the MKV Special Operations Patrol
Craft, and that "lives have been saved" by the seating systems.

Technical papers presented at the Symposium by Tayco Developments and Taylor
Devices were:





By: Michael Mosher, Tayco Developments, Inc.

By: Douglas P. Taylor

One night, we were invited to a celebratory dinner with the Seals and the
Special Operations Craft operators from their base in San Diego. Other invited
guests were the civilian Navy engineers who worked with Tayco Developments to
package the seating system. Strictly following Government protocol, this was a
"separate check for each person" dinner, but the Navy Special Forces had
specified the menu. The Seals unabashedly dubbed the meal as following the
"Ultimate Atkins' Diet". The meal was *twelve courses of different
meats*, served continuously until we could eat no more. Diners were warned
to avoid the salad bar since it would spoil our dinner!

We ended the evening with a great appreciation of the amount of "fuel" that
is required to maintain the levels of physical conditioning demanded from
Special Operations Warfare personnel. May they have continued success and good
health as they go in harm's way.

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