<PAGE>   1

                                                                      EXHIBIT 20


                            INOTEK TECHNOLOGIES CORP.
                      REPORT FURNISHED TO SECURITY HOLDERS



TO OUR SHAREHOLDERS:


INOTEK Technologies Corp. reported a gain of $7,314 or $.02 per share on
revenues of $4,779,322 for its third quarter ended February 29, 2000 compared
with a loss of $196,272 or $(.05) on revenues of $4,735,875 for the third
quarter of the previous year, while gross profit margin increased 6.3% to
$1,421,627 from $1,336,990 for the same period last year. Sales increased during
the third quarter of fiscal year 2000 as compared to the third quarter of fiscal
year by only $43,447 due primarily to a soft market.

The company continued to experience a downturn in the petro-chemical market and
the impact of project dollars being channeled into Y-2K fixes not related to our
equipment. The increase in gross margin dollars is due to the increase in
contribution of our calibration service business. The Y-2K issues should be over
and the petro-chemical market has begun to show signs of a turnaround.


Thank you for your continued support.






Neal E. Young                                           Dennis W. Stone
Chairman                                                Chief Executive Officer

                                                                 April 15, 2000



                           INOTEK TECHNOLOGIES CORP.
                      STATEMENTS OF OPERATION (UNAUDITED)



<TABLE>
<CAPTION>
                                                THREE MONTHS ENDED                     NINE MONTHS ENDED
                                                       28-Feb                                28-Feb
                                               2000               1999               2000               1999
                                           -----------       ------------       ------------       ------------

<S>                                        <C>               <C>                <C>                <C>
NET SALES                                  $ 4,779,322       $  4,735,875       $ 14,265,490       $ 13,281,935
COST AND EXPENSES:

    COST OF SALES                            3,357,695          3,398,885         10,075,248          9,434,378
    SALES AND MARKETING                        879,265            948,981          2,674,249          1,839,560
    GENERAL AND ADMINISTRATIVE                 603,056            639,666          1,879,578          1,851,184
                                           -----------       ------------       ------------       ------------
    TOTAL COST AND EXPENSES                  4,840,016          4,987,532         14,629,075         13,125,122
                                           -----------       ------------       ------------       ------------
OPERATING INCOME (LOSS)                        (60,694)          (251,657)          (363,585)           156,813
INTEREST INCOME (EXPENSES)                      11,835             (4,297)            16,672            (11,763)
                                           -----------       ------------       ------------       ------------
EARNINGS  (LOSS) BEFORE INCOME TAXES           (48,859)          (255,954)          (346,913)           145,050
INCOME TAXES                                   (20,521)           (59,682)           (82,728)            54,938
                                           -----------       ------------       ------------       ------------
NET EARNINGS (LOSS)                       $    (28,338)      $   (196,272)      $   (264,185)      $     90,112
                                          ============       ============       ============       ============


NET EARNINGS (LOSS) PER SHARE             $      (0.01)      $      (0.01)      $      (0.06)      $      (0.02)
                                          ============       ============       ============       ============
</TABLE>


                            INOTEK TECHNOLOGIES CORP.
                                 BALANCE SHEETS


<TABLE>
<CAPTION>
                                                        February           MAY 31
                                                          2000              1999
                                                       ----------        ----------
                                                      (unaudited)

<S>                                                     <C>             <C>
                                     ASSETS

CURRENT ASSETS:
    CASH AND CASH EQUIVALENTS                          $   758,572       $   173,668
    TRADE RECEIVABLES, (NET OF
       ALLOWANCE FOR DOUBTFUL
       ACCOUNTS OF $105,515 AND $73,221)                 2,356,932         2,181,222
    INVENTORIES                                          1,257,329         1,409,887
    DEFERRED TAX ASSET                                     114,206           103,232
    INCOME RECEIVABLE                                                        352,120
    PREPAID EXPENSES & OTHER ASSETS                        151,992            83,913
                                                       -----------       -----------
TOTAL CURRENT ASSETS                                     4,639,031         4,304,042

PROPERTY AND EQUIPMENT, NET                                680,052           755,400
GOODWILL, NET                                            1,942,273         1,991,709
OTHER ASSETS                                               108,610            59,008
                                                       -----------       -----------
TOTAL ASSETS                                           $ 7,369,967       $ 7,110,159
                                                       ===========       ===========


                      LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
    ACCOUNTS PAYABLE                                   $ 1,496,190       $   927,953
    ACCRUED EXPENSES                                       246,712           343,863
    CURRENT PORTION OF NOTES
    INCOME TAX PAYABLE                                      20,645                --
                                                       -----------       -----------
TOTAL CURRENT LIABILITIES                                1,763,547         1,271,816

DEFERRED TAX  LIABILITY                                         --            37,626
SHAREHOLDERS' EQUITY:
    COMMON SHARES, $.01 PAR VALUE;
       AUTHORIZED SHARES - 10,000,000
       ISSUED SHARES - 4,604,088
       OUTSTANDING SHARES - 4,604,088                       46,041            43,541
ADDITIONAL PAID-IN CAPITAL                               3,367,047         3,299,546
RETAINED EARNINGS                                        2,232,711         2,497,010
                                                       -----------       -----------
TOTAL SHAREHOLDERS' EQUITY                               5,645,799         5,840,097
LESS:  COMMON TREASURY STOCK                               (39,380)          (39,380)
                                                       -----------       -----------
TOTAL SHAREHOLDERS' EQUITY                               5,606,419         5,800,717
                                                       -----------       -----------
     EQUITY                                            $ 7,369,967       $ 7,110,159
                                                       ===========       ===========
</TABLE>