Exhibit (c)(7)

Process Update September 8, 2010

ProcessSummary •Covington has contacted 64 potential partners since launching the process on June 2nd •45 parties responded, 19 parties were unresponsive – 28 were not interested in reviewing – 17 signed NDAs o 9 declined after reviewing dataroom o 8 received bid letters - 2 sent bids - Moving forward with Swenson Granite

SwensonGraniteUpdate •BankFinancing –People’s United selected as lead lender o Signed term sheet o Paid $50,000 o Began environmental and asset valuation studies –People’s selected Key Bank as second lender –Commitment letter expected 9/10 –Definitive loan approval expected end of September •DraftMerger Agreement sent to Sheehan Phinney 9/1

Timing Update • Covington/Skadden to provide update