referral to ema, page-53

TDA -- I didnt actually say every deciion by the Board was bad. I actually said "in my view" we had way too much inventory. The point was simply that this appeared to be premised on getting the CE approval quickly and as this had not eventuated and we may NEED cash soon, this could leave us in a dangerous position. At the end of the day, this is just an observation/analysis. I think it is fair. BUT, once again, that is not the issue the post is really about (it was simply a sideline observation). The post was about getting people to also look at the accounts and see how far you think we could get expenses down to postpone as far as possible any need for a cap raising.