Ann: Research Report , page-21

If after the re-design and increase in throughput we are still only getting $7M, then there has to be some fundamental and critical errors made in the original design and estimates. It is likely that we would never have gotten a fully working plant and $7M profit based on the original design.

Perhaps all these talks about improvement in production and increased capacity were nothing but backside covering?

For most of us, our patience is running on fumes now. Another year of delay and another $7M.

I have a suspicion that management knew all along how much money and how long it would take to build this plant but they won't tell because if they did, they would have scared off the investors. It is only a small demonstration plant and they know every bit of it better than the back of their hands. They simply cannot be off the chart by that much.

There is no reason why they would come clean this time but I think they should be put on notice this AGM that come third quarter 2013 and the plant is still not running full capacity delivering the $7M profit, their loyal shareholders will not be that loyal any more.