Ann: Shareholder Newsletter, page-49

Hi all,

was busy this am so missed the fuss.

Parsifal and I have had a few problems with some of the messages coming out lately as our careful readers would know.

Parsifal has been tied up a fair bit lately and is working on something for Nick now - as this is exactly one of her areas of expertise (unpaid - this is just some observations and offer of assistance as a shareholder).

I think this latest blooper - and, make no mistake - it was a blooper - is IMO (and IMO only) because NC is flat out like a lizard drinking - what with Dod, Wall Street, dinner with brass and polies - and running the business and having to lay off work to others - who just are not experienced as Nick.

No excuses - but, that is my take on it.

Personally I thank all of you who picked it up early and to grad who was on it quicker than a seagull on a chip - and, to Nick who did miss it but, then fixed it.

Also, even though I see the odd disparaging remark to recruiter - recruiter has some very valid points and I think he/she should be carefully read - there is the odd thing showing up that is ? bothersome ------------- not bad, just noticeable and I personally am glad that someone like recruiter has noticed a couple of things that I/we have noticed for a couple of months.

We should be clear on one thing -------- a rapid growth company - is never perfect - and, it's like a moving train of problems.

If the saying that a SP climbs a wall of worry in a bull leg ----------- well, if that is true - then the growing life of a small company going somewhere in a hurry is a constant clambering up a slippery slope - there are always pressures to slide back down hill.

I find this all very normal.

You just have small brushfires ----------- the big big big deal is if they are attended to quickly - and, in that ----- I am very pleased with AJX.

And, for those who think Nick gets bombarded a bit too often ------------ well, perhaps - but, 1. he has invited it - and 2. It is far far far better that he is informed about issues as they arise.

It is far easier to put out a tiny little fire that has begun from a spark - then to find out you have a major blaze on your hands days later and it's out of control.

IMO - as long as we are also giving bouquets out with the odd brickbat - then all is fine - it keeps everything open and honest.

thanks again all

Pinto