Ann: Commencement of Worldwide Beta Testing of World Wi-Fi, page-160

There is no doubt, Neil, that you are by far the most thoughtful contributor among the bullish posters, and I commend your breadth of knowledge. I also have no doubt that you have been an astute trader/investor in this end of the market.

At the risk of appearing churlish, to claim that Norwood's EPS grew in the last financial year by 65% is a bit rich. Off the top of my head, they produced a loss of over $6 million. EPS growth ? I think you are kidding.

As you might have noticed, I am very bearish on this stock. Maybe my thinking is coloured by having bought 3 million at 3.9 and selling them at 2.9, and I accept that sour grapes might be a factor.

Nevertheless, I will continue to ask the fundamental question: if there is minimal revenue in the current quarter and little prospect of an improvement in the December quarter, how will Norwood survive ?

I would like nothing more than to bite the bullet and buy 5 million at 1.5 and sell at 2.2 to recoup my losses. And there is a chance that the stock could bounce to that extent. Maybe a party in the same industry could be placed with say 200 million shares at 1.5, guaranteeing solvency and promoting enormous confidence. But it is a very long shot. In the absence of this or a similar move, the company is spending $12,000 a day, seven days a week, and it is unlikely to survive.