Ann: AGM Presentation, page-4

I thought it was interesting to hear that Western Biomedical's vendor sold the business to PGC, then went and started a company to compete with PGC. Litigation is currently in progress and little else can be said.

Note worthy for me also is that PGC acquired 16 businesses in 5 yrs, that averages out to 3 acquisitions a yr. That seems ambitious if you think about the time it takes to integrate the acquisitions and allowing enough time to assess the return from the investment. The BOD should have foreseen the challenges ahead.

On the bright side they do have a good range of products in a growing sector. Once they are able to cut out the overlapping resources from the combined acquisitions, I think it should right itself.

I bought in about 1 month ago. PGC appears to be turning around, I hope. BOD should stay focused and not be too greedy with expansion.