Ann: Appendix 4C - Quarterly, page-13

What "completion of a commercial deal" ?

Of course getting a deal will sufficiently fund to commercialization - the big problem is they have no deal as yet along with no cash a very slim window to deliver.

Remember when the company says it has funds to reach X date - if there is a quarterly report in there somewhere and the company cannot demonstrate how it will fund the forward quarter - they will receive the ASX warning and please explain. Were it not for the $1.1 directors loan facility remaining, I'd already expect hey would have received it.

As for the directors skin in the game - they provided a loan that had very short payback terms with a guaranteed amount of cash coming in from the share offer. So whilst it was a nice offer - the reality is they were never at risk of losing a dollar - hence our $5m being eaten up quickly - plus a few senior people were paid to take a step down.

For me - the AGC actions hold the key...if they converted their interest to liquid shares and are not selling out.. why.