Ann: Quarterly Activities Report, page-2

"Furthermore, there have been no substantive activities for the quarter."

Says it all really!

As I posted on another thread the only possible activity at the Egyptian facility seems to be mulching the banana trunks into "peat", and bottling the juice for "fertiliser. There doesn't even seem to be any progress with chipboarding the trunks, let alone the high end veneering that is the basis of the so called technology.

Revenue is a stunning $5,000 over 9 months and zero this quarter. It is claimed to around $1.5 million has been spent on the Egyptian facility. But more is still needed!!

From November last year:
Product sales commenced in Egypt some time ago and have continued with growing volume and value through the year, with all revenue generated to date used to support the factory, and expand its production output to meet increased demand for its products. Sales have steadily increased to the point where a regular and reliable cash flow is being generated.

From an Announcement 15 April paraphrased in last annual report:
In line with this plan, the Company concluded negotiations with Egypt Banana Fibre Company (EBFC) for the transfer to EBFC
of the Company’s half interest in Papyrus Egypt and the signing of an exclusive IP license Agreement. The financial arrangements
are such that the Company expects to receive an income stream equivalent to the income stream it would have expected had it
remained in the joint venture. The new arrangements also relieve the Company from any capital or financial risk of being involved
in Papyrus Egypt.

Remember there were dozens of employees from the happy snaps a couple of years ago, and the plant was virtually operational. WHERE IS THE PRODUCT? Are there any employees left? Are there any sales? By giving away the technology to the Egyptian Joint Venture PPY doesn't need to answer any of these questions.....