bridgebaron, page-4

Here is part of an email that I sent to PC 2 weeks ago:

"Your company is perceived as a professional R+D company with no target date for becoming cash-flow positive. It is nearly two years since you gained the EU approvals, and for nearly two years EVERY implant around the world has been paid for, including the trial implants in the US. I find it very difficult to believe that you could not be able to support your operations by now.

For several years I have listened to John Massey say that Ventracor has no control over the price of the VCR shares. I disagree. The market has been offloading VCR long before the current world stock market crash, because Ventracor has not placed enough emphasis on reaching profitability. An approximate target date for profitability should have been advised to the market long ago, and more effort should have been made to reach it sooner.

I do not believe you have been working in the interests of the share holders, because reaching profitability sooner would have bolstered the share price and would most probably have kept it at a reasonable value to make the issuing of new shares a viable exercise. I think it is unconscionable that you would consider issuing new shares at the ridiculous price of EIGHT CENTS! This is a massive slap in the face for those of us that have stuck with you. The value of my shares will be greatly diluted by this share issue. It is not in the interests of your existing share holders to be still issuing shares when the value of them is so low. I paid over $300,000 for my VCR shares, and it is just wrong that someone could now purchase the same amount of equity as I have, for a paltry $27,000! ( I can remember in 2003 giving you $2.25 a share in a share issue, 28 times the amount for this current issue).

In the interests of your loyal share holders, I strongly believe you should do the following:

1. Withdraw this share issue and source any future operating capital from normal business loans.
2. Immediately ramp up your implant rate in the 49 hospitals around the world, concentrating on the countries that provide the highest return per implant. (Use 50% of the executive officers income to finance this).
3. Announce to the market that you have a target date for becoming cash-flow positive".

I know everyone is saying that the FDA approvals will be the real kicker, but I still think that turning the corner to profitability will be the crucial event that will start the share price rising. (No more share dilution, and dividends being paid).