pathetic deal, page-9

thanks pesa

but with the greatest respect, your sentiments come across as those of an oppressed shareholder, as well they should in the circumstances

many will seek to make excuses right now, but I do not for one minute believe that this was the best deal out there

of course a Board we have financed and kept in a lifestyle they have become accustomed to, will hide behind purported confidentiality agreements concerning other prospective investors, and will seek to deny us details come hell or high water about who else we could have diluted our interests for

just get use to the old and tired lines being rolled out again and again before and during the next meeting of owners -

"times are tough"

"it was either this or nothing"

"circumstances forced the comapny's hand"

"had we had any say in matters we would have liked a whole lot more"

"it was critical at this stage in the company's development not to let it go under when we are so close to getting contracts"

"of course the result is not optimal, but it provides us with the lifeline we needed"

- you name it, they will have a line to spin

but for all the Board's spin one thing can certainly be said by one of the company's owners - the old men of this Board have lost the ability to protect the best interests of owners - they simply took our property in this company and cut it in half

good luck