Ann: Capital Raising, page-31

Interesting.

It appears to me that the lack of reasoning around the CR is the result of an understanding by the board that the CVM proposal to the FAA has failed, and the only thing left for SMN is now the slow sale of bits of aircraft dashboard and sound systems to the small aircraft industry.

The sudden need for cash (with absolutely NPO explanation) says that there is no hope of any decent future income. I am guessing that the break-even affair we currently have is about as good as it will get.

The directors with the low participation cost (with McLarty at the front) says it all. I will guarantee that Mac Equity will dump those shares at the first opportunity at a profit. Mike was obviously playing the same tune but Bryant got upset he didn't get a cut so he had him dumped and himself installed to get his share.

Without any explanation from the board regrading this capital raise it cannot be taken as anything else but a last-ditch grab for cash before the company loses all credibility when the Structural Monitoring application fails.

Sad. I've been here for six years and am slightly in the red - a position I will obviously not rectify by purchasing more shares in an organisation with no real future. I certainly will not be participating in this deception.