Ann: Change of Director's Interest Notice, page-33

Thankyou for your response BKKrunner.

However, you offer no explanation as to how this happened.

Did no one in IBX:AUD demand security over the assets of its US subsidiary for funds (stumped up by IBX's Aussie investors mind you) that IBX:AUD advanced to its US subsidiary?

Did no one in IBX:AUD demand that the patents that have been acquired by its US subsidiary should have been held by IBX:AUD and licensed to its US subsidiary?

As it is, IBX:AUD appears to be no more than an unsecured creditor of its wholly owned US subsidiary.

And little more than a funding vehicle for its US subsidiary - a subsidiary that appears to hold most of the consolidated entities assets.

So what are the assets of IBX:AUD? I understand it is the 100% owner of its US subsidiary. But this means SFA should the US subsidiary become insolvent. And potential insolvency must be part of the risk assessment process of any serious investor. It also holds cash to facilitate completion of the Phase 1 local trial and possibly to advance further funds to its US subsidiary. And I assume it holds funds to pay the salary and expenses of its Australian-based CFO and its local legal and accountants.

Other than the above, its only local asset appears to be a plaque in the foyer of its registered office at Level 25, 525 Collins St, Melbourne.

If I am incorrect on the above I do apologise and would be grateful if someone could set me straight.

As I have said previously, I get somewhat nervous when I see Going Concern flagged as a KAMS in an Auditor's Report.

I await your response BKKrunner - or anyone else who can clarify.

Kind regards
Stretguy.