Ann: Update - proposed issue of securities - RFX, page-13

I think RFX has integrity but I'd have to disagree with the last part of the saying 'Without integrity nothing else matters with integrity nothing else matters'.

For a company like RFX, a small start up trying to introducing a new product to market, so much more than integrity matters. In the past, RFX has made mistakes including in: product development, selecting their target market, factory siting, cost of production, quality control. They have made progress getting on top of these areas too.

There is still the ongoing debate that the product is inferior to alternatives and has a negligible market, and hence will never really get the volume of sales needed to deliver real returns to share holders. This will only resolve in shareholders flavor if RFX keeps building sales volume.

Finally yes, I am rolling my eyes at RFX capital management. They either miscalculate, mismanage, have had no other choice, or all of the above.

Many good shareholders lose everything investing in companies trying to do what RFX trying to do. There is no guarantee that this will be the last CR that provides funds to get the business up and running and if it isn't, the next CR will probably be lower again.