Welcome All, page-24

I think people have misinterpreted what the iceberg analogy was all about. It is not about near term news, but that most of what we do at Race is not discussed in public until the time is appropriate. There is nothing unusual about this with R&D companies as the IP protection process requires that you not discuss what you are up to until you have protected the IP. What you know we are doing is only a small fraction of what we are doing (i.e. like what you can see of an iceberg is a small fraction of the actual iceberg).

In regards timelines we try to keep everyone as informed as possible given the vagaries of research. Unfortunately we can't always predict when something will be completed, so we are only able to give approximate timelines. What is most important is getting the key activities completed and done right - rushing something out to meet an arbitrary deadline is not the way to build shareholder value in the long term.

I am pretty sure that I have never used "today, tomorrow or next week" and I don't plan to start doing so. All I can really promise is we will work as hard and smart as we can to continually build shareholder value. If we succeed in our goals everyone will be happy.