starting point, page-16

Kyle, it's a long long story. I'll give you a very short summary.

Previous board (removed 2 years ago) used to give false info to the market, press, ASX, select shareholders. This board now has a timeshare at the NSW Supreme Court. TZ has a $13.4m claim against them and I would be very surprised if the DPP doesn't prosecute - missing accounting records, missing money etc. Major lender was not paid (even though we were informed that they had been) creating a possible insolvency event. Previous board fled taking the refridgerator and contents with them.

Insiders sold the company down to $1 while the rest of us were in the dark. New board came in. Company suspended for 9 months. Upon relisting there were margin calls against bankrupt former Chairman (Sigalla), sending the share price spiralling down further(on very low volume).

Current board came in almost 2 years ago to no money and no records. Worked out things with lender. Recapitalized business etc. A lot of intangible asset write downs had to be done due to previous 'creative accounting' - hence the massive loss in FY2010. These are non-recurring and if anything FY2011 will lead to an increase in goodwill.

Last 2 years have been about correcting the massive wrongs of the previous board. This has been done but the market has not realised. Current board very wary of promoting the company unless backed up by solid delivery. Now promoting - must be confident of success. Bottom line - company is now in a strong position - better than ever, and the adversity has provided an unprecedented investment opportunity for those who know the story.