Ann: North American Business Update , page-11

Whilst the announcement can only be viewed as good news it is not sales and money in the bank as yet

For those of us who have been in this stock for years we are used to reading very positive market updates only to find that the projections are mostly not achieved.It seems to me that the "large application in northern italy" has been in the pipeline since 2006 and still is bubbling away despite predictions that it would long be completed and have led to futher applications in Italy.

I took the time to go back over the market updates as far back as 2007. They all have a certain similarity in that they are extremely positive and refer to extensive and expanding pipelines of possible sales leading to shareholder expectations of imminent substantial sales being achieved.

Having said all that I am a PHK believer and have no intention of selling as I believe that PHK will eventually make it the question is when. Given that PHK as been listed for close to 10 years, and its track record on achieving projections, it could be several years yet before its true potential is achieved.IMHO the general market is telling us that given the level of the SP even though positive announcements are the order of the day for this company Perhaps PHK needs to cosider a more coservative approach to its uddated

I hope this is viewed as useful observations rather thanjust negativity