Ann: Confirmation of PEPR Approval , page-5

Lexus,

When I invest considerable money in any company I invest in, not trade in, I make an effort to know the directors.

If I thought Ian was deliberately taking us shareholders for a ride or was incompetent then I would be out years ago. I think Ian is professional and genuine in his efforts, and has assembled a great crew to get us to the next stage.

I was also concerned about the options, but he is very aware of the deadline and is confident we will be in the money and he would welcome the options money but does not want to be dependant on it.

IMO while the iron is hot he will try and get the majority of the $35mill now. This approval will fast track the share price north, which will allow for less dilution for say some equity raising and the balance will be debt finance.

You are right the issue for IFE is they will charge higher rates of about 10-12%, which for $20mill funding may cost $2 mill p.a. However I think that cost compared to bringing in $50mill is worth it.

Just like the approval was a given, although many did not believe it, I could say the financing is a given as well, one way or another.