hunter lied to the agm, page-3

Redfaces,

When I first read your post title, I thought it was pretty heavy ... in fact I still do.

A possible excuse for the discrepancy you uncovered suspect it comes down to semantics. He said 'sales', whereas the hard and cold facts appearing in the Half Yearly Report are revenue. 'Sales' could mean sales commitments / confirmed orders, for which the payments might not yet have actually hit the bank account although they know it is imminent (and yes, I am aware they don't ship product until the money is in the bank). I know this might be splitting hairs, but salesmen operate very differently to accountants, and you've come up with a fairly strong accusation of the chairman having 'lied'.

However, there is no denying the quote from the AGM ...

I went back to check my notes from the AGM, as per the post I made on 29/11/07 (@ 02:24, #2334002, title 'the agm'), and found the following bullet-point from approx. the middle of the post:-

>>>>>>>>>>>>>>>>>>>>>>>>>>

- more TruScreen has been sold this quarter than in the company's history

<<<

Likewise, as you mentioned, here's the figures from the Half Yearly Report:-

>>>>>>>>>>>>>>>>>>>>>>>>>>

Product sales revenue was $465,048 (2006 – $2,193,774), which comprised:

................... Dec 2007 ..... Dec 2006
................... $ ............. $
MediScan .... 408,821 ........ 266,745
SolarScan .... 27,575 ........ 352,769
TruScreen .... 19,255 ......... 30,241
Cosmetic and Beauty products
................... 9,397 ....... 1,544,019

<<<

So, as you said, TruScreen revenue was down to $19,255 from $30,241 the previous year.

As I said, I think it comes down to semantics (and possibly timing). Also, at the AGM we all wanted to hear about how the products were selling, not a report from the accounts department. Perhaps he should have been more specific, but still. I think you're right to some extent, yet I'm not convinced that it was necessarily a 'lie', for (possible) reasons stated above.

Most importantly, Ben Dillon, Robert Hunter and the rest of the crew are working very hard at turning a good business plan into reality, and it sounds like a hard slog which they're systematically working their way through. It isn't happening as fast as we all (including they) would like, but the main thing is it is happening. And they put their money where their mouth is, especial Robert Hunter ... his last open-market purchase cost a lot for far less shares than he got from the convertible notes, yet he went for it. I'm willing to give benefit of the doubt.

Cheers.

p.s. Barbal ... I kind of agree with you, in that they were incredibly 'noisy' pre capital raising, and very quiet from that point onwards. However, I think it's just a case of them now rolling their sleeves up and getting on with the business at hand rather than trying to keep the shareholders happy (although what they're doing behind closed doors will hopefully have the same effect in the long run). They don't necessarily need to pump up (or in the current situation 'save') the flagging SP, they need to rev the business up and turn the business plan into reality, which is hopefully what they're doing.