down 25 percent today, page-3

hardman - No I am 'in it', have been since IPO and bought more at 9c and 7c, so I'm well out of pocket. I accept that dilution had to occur to keep Colltech afloat. However, it should have never got to this stage.

Colltech was given a dream start, no EIS for plant as its waste was allowed to go into the Collie power station waste system. This provided huge time and money saving in regards to the building of the plant. Colltech was also always going to benefit from various government grants and incentives

Additionally, the development and the licencing of its collagen products progressed in what seemed to be an efficient and timely manner. Remember, Ovicol C was ready for the market 18 months ago. That market is the multi-billion dollar cosmetic market. Colltech should have been in a position to generate revenue as soon as it received product approval!

To date Collech has failed to secure a single significant sales contract for its product. Even the univeral example 'the Widget maker' starts marketing and secures sales before the fist widget rolls of the production line.

Colltech has the potential to be a great 'cash cow'should it secure major sales. What I am bitter about is the inability of Colltech to secure any sales since the launch of Ovicol C.

With a continuous cash burn of over $700K per quarter and no income I think the board and management teams (both past and present) performance has been abysmal.