Ann: India Project Proceeds to Next Stage, page-338

My thoughts exactly Bullbear. I don’t necessarily prescribe to the theory that the Indians have us bent over as some posters claim. There is no doubt NLC and NMDC would have done their due diligence on ECT before ever contemplating going into business with us. Key to this DD would be indentifying ECT strengths and weaknesses. It’s patently obvious the only reason they had any interest was the technologies we have. I believe they would have thoroughly looked at ways of obtaining our techs without entering into any sort of partnership before they realised, and I believe this is the key, that ECT key personnel behind the tech development, namely Keith, are critical to the success of any Commercial up scaling and more importantly any future tech development such as Hydromor and COHgen. If they couldn’t convince our key personnel to join them, then the patents where not worth anything to them.
They then would have had to weigh up, if they approached our key personnel behind our back and those people then informed ECT management, there goes any prospect of forming a partnership. The other approach would be directly through ECT management, which they may well have informally done, in which case it was obviously rejected.
It may well be a different case when the CDP is built and proven. They will basically have the Coldry and Matmor technology at that point. I guess they then need to decide if they want to roll it out with us and reap any future benefit from our other developing techs or buy us out and try to secure Hydromor and COHgen as part of the deal. Either way I don’t think it will be a bad thing for shareholders.
Obviously this is all just my theory and Im certainly not suggesting that any of it is factual but I would be interested to hear what other posters, especially someone like Chin4 have to say.
If it is partly or wholly the case I certainly hope they have our key personnel well and truly secured.
Anyway that’s my 2 cents worth why I believe we are still in a relatively strong position as long as they want our techs, which I certainly believe they do and it’s why we have gotten this far. It’s unfortunate that we have had to endure the delays which are part of dealing with any Govt.

Obviously all IMO.