Ann: Quarterly Activities Report and Appendix 4C, page-32

Great post Mickey - can I also add........

1. The last two days to me can also be seen as an example of a " back test for supply " shaking weak hands. Yesterday, a weaker close on small volume, today two sellers Friday end - good support at .071. Peloton clients/instos were short significantly in getting their stock - they mayl be waiting, maybe soaking up.

3. IHL was being chased by instos who have done a lot of DD - $5 mill raise isn't chicken feed. There were a number of funds before the Peloton lead CR that also did DD.

4. AGH and BOT have had SP declines yes, but specific circumstances why. AGH due to the large cornerstone wanting to sell down and PAC Partners low bidding a block sale at .40.. Sp had a good day today. BOT had mixed results in their clinical trial. It does appear they are on to something but got different data from one test location to another. BOT also had an up day today. Note that BOT, despite its "failed" trial is still trading twice IHL's MC which has four trials due.

5. Beware the doomsayers on technical analysis - the SP is at support and it looks like a lot of hidden pool buying.

6, The "follow through" in terms of cementing relationships, getting IP going, building the clinical team, the oils part of the business and the achievements last quarter has taken place in a very short time. It isn't easy to get the right product, people and money that quickly. I have a lot of stocks and IHL has strong and frequent newsflow.

7. I get the broker reports as well and there was a small percentage of total day sales from Credit Suisse a few days ago - its not a big number. It doesn't jump out as anything extraordinary to me.

8. IHL has $6 m in the bank plus $3 m of Cannvalate clinical trial money.

Can't ask for more re the strategy of building the base with top people, significant projects that have no competitors, a strong funded capital base and a broking house that opens up the gate for the next level of MC.