just about gone, page-29

Attended AGM. Quite a bit of emotion in the early stages but we won't go into that !

I'll give the bad news first then the good news as said by Robertson and Ferguson.

Will not be cash flow positive until 4th quarter (June09). We need to raise capital in the order of $3 million to continue. Would not elaborate how this would be achieved, although did seem confident it would be done. We are vunerable to a takeover with the value of the current sp. It's not what we want and will do our best to oppose this, there is nothing in the pipeline at the moment. Lord's convertible note deal is earning him 10%. He has made no moves re - a takeover. Would not give any projected forecast of future earnings.


Currently have a total of 85 existing contracts, although small revenue. Robertson gave a very good summary of how Utiligy will be aligned with companies in the future. Regarding the mandatory reporting, sustainability green energy and Gov't Legislation and how we are positioned to take advantage of that. Robertson said we have MOU's with some of these companies and will win some big contracts in the future. We've had negotiations with Julia Gillard, Dept of Defence, Major Utilities and Commwth Gov't to name a few. In the last 4 months 19 trials have started with companies re - utiligy. Do expect to win some contracts from these trials.
There is now a new distribution agreement being negotiated at the moment with EMAD to sell ecobulb which is now much more favourable for intermoco. Ecobulb rollout announcement will be made early in the new year.

There were other positives but cannot remember, my short hand secretary took a sickie.

Ferguson and Robertson done all the talking. Kemp didn't speak. My opinion only, if we raise the 3million capital and survive until june 09 it will be a classic from Bust to Boom scenario ! Typical of a high risk, high reward little speculative stock. Robertson is a very clever man and Ferguson spoke from the heart with emotion and they both truly believe and are committed to turning us around and generating major growth in what will be a massive growth industry in the future.

The sp at .006 or .007 you could not lose even in a worst case scenario in a bull market.
Wish I had more funds I'd be buying ! !