Pat Releaf deal, page-11

Hi Stephanie,

For what you suggest, EXL have already either done (such as heavily reducing staff and selling the Nunyara land) or tried (selling the food business).

This is their expenses last quarter, where would you suggest the $6m+ of savings can be made (in perspective, this is actually more than double current revenue)?

Basically unless EXL sell a heap of its current stock or has a miracle invention, it is hard to see how this lasts too much longer before another capital raise (if they are able to raise funds for what I believe will be the 5th time in 2.5 years).