implementation agreement signed, page-10

boot, it would appear to me that the only thing that kept the two minority groups together as one minority group was a meeting of the minds on only one issue.

You'll perhaps be aware that within the two minority groups there are those that "have shares" and those that appear to "have money". Seemed a match made in heaven at one stage, and may still come through. BUT that other dimension seems to have got in the way of a simple transaction . . . i.e. TIME.

Can't recall how much of a technology guru you are boot, but others (like me) have been supporters since before Malcolm Jacques reign. And continue to know enough that our persistence in the technology outlasts common sense. In five years or more we've seen games, further games, daylight robbery, funny business, odd trades, decaying patent timescales etc etc. If you're a large or small PCE supporter you'd feel pretty hard done by over the recent years. So time for a change arose recenty. Reality must now be allowed to bite. And it could be that one or other of the two minority groups must now make a decisive gesture or move forward and either win or lose . . . full stop.

PCE never has been able to raise significant cash. Sooooooooo many directors have tried and so far all have failed. Patents don't make profits, they only provide a platform from which to launch commercial strategies. Research has continued in other areas outside the PCE umbrella, e.g. Vanadium Bromide, etc. PCE would have no access to such developments without raising capital. Frankly, do we really want a repeat performance of the last six to seven years? I for one do not.

I'd like a old fashioned business. You know the sort, Revenue minus efficient Costs equals Profit. And quickish. You share my view??

Sitting on patents doesn't quite achieve that aim.

So where are we now. At a watershed I'd say.

Option One . . develop a strategy or business from the ashes of what is left, or

Option Two . . ensure control is given to someone who has a plan, whether it is a good plan or not.

Lets wait and see, a wait which cannot be too long.

As for my July post, nothing changes from where Is it. Vantecks Regen deal adds technical know how, IP and materials but probably not a usable cell stack etc. BUT the largest potential competitor who most energy storage professionals believe had half a chance of working has just been removed from the market once and for all. That has to be good news for anyone who can capitalise on vanadium technology. It makes Vanteck's job that much easier and they now have resources which were not available before.

I for one have been an extreme cynic of what Vanteck had done until about April this year. Since then the company profile and partners etc have steadily shown that they have made real and sustainable progress, more, much more than a stock play. Yeah there is a bit of promote, but not out of line with the TOTAL resources (financial, technical and operational) to deliver product to a commercial market place.

Pinnacles fractured share register must be sorted once and for all, or the company must be assigned to the trash can. The options make that inevitable.

I still await details of SEI's other installations, nothing in the PCE draft report seemed to suggest there had been significant fee revenue from that source.

The IER must be finished by now, in which case it must now be being used to focus attention on what HAS to happen, as opposed to what COULD happen.

Belrose remains a strong supoporter of this technology, and wishes he hadn't sold his VRB holding earlier in the year. But then investment decisons are always full of "what if's". Mine included.