Ann: Monthly Activities/Appendix 4C Cash Flow Report, page-2

I’m reading between the lines here….

Take the following two quotes and reconcile with the lack of sales (evident by NO mention of any revenue):

“Research and development continued at the Sohag factory in order to upscale the production capacity and improve the quality of the fibre, required for moulded products.”

and;

“Following the successful production of a world first 100% banana fibre burger clam shell packaging product, the moulded fibre packaging facility in Sharqiah, Egypt, was configured to commence production of egg trays utilising 100% banana fibre pulp. The output produced will be supplied to the Egyptian market where demand for this product outstrips supply.”

- I would conclude that the banana trunk VENEER produced is simply not good enough for the production of clam shell products because the “quality of the fibre needs improving”, so they are shifting to egg trays, which simply use minced up fibre flakes compressed to shape. (This output was supposedly going to be the basis of the fibreboard products that they have failed to ever produce.)

In January: “the company confirmed it can now produce 6,300 clam shell products per hour from the facility and will provide samples to potential clients….” So now they have decided to produce ZERO clam shells and shift to egg trays???.

* Kerry Chikarovski ‘Executive Director Government Relations” from November- disappeared without trace or else not being paid?

* BPE Investments and Union Pacific Investments with “promotional services deeds” to assist the company with our international business- from last year- gone missing.
* What of the veneer exported to Japan to be used in an environmentally friendly range of Yamaha musical instruments. Disappeared!

* Yellow Pallet joint venture (having pre-feasibility studies)- disappeared without trace?

*High demand for MUSA late last year. No mention of sales…. What about Bokashi and Cairo Peat?

* Fraunhofer Institute in Germany doing studies in June 2012 for the correct recipe for fibreboard- disappeared without trace?

In 2012 PPY said ”We remain confident about the future for the Papyrus Egypt project in Sohag” That was TEN years ago…… still waiting.