qtrlry report released, page-2

Re: Funding.
With an average cash burn rate over the last two years of over $800k per quarter (including this quarter's $387k), and staff costs averaging $427k over the same period (including this quarter's above average $439k staff costs), I am not so confident they can last 6 months before needing funds.

Re: Walkamin Factory
The quarterly report stated "The purpose of the (Walkamin) factory is for the demonstration of the Papyrus technology and processes . . ."

The only thing I see the Walkamin factory demonstrating for PPY is that the technology is not commercially viable at its current level of development. With a maximum demonstrated production rate of 1000 square meters per three months, it seems laughable that it could be considered to be showcasing a successful, fully developed technology.

re: AAMC. I too wonder where they are going to get funds to complete the machines for Papyrus Egypt. The Alpha machine cost 1.4 million and the Beta machine: $800k. Presumably a similar amount will be needed for the new machines.