4c qrtly, page-43

Hi Maddock,

No one can at the moment value this company with any certainty.

You ask,"If you can't value it, why invest in it?" True it can't be valued in the normal sense especially right now. Intec has not got a known and proven mineral deposit in the conventional sense. However there is a great amount of waste liquor waiting to be stripped of its metal "waste" and hydrochloric acid to be returned to the galvanising baths.

I do not know how Intec will get a revenue stream from its Patent but I am sure that they will have a means. For example, you have water, electricity and gas coming to your home. All are metered and you are charged according to use. How about a meter monitoring how much hydrochloric acid is returned to the galvanising bath and imposing a charge on that? Who will own the metal products extracted from the liquor is an interesting question. Will the galvaniser own it or will the galvaniser have to buy it back?

I'm sure the Company will give guidance as to who wants their technology but don't expect confidential agreements to be discussed.

I agree that they have an "unproven patented invention that they've got to prove up as commercial and then get the right contracts" with the best value for invested money. Yes, "If it works - then bang we're off, otherwise?" .

Well we should soon know. I am looking forward to the end of the quarter, or earlier, if things can be finalised by then.

Cheers.