accounting fraud???, page-2

Further to my previous post, two other issues deserve the attention of the ASX or ASIC in my opinion.

1) Why did Ord Minnett pull out from underwriting the Jan 20c options AFTER the expiry date? This is highly irregular move, and suggests that Ord Minnett came into posession of new information at the last minute. What was this information?

2) In the most recent Open Briefing (released last week), Kevin Russeth said: "We currently have three customers in the U.S., Rapiscan Security Products, L-3
Communications and Lockheed Martin. We continue under contract with all three of these groups."

QRS' contract with these groups runs, I believe, until 2009, so technically QRS can say that it is 'under contract' until 2009. However, this does not mean that these three licensees are **actively** developing QRS' technology and so does not mean that these contracts will be revenue generating.

I think QRS shareholders have a right to know if all three of these licensees are, at the present time, **actively** developing QRS' technology. Because of the complete absence of newsflow, I suspect that at least 2 of these these licencees (and perhaps all 3) have put their QR plans on ice. If 2 or 3 of QRS' licensees have in fact put their QR plans on ice, then this is material information for investors as per continuous disclosure regulations. It is simply not good enough to say that QRS is "under contract" with these parties if these contracts will not be revenue generating in the foreseeable future. Shareholders deserve more information.