AGM brief notes

Morning all,

Well as I mentioned, I decided to attend the AGM up in West Perth. Being the only shareholder in attendance it’s going to be pretty easy for anyone there to identify me.

In attendance were the auditor from BDO and the meeting chaired by Gary Steinepreis. Alain and Toby were both happy to be contacted by phone however all were in agreement that due to the time difference there was really no need.

I won’t run through all of the resolutions, that has already been published earlier today and there was no comment needed on it. However I will speak about some of the discussion we had on the product and the company:

• Gary is passionate about the company, its product and the path forward. This was evident with the enthusiasm with which he discussed the company direction and the way it has evolved.

• Gary mentioned that the company is constantly fielding ideas from different parties for the future usage of the product however for now the strategy needs to be kept on track and focussed to ensure the greatest chances of success. The major uses with strong business partners have been identified and effort best spent moving in this direction. In the future those markets will spread out however for now it’s vital to maintain a tight ship.

• New contracts will be coming in as we all know, however it was emphasised that the larger the entity that will be putting forth the contract, usually the longer it takes to come through. Large entities don’t move fast but when they do its worth taking notice. Nothing that anyone in large scale industries isn’t already aware of. There are many more hoops to jump through as you move up the ladder of customer.

• Getting my hands on the CFOAM 20 & 30 grade samples plus a small sample of PFOAM I was still amazed at how light these products are given the properties they have.

• The first year turnover was just the start, with the focus on getting the product out there however maintaining strict quality. Any turnover while still setting up is nothing to be sneezed at.

• We chatted about Alain. He is the Process and Manufacturing guru in the job, ensuring that everything is streamlined and there is no wasted effort. His specialty is aligning process, debottlenecking and ensuring the company moves from a fledgling producer to a company with strong outputs. The expansion is something that he will be focussing on and ensuring that the process fundamentals and efficiencies aren’t lost in the growth.

Apologies for the brevity of my notes however to be honest there wasn’t much to report as we shareholders are pretty aware of what is going on. The chat with Gary was good just to hear his enthusiasm first hand which to me as a person with a decent stake in the game, was reassuring.

I did make mention of the reception of the latest company release and how positively it was received in comparison to the ones before it. It just looked more professional even if the data was the same. Gary said the feedback would be taken on board as they don’t generally hear much in the way of feedback.

Jarveg