Ann: Appendix 4C - Cash flow for Dec qtr 2008 , page-2

I reckon the commentary is quite odd - and looks to me like they will need cash - very likely.

CASH FLOW COMMENTARY
As Clean Seas continues to increase the biomass of live fish to a mid term target of 5,000 tonnes there will be a continuing requirement for additional cash due to the sale lag time and the cost of carrying increasing volumes of inventory.
Clean Seas currently has 4,000 tonnes of biomass in the water and would expect to reach the 5,000 tonne level by April 2009. The company is actively working to more evenly match growth with sales requirements. This will take some pressure off cash requirements
Farming operations have a lag time between the cost of growing the product and the cash flow from the sale of the product. Kingfish farming requires a 16 month initial growing season and the product is then sold over a 12 month period.
Clean Seas has committed facilities of $27.0 million in place with Rabobank Australia to facilitate this growth. The directors believe this facility will allow Clean Seas to fund the mid term inventory target of 5,000 tonnes.
The company continues to review its options for sourcing additional equity/debt prior to committing to any further expansionary plans. The directors expect reliance on the current bank facility to decline once higher levels of finfish sales occur in the March quarter of FY2009. However, Clean Seas anticipates, as previously advised to shareholders, that a capital raising will occur following a successful Southern Bluefin Tuna spawning.
Frank Knight
(Company Secretary)