Ann: Appendix 4E & Preliminary Final Financial Report, page-10

As SHE the company had direction - somewhat, and when the Protean came on board we had real momentum. When they brought the new CEO on board the news stopped, the direction stopped along with the growth.

We went from a near term wave tech company while we wait for Korea to get on board to a Solar - maybe - company that may have batteries, or the option to use batteries, that may be used in a commercial application.

But we needed a tax break to use them for our application. Did we get it?

Lets face it, there is a lot of 'we have XXX to do YYY with' and not a lot of doing.

Buy on rumour, sell on news - there is neither in this case.

I'm not bitter or twisted, making losses are part of the game. But once we had the name change and the Board switched out the CEO for this ex-oil guy the wheels fell off the whole thing and I say its where we started on or share price drop.

Who knows.

M.