Ann: Ceasing to be a substantial holder, page-7

SE1 is likely to trade sub 10 cents at least for the next 3-4 months given the additional supply and volume at 8 cents and below. Management has alluded we are still cash flow positive this quarter despite statements to contrary earlier in the year. The quarterly will confirm but management have stated that the additional capital was required to achieve cash flow positive imply we are still not cash flow positive. And so the sellers you refer have probably re-allocated their capital for more near term opportunities where there is a higher probably of return. If I were to take a guess as the where I would say EMV but that is pure speculation....