Ann: CEO's Address to Shareholders, page-37

As I said in a previous post the performance of the directors at the meeting especially Charles Hunting was disgraceful. They said as little as they could and only when they were forced to.

I agree with a previous post it must be hard to admit you are wrong however shit happens and the mark of a good board is how you handle the problem when you discover the mistake.

Several things don't make sense to me. Why did they get it so wrong when Charles Hunting who was a director of Isity brought it to Kollakorn? As a director he must have known the true state of the company. How did the management and the independent expert miss all this? Were they fed false information? I remember at the EGM that Paul Beddie said glowing things and gave the impression that they were rolling in money.

Coming back to how the board has handled the crisis. Badly!!! Why would you raise $500,000 and pour half of it into a dying company to pay old debts. Could it be to save the faces of Paul Beddie and Charles Hunting never understood that Chinese thing but they are in Shanghai after all.

Charles Hunting's waffle did not convince me there is any value in Isity and I think we will be sitting at the next meeting hearing the same stuff all over again only we will have spent more money if they can raise it which is becoming doubtful.

Your first loss is the smallest. If you have a limb with gangrene cut it off to save the rest of the body. From what was said about Malaysia it will be the saviour of their company and that is all the work of Richard Sealy. Stick to your knitting and get rid of the distraction!