Ann: Chairman's Letter to Shareholders, page-7

Agree and that is something i brought up with karl when he called me. I told him we will still be losing millions a year even with savings. His response was that the loss in cash receipts was not all about losing clients. Majority was delayed payments due to lack of staff to chase up these payments.. If this is true then this next qtr we should see an increase in Cash receipts from the delayed payments and on top the %55 ownership of MNZ will have MNZ cash receipts show up on books. We could break even or profit if we also take into account the cost cuts of 1.6m a qtr if there isnt any more delayed payments and they indeed managed to chase up the ones from last few qtrs.

Not sure how FX will affect this qtr.