Ann: Company Update, page-47

Thumbs up. My restoring of confidence based on management optimism dried up at the end of last year after another year of missed deadlines and little finalisation. Nothing other than government approvals, certificates and signatures on final binding agreements (NOT binding term sheets) are of any meaning to me from the company.

There is a very real risk that our technological lead via TIVAN is eroding, either through other companies similarly researching, or through industrial espionage (actually, where are the patents registered?) The longer this process takes, the less our value proposition becomes, especially when considered against the scale of the borrowing required to fund this project.

I am very confident that management and Board will not hold themselves to account against those milestones declared for this year. I am damned confident that they will ask for more options/shares/pay without anything remotely reasonable in terms of performance hurdles.