Ann: Full Year Statutory Accounts , page-4

From Annual report ......

Yellow Pallet project;
"We expect this project to deliver an independent verification of the formula and the costs of producing panel board from banana fibre for certifiable industrial use worldwide. The results are expected in Q1 of FY13."

Another milestone missed ......... or are they playing funny-buggers (again) & not saying if it's FY12/13 or FY13/14


And again from the Annual report ....

"The Company is currently endeavouring to secure a further non conditional LOC of USD100k from EBFC. Additionally the Company expects to receive a cash payment into its Australian bank account of USD50k from EBFC by the end of September 2012 - all as progress payments for machinery purchase from the Company’s engineering subsidiary AAMC.

Yet another milestone missed ....... SHOW ME THE MONEY !!!



and again from the annual report, ....

"The Company is currently in negotiations to secure a company experienced in machinery development to assist AAMC with the development and construction of the proprietary Papyrus technology by way of a licence for a fee(s."

Groan !! .... Why is this needed at this stage when the technology has allegedly been proven via the Walkamin demonstration plant, and already achieved by (former) AAMC staff ?? They can't license the technology so why do they need a company to develop it. They already have AAMC for this purpose .. and have been given substantial government gants on that basis !

You can bet this'll be an Egyptian company with financial links to Mr Azer



3 strikes and you're out !!