Ann: HPA First Project Update, page-37

HPA isn’t like gold copper etc it’s new technology which hasn’t been proven at full production levels so any potential clients will be cautious to lock in, then you have the bigger issue. Money for the full build this is where 1 of your competitors has an advantage even though it’s in a term sheet. As I said before the pressure is really on for A4N now for a couple of reasons one being they need to complete the build of the PPF on time and budget then sell the precursors if they don’t who’s going to give funding for the next step. While their building they won’t get money for the full project because lenders will want to see the first step completed and cash flow positive so with this to me this puts the timeline for HPA quite a way off