Ann: IP Licence Agreement with EBFC, page-2

It's hard to comprehend with any certainty what is going on here, because IMO the statements from PPY are consistently absent of any detailed information or explanation.

What I think I understand is that EBFC, which has never paid the $2m for the BVU they purchased, (which is understandable since there has never been an annoucement that it actually works), but now EBFC is to receive the Papyrus 50% interest on the JV. Does this mean that EBFC gets the BVU now without having paid for it? And all the investor fund s injected into this JV since its announcement in 2011 are now written off?

And the responsibility for generation of business from the project to be handed over to EBFC? So PPY is washing its hands of trying to generate any income from the effort? Not that there is any indication tthere has been any success in that regard.

What is that final reference to financial risk all about? Is this moving assets around? And by that I mean out of PPY to an entity in Egypt that PPY no longer has equity in let alone control over, as was the original terms of the JV deal. "The Chairman will always be a Papyrus representative who will have a casting vote."

Again to me shareholders seem to be the losers here with yet another asset disappearing, although of course it was just a paper asset of a promise by EBFC to one day pay its debt of $2m.

And what about the 50% ownership of the factory in Sohag? Has PPY now just given that away too?