Ann: Lodgement of Open Briefing, page-16

As a long-time holder of Bluechiip since listing, its been a very disappointing stock. I was fortunate in getting out at a higher price because I had some other financial commitments to meet. But for many others, including a few colleagues, its been a disaster. The risks remain. The Chairman has been there too long and has not done anything to find a more accomplished person who could bring fresh thinking into the company. The CEO is unfortunately supported by a board that has been there for too long and is stale. The CEO must surely be wondering whether he might be better off working in a different company and it would not surprise if one day he actually chose to do that. That said, his remuneration package of $440K to manage a business with little or no revenue is not a bad job. The loss of Labcon is a real indictment, and to so with subsequent legal battles between the parties, highlights just how poor the customer engagement must have been and the commercials skills of the management and board. I hope that the company can ‘’pull a rabbit out of the hat’’ because the accumulated losses of $37M for the investors is a lot of money to lose. I do hope investors get some good news before the current cash runs out. The good news is that the company clearly has developed a nice product line. What is not clear after some 10+ years of hard work, is whether there is a market for the product line. Assuming there is in fact a market, then the lack of sales must be attributed to the skills of the board who should be replaced soon before the remaining cash disappears.