Ann: Papyrus E-News Issue 6 , page-5

Anyone else notice the difference between the goals of the Egyptian factory at the beginning and now (that’s if it ever gets the finance)???

Compare the following, firstly, from last year:

"The Group made a significant announcement to the market on 9 June 2011 advising that it had signed an agreement with EBFC to establish a joint-venture Group in Egypt -
- to be known as Papyrus Egypt – the purpose of which is to own and operate a factory in Egypt to produce banana veneer for the furniture industry and banana fibre chips for the making of panel for the construction industry."

With this in the last e-newsletter:

"In conclusion, I again thank our shareholders for their patience and understanding as we strive to finalise the commercialisation phase of the project to produce commercially certifiable MDF and panel board from banana fibre, and as we support the Yellow Pallet project team in Europe. I hope to report to you again by mid August 2012 by which time I will be expecting reportable progress in Egypt and with the Yellow Pallet project."

The difference is that the bit about using veneer for furniture has disappeared! So all we are left with is a shower of fibre confetti to be made into pallets that haven’t been developed yet and bagasse/banana chipboard that hasn’t got an agreed formula yet.

Ahh how the mighty have fallen. Can anyone imagine a more inefficient way to make chipboards than carefully veneering banana trunks one by one into thin sheets and then drying those sheets and then mincing those thin sheets up into confetti to press into chipboards??