Cica,I did make the time to properly read the ENG report in the...

Cica,

I did make the time to properly read the ENG report in the areas you pointed out (I have not had the time to read the full report in detail) and I concur with you. It is not as bad as I made it out to be. I clearly flew off without reading into the detail. FY09 depreciation of $5.4M was pretty massive and of course a non-cash loss amount.

In conclusion, ENG has performed reasonably well in FY09 and I expect it to improve. It has of course achieved it's -$1.6M EBITDA result largely due to massive fixed expenses reductions and slight margin increases. Although poor single digit growth remains of concern and needs to be addressed immediately. Even maintaining the present 2% growth I still do not expect to see a $7M loss in FY10.

I do stand by my earlier comments that 9 years of continuing losses (with or without depreciation) is quite enough and growth must be addressed.

Despite what you think I do want ENG to perform and either continue to lead the independant VOIP sector or at least be a visible strong performer within it. I have made specific investments in this sector which will appreciate if peer companies like ENG lift the bar and bring other investors in.