Ann: Quarterly Activities Report, page-10

Paddie,

On the odd occasion I have spoken to management, I don't believe the pipeline is a make or break element to a GSA. I'm certain it would be helpful though. To that end, know that discussions are multi-pronged in direction and with different parties. This thing moves along - not at BUL's pace, but the pace of everyone with whom they are in discussions. It is multi-faceted .... Hence the time taken and frustrations for all concerned.

Kip