Not what we would have liked to have seen today, however I'm...

Not what we would have liked to have seen today, however I'm looking at this as a positive for longer term growth as the company gears up for a very large rollout this year. Mr. Richard Tregoni would have been well aware of Cardia's developments and position prior to being appointed to the Board.

The Directors welcome appointment of Mr. Tregoni to the Cardia Board at the time where Cardia is transitioning from the product development phase to sales and marketing. Note: Tregoni holds direct and indirect equity interest of 12.49% in Cardia.

Taken from the Quarterly:

Carrier bags - Cardia received additional orders that are currently being manufactured for sales in the next quarter.

Waste Management:

China City councils - decision for larger roll out expected in 2013.

Breville - note how many countries they are in. Potential for larger rollout.

Commercialisation of two larger projects have been pushed into the next qtr due to additional regulatory requirements were applied and have to be passed.

Brazilian States formalising legislation (remember they need to set up supply infrastructure to Brazilian waste management companies and govt organisations).

Major Global Hygiene companies have passed further milestones and are progressing towards commercialisation later this year.

Gearing up for tablet container product launch (remember postponed by 2-3 months)

Highland Plastics about to roll out. This is no small player.

Australia Waste Management also gearing up for bigger rollout, possibly to additional councils?

BioBuddy - expanding product range and sales roll out.

Malaysia pilot study ready to go, just waiting final govt sign off.

Also, would not underestimate what is taking place behind the scenes with Sealed Air or Proctor & Gamble.

Regards,
Tony