*** another perth special ***, page-21

re: *** another perth special/ munch Munch,

You wrote:
" hardly any cash".

The cash position on June 30 and subsequent raising was $14.1 mill.

You also wrote:

"But having seen the balance sheet, the shocking p&l and the business plan I just see a big black hole".

If you had seen the Balance sheet you would have seen a loss of $2.578 mill last year or $1.85 mill if depreciation etc were brought into account".

That is very little.

You also referred to a cash burn of $75 mill. ( It was only $2.6 mill last year).

You shocked me Munch.

Gerry