Cash burn, page-10

Increased volume does NOT = increased profitability....with an ASP of just over US$ 450 MT, operating margins are very low and all the volume in the world will not translate into meaningful profits...SYR ONLY focuses on Standard Mesh Products with NO added value at this time and even with their efforts on NON-COATED SPG, means there will need to be a coating processor involved which further dilutes the opportunity for success.

There are more challenges than can be counted for this operation, yet many hold out hope after more than a year of production that has yet to be fully calibrated to meet initial flow-sheet goals and targets.