clarification on sanevo contract from cfu

Well, after my disappointment with the Quarterly Report, I spoke with a couple of other CFU shareholders and a major concern for us was having no update on the Sanevo contract (which was, for me, a key decider in investing in CFU). We decided to write to the company.

I received a copy of CFU's answer this morning and am posting it here for everyone's benefit:

"The Sanevo contract is still in place and remains unchanged from what we have reported previously. In the announcement today we tried to highlight the impact of the delay in the introduction of the NRW subsidy scheme has had on sales in FY13 Q2. (The proposed introduction of the scheme was probably the worst kept secret in Germany. Many customers have delayed their purchasing decisions until the scheme is up and running and the quantum of the subsidy – which we expect to be in the order of EUR 10k – is confirmed by the processing of the first applications). The scheme has also impacted sales outside of NRW where customers are waiting to see what impact on pricing the scheme has outside of NRW.

Sanevo have been hit by the same factors in their customer base. This has resulted in their takeoff from the contract being slower than expected. They have taken 39 units from the initial 100 unit order as you identify below. We expect the delays in decision making created by the NRW scheme to start unwinding when the results of the first grant applications are made known (which we expect to be mid-Feb). The timing delays are very disappointing but there have been no discussion about changing the order size or structure of the deal with Sanevo."