Banners outside Parliament???Why not banners outside the offices...

Banners outside Parliament???

Why not banners outside the offices of the Company?

To quote from the Shareholder update on 5 July:


ECT Chief Executive Kos Galtos stated "We have exponentially increased the value of the Coldry technology over the last three years....."

OK, three years ago (App 3b 4 June 2008) there were 313.985 million shares on issue trading about 7.4cts, therefore market cap $23.548m.

We now have (App 3B 16 June) 895.109 m shares, trading at 0.014 cents, capitalisation $11.636m.

Convertible notes have gone from about 68m equivalent shares to about 497m shares, with option prices ranging from 11c to (lots) at 2c.

Still, they only add approx $6.4m to capitalisation.

So, in old money, the value of the Company has gone down either 50% (counting just the shares) or 25% taking all together.

Does he mean exponentially down?

At what point does the CEO say there is a problem, much less be accountable for it?

Does this attitude extend to the potential customers of the Company as well? Is this the core of the issue?

f111