Let's see what the ENG management team have to say re -Sent:...

Let's see what the ENG management team have to say re -

Sent: Friday, 14 March 2008 1:20 PM
To: '[email protected]'; '[email protected]'
Subject: PROSPECTUS VALUE
Importance: High

Dear Paul and Ian,

As I read your prospectus –

1. You want to raise $8.4M at 3 cents a share.
2. Engin’s reported revenue is $9.8M.
3. Reported loss is $6.7M
4. The overdraft due for repayment is $1.2M and the cost of the prospectus is $300K. Both immediate costs.
5. Engin’s stocks are barely trading now against virtual no volume and no value. At 3 cents per the prospectus is redundant.
6. Under your management you have taken my average share value from 22cents to 3cents for which I have incurred a significant loss. The market and share holder sentiment is negative.
7. The company hasn’t delivered against it’s plans or promises.

I for one would love to see Engin become successful and redeem on all share holder investments.
However what is being offered against the company’s reported performance history is not compelling. Share holders won’t buy it.
So the question does cross my mind as to where that leave us long term.

Regards