Shareholders were keen to have David S on the board as he has a...

Shareholders were keen to have David S on the board as he has a bucket load of AVE (POH), purchased shares not gifted shares, whereas other directors had very little skin in the game. David is a smart guy and knows AVE well and through him there would be realistic alignment with retail shareholders. The big setbacks have been Esra Ogru and the more recent failed arbitration case led by Ross Murdoch, both are gone. Arbitration nearly sunk us, it sucked up a lot of time, resources and money that we could not afford to waste. I believe RM had strong conviction that POH would be successful in arbitration and ultimately he had the good grace to walk away without putting his hand out for a golden parachute which would have indeed been a kick in the guts for shareholders. Arbitration was a BIG play for POH, win or lose, unfortunately we lost.

Post arbitration we have seen some good negotiation in relation to settlement and agility in regard to asset management to provide us with an opportunity to finally consummate a deal that would put the company on its feet. I'm sure the Board and senior staff are working hard to turn this around and remain confident in the talent we have.