hamburg airshow, page-25

Crusty

The capital issue should be resolved by both a placement of probably 5 million shares at IPO to pay off QVT and provide interim spare capital. In the next year or so post IPO the cash flow should cover expansion. Unless you inherit, everyone starts out with nothing. I certainly did. Those with the vision to hang on to opportunities that present themselves only rarely can quickly remedy any perceived shortfall in funds. If the returns are in line with what I believe the market will supply TZ in the next 5 years then even a small holding will be worth a great deal.

Brian

The engineers are needed so that there is someone to talk the language of the customers. Yes, the customers are presented with the kits and software control but still need individual engineers to translate what it is that they are needing. Porters and various other customers such as Karmann have approached TZ with an application and performed much of the development but it still has taken TZ enginneering input to fine tune the raw product. As more applications appear then the solutions to problems will be easier to solve with the added experience. Nice problem to have isn't it?