independent research report?

Legal Notes and Disclosures: This report has been prepared by Norwood Abbey Ltd, (the “Company”) with the assistance of Crystal Research Associates, LLC. (“CRA”) based upon information provided by the Company.

CRA has not independently verified such information. In addition, CRA has been compensated by the Company
in cash of $35,000 for its services in creating this report, for updates, and for printing costs.

How can this be an independent report if CRA has not verified the information? Am I missing something here?

I wish that NAL would just stop wasting money on spin-doctoring and get on with runnning the business. It needs to get some runs on the board particularly with Immunology trials.

In the meantime they will need to focus on their flagging LADs sales to bring in some short-term cashflow into the coy. They will need it as they burn up cash $5mill end of Dec 2004 for EPI-LASIK and another $5 mill in Dec 2005.

Not to mention the cash burn rate for all of the executives they have recently hired!

A coy with a future if management can get their act together...