its only been 6 weeks since the takeover, page-24

The Manager
Company Announcements Platform
Convertible Note Facility Deed
We refer to the Convertible Note Facility Deed between Tele-IP Ltd (Tele-
IP) and Gesaf Pty Ltd (Gesaf) dated on or about 30 April 2007 (the
Deed).
Pursuant to the terms of the Deed, Gesaf agreed to subscribe (or to cause
its Permitted Nominees to subscribe) for Notes in accordance with the
terms of the Deed.
In accordance with clause 3.2(b) of the Deed, Tele-IP issued the
prerequisite Draw Down Notices to Gesaf.
Gesaf failed to comply with its obligations in relation to the Funding Dates
specified in the Second Tranche and Third Tranche Draw Down Notices.
On the 28 September 2007 the Company entered into a Deed of Variation
with Gesaf under which Gesaf agreed to provide the balance of funds
($3,250,000) that it is required to advance to Tele-IP under the Deed in
installments extending to the 6 November 2007.
Gesaf failed to comply with its obligations under Deed of Variation to
advance $250,000 to the Company by 5.00 pm on the 28th September
2007.
The Company is considering its position in relation to Gesaf and other
proposals it has before it, to meet its operational and acquisition funding
requirements.
The preparation and audit of the Company’s Financial Statements to 30
June 2007 and Annual Report could not be finalized until the position in
relation to future funding is resolved. As a consequence of Gesaf’s
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defaults this could not be finalized by Friday 28th September, 2007 and
the Company was not able to lodge its Annual Report with the ASX by
that date as required.
In view of the above circumstances the Company’s securities have been
suspended from quotation in accordance with ASX Listing Rule 17.2.