Hi Bolenger,It is difficult to know with any certainty, as we...

Hi Bolenger,

It is difficult to know with any certainty, as we are all looking from the outside and dont really know what goes on inside INT. However I have had a number of conversations with Evans and I even had a meeting with Kiddle about a week ago so I probably have a better sense than most.

From Kiddle I get the feeling that we are finally where we all expected to be, but some 18 months late. He is extremely excited about the future of the company as he is finally seeing the demand translating into contracts with developers/land owners.

I have publicly said recently, that I dont think Kiddle ever intentionally misled me or any other shareholders with his overzealous statements. Business being business it invariably just takes longer to get things done, thats just the way it is.

Regarding Evans and La Jolla, we need the capital, pure and simple.

I think Evans has done a good job in managing that process and has delivered exactly the outcome we needed. I know everyone is upset about the constant issuing of new stock and part conversions, but would a raising or SPP been any different? All the past placements were done at discounts and always found their way back onto the market very quickly.

The upside is that as the contracts keep coming, and revenue keeps coming, the SP has the chance of rising IMO, and La Jolla will be converting at higher prices....whilst that is theory it could happen.

Whilst I would prefer we didnt need any more capital and we didnt have La Jolla, right now we need them. Apart from that I am rather happy with where we are at, and dont share much of the feelings being expressed here on HC.

Kiril.

I hold.