Pioneer, page-6

Pioneer have been, and continue to be a disaster for the SP and existing SH's. Pioneer still has another $3.3m of shares to collect and sell - around 50m shares. This will increase the existing number of GRV shares from 441m to around 500m. Pioneer will make their ~25% on the sale of each share, while existing SH's see a dilution of their shares of ~14%. It will take Pioneer another 12-18 months to sell their shares at the rate they do - thus ensuring a depressed SP. Capital raising under these circumstances will not be good except for those buying in during a CR. Surely management, with all their experience and connections, can come up with a way to be rid of Pioneer. Management can surely not believe this arrangement with Pioneer is beneficial to anyone but Pioneer.