placement, page-5

Not easy to read the internal motivations of the board. However looking back at previous placements most of the board investment came from selling their options to raise cash to exercise remaining options. This was probably forced by the brokers.

The only directors who seem to have invested any significant real personal cash in the company are the current chair Ted Byrt and the previous chair David Wyatt. Byrt can probably afford this as he is drawing far more in fees than Wyatt did.

About a year ago we should have read the signs when none of the directors exercised their 30cent options ie they seemed to see that as too risky. Now Ramy, Byrt and broker mates are getting free 12 cent options.

Smerdon is still a director as there has been no announcements otherwise as far as I know.

Ramy is harder to read as he is drawing over $300,000 in salary and may be using some of this to maintain his control as the major shareholder.

I listened to his NY radio interview and it added nothing new or of substance.

Still waiting for news on the critical Egyptian deal. Without this I'm not sure what Plan B might be.