quadtel - agm discussion

See below response to my e-mail regarding AGM discussions

Major issues discussed:

1. China update by David Ramsay - mainly that although the project is
taking longer than initially anticipated, the operation is up and running
and is now back on track. A quadtel employee is on site in China to look
after the company's interests and an official company update on this project
will follow by the end of the year.
2. Profitability projections were not discussed although operating cost
reduction procedures were elaborated on. Namely, the company aims to reduce
these costs by 30% within the next couple of months through employee and
salary cuts. Vendor contracts are also being reviewed with the aim of
retaining only high margin generators. The company hopes to be in a position
to announce a couple of major new vendor contracts within the next few
weeks.
3. David Ramsay gave the shareholders a general business update and advised
of his ongoing role in the company - corporate governance, special deals,
liasing with London Partners, broker visits, China and new products.
4. An issue which still needs to be resolved from the meeting is whether
Quadtel are obligated by the ASX to announce a $2.0m facility from London
Partners. This is currently being confirmed.

I think that was pretty much it.

Please do not hesitate to contact me with any further queries.

Best Regards
Billy