settlement of dispute

"Settlement of Dispute and Discharge of Convertible Note
In June, the Company announced in its quarterly report that it was in dispute in respect of the consultancy agreement between it and Universal Power and Oil Pty Ltd (UPO) through which the services of Wayne O.Brien were made
available to the Company.

The company has settled the dispute on confidential terms. As part of the settlement, the convertible loan/note,
provided by CTL Global LLC on 20th December 2010 and voted on at the Extraordinary General Meeting of the
company held 21 September 2011, will be repaid. Accordingly this note will no longer be converted."

Its nice of the company to let us know! Lol

While most shareholders were wondering what was going on with this and likely some were worried and sold, those in the 'know' were most likely snapping up there fear driven selling!

The company still have to pay back $600,000 to CTL Global (Wayne O'brien)for failing to convert his CN shares. Idiots!

Lets hope we get some good news tomorrow!