so what more does everyone want?, page-2

Frader, how can you say it's a decent update!

Is this just me, but are the shareholders of PNO been taken down the garden path and feed just more manure.

Let's have a good look at the previous announcements, in 2010 as part of the Annual report the Chairman announced:

1. "The full scale production of Thermalife Cream commenced in February and following regulatory approvals was subjected to stringent QA and QC processes to enable the issue of the certification from the manufacturer for the release of the product to the market. This was achieved to year end as disclosed in Note 15 of this annual report."

"Subsequent to the end of the financial year ended 30 June 2010, the following events have occurred:Since the end of the reporting period, the Company announced to the market that it had received all appropriate regulatory approvals and that stock was in the manufacturer?s warehouse ready for marketing."

So this means that 18 months ago full scale production was commenced, so this begs a couple of question, if production was started 18 months ago why did not marketing of Thermalife also start 18 months ago.

Moreover The Chairman continues:

2. "The year ahead will be one of change for the Company as it anticipates receiving revenue following the launch of the product anticipated prior to the Annual General Meeting of Members."

The Annual General Meeting was held late November 2010, needless to say no revenue was received before this meeting, namely because there was no launch of Thermalife.

3. Under Review of Operations: MANUFACTURING ACTIVITIES
"Commercial production of Thermalife Cream commenced after approval of the modified manufacturing processes by the TGA. A 20g Thermalife cream tube blister packed as a sample for marketing purposes has been manufactured in addition to the normal 75g retail pack. Commercial quantities are warehoused awaiting the planned market release through the pharmacy networks"

Two points are raised from this statement

Firstly " Commercial quantities are warehoused" why was not the marketing plan/release timed for the ramp up of production.

Secondly, because the marketing/release has been delayed by over 18 months has the products warehoused expired? How much shelf life do they have left?

To summarise, Pharmanet announced in the 2010 Annual General Report that Commercial Production of the product has been completed, stock is in warehouses ready for shipping, the marketing plan is ready to be launched and revenue was expected to be received before the Annual Meeting , needless to say as already mentioned no revenue and no product release.

Now in the Shareholder update of 2 August 2011, Under Marketing and Promotions they state "Advertising in major newspapers and targeted lifestyle magazines will commence after approval received"

I would have thought that if advertising approval was required that this would have been sought and been granted ages ago.

Under the same announcement paragraph 3 Website, it states it's "fully operational, including updates to FAQ's" so being the curious person I am I of course go to http://www.thermalife.com.au/faq/ and surprise surprise, you guessed it, iIt comes up with " Page under construction. Please check back soon."

In all probability by the time someone reads this post it might have been fixed, but the point is that you would have thought that whoever released the announcement would have checked to see if it was up and running.

It seems that this announcement has been released to pacify some disgruntled shareholders , for me it would make me even more determined to do something about a bunch of clowns who obviously believe that running a public company is tantamount to writing a blank cheque, not returning value to shareholders.

Just look at who has made money from Pharmanet, not the shareholders that's for sure.

Shareholders are been strung along my a puppet master, wake up PNO shareholders time to take control of the company!