nuna, you are going to offend me if you continue with your "have...

nuna, you are going to offend me if you continue with your "have you read" lines...

but here are some lines for you to ponder:

"Although product and ammunition development progress has been sound, there remains much to be done to reach product commercialization."

[ so what has all the hubris about how advanced our development was in the past all about - just fluff.. ]

"Additional funding is paramount to achieving this goal."

[ yep MORE money - MORE dilution - which can only be seen in its purest form as MORE LOSS in the value of everybodies holding - which means MORE multiples in the SP are needed by everybody inorder to recoup the mounting losses to everybodies shareholdings... - but not before a further massive dilution, to wit... ]

"The Board as part of its next strategy steps are looking
to break this cycle by a MAJOR equity injection..."

[ oh the joy... - another massive dilution - at least we know the company is good at doing that for shareholders...]

as for our antiquated Chairman's rosey talk about our committed staff, well Terry, where else was this technical and engineering staff of ours going to go during the midst of a global financial crisis, particularly where many have done nothing but MST engineering these past years - no, you had cash enough for them to stay on roster, but their choices were also as limited as the company's it seems - no doubt they are committed, but no doubt they also crapped their pants a few times under your stewardship and wondered out loud more than a few times whether they would have a job to walk into on the following Monday... - so please save us the teary sentimentality - they are employees who like their job like many other people do - they didn't want to be turfed-out on the street because of the company going bust, so they worked as best they could to keep their side of the business looking good - your side of the business though Terry, well THAT side - management - it wasn't doing and hasn't been doing such a hot job for over 18 months now - so our engineering and commercialisation crew are damn lucky i would say...

...as for Terry's blurb in general - I'd say he had a lot of help writing that little piece - it simply doesn't fit with past language structure he has used - it's all about spin from this guy and gee didn't he really place it on the ball for this annual report, given how many people have him in their sights for the up and coming AGM...

- but as the knife salesmen say, 'but wait, there's more...' Terry rubbish - more excuses no matter how you look at it:

"We have looked to understand why success has been slow in arriving. Those things now more clearly understood are not excuses but a better guide to what must happen next."

- what is a "better guide" Terry - please break it down for us - did failures on the part of the Chairman and management come into view when appreciating "why success has been slow in arriving"?

then almost contradicting every flowery thing he had to say leading up to his sign-off, Terry finishes with this strange part:

"I hope to be able to deliver a report at the end of this year which positively reflects the effort which has gone into this Company since its inception."

- to me this is an admission that what went before was his usual gump and (besides the genuine committment from our engineering staff) did not accurately reflect how crap management performed - as one thing is certain - he couldn't report positively on the efforts of management over the past 12 months, because management did not perform, it sold the soul of this company to some of the lowest bidders out there, and diluted the rest of us to hell in the process - but wait... - it did save Terry's job in the process, and that's a good thing, isn't it?...

Otherwise Nuna - show me the seismic shift in this guy's verbage - to me it is just Terry O as usual - full of the usual praises, full of the usual excuses, and reliably full of the usual rosey prospects for one and all - essentially just full of it Terry O...

- but don't get me wrong - i'm not saying he is necessarily incompetent, i'm saying i don't trust him - and once you lose the trust, then it's game over...

As for Lee - well i simply feel sorry for him in respect of having to put-up with some of the older elements of the Board - Lee is focussed and clearly capable, but hamstrung i feel with the way our chairman appears to want to direct from above like some all knowing overlord - without some of the present Board i think we would see Lee really come into his own, which would progress this company faster, better, leaner... - but for now he remains a part of the stuff-up crew of management that blundered to almost everybody's loss with the financial structuring of our company - how the Asian syndicate was able to get in the door for the level of deep talks they no doubt had is beyond me - due diligence actually means something in the big wide world, where our management team were clearly on another planet - and don't simply expect that they have learnt from their mistakes, because there most certainly are some old dogs on this Board...

but let's get back to what i was saying in earlier posts - we still have a way to go yet - and this is succintly captured in the annual report amongst all the brochure product hype with the following little line:

"Weapons development and qualification is expensive and
time consuming, but we also see the longer-term opportunities for revenue and profit growth."

- and i repeat - "LONGER-TERM" - that is a financial statement as far as representations go, and it is clearly placed there for the benefit of all to understand and see - so don't think anything otherwise - were the company confidant of short or medium term revenue and profit growth, you can bet your holding they would have inserted it in BIG print for all to see - but no Nuna, we have to accept the company's best and earliest estimate of "longer-term", so keep that bottom draw shut for a good deal longer yet...

additionally and very significantly, also take note of how the company now defines itself - "small arms industry" - so all the talk and banter of using our tech for mega powerful applications should cease for the foreseeable future - we will only be hoping to sell gear that can sling under soliders' arms, and fit into holsters - dreams of massive mounts on flying gunships, and widespread deployment of full area denial systems appear distant mirages we can only (again) hope our grandchildren or great grandchildren will see, if at all...

as for old chestnuts like:

"The sooner we sell our products in volume, the
sooner our shareholders will see real growth and a return on
their investment. This is what drives our team."

- well the above line has been said in so many different ways now it has only become trite - unnecessary to say, and almost an insult to our collective intelligences to say it...

in the end the Annual Report is a good example of how creative layout and design can imbue a sense of 'new', 'developing' and 'energy' - and at the same time serve the important function of brochure for our weapons to potential customers and new investors - in the end it's all an exercise in marketing the strength of the company, its products and how apparently 'right' the present management team is...

but i have seen this company re-jig its marketing message again and again and again...

Nuna, the glossy pics and past development works do indeed 'look' good - but so they have in past reports - but every year we have just been given more bling to fondle and play with, and every year more promises and hopes of commercialisation, but every year has passed with nothing new really happening on the commercialisation front, while every year has passed with yet another capital raising and dilution event taking place...

so your sitting back and beseeching whether i have read the annual report is funny - yes i have read it, and i have read it before, and before that, and before that...

and just like this company and it's words... i could go on with nothing really new to say...

good luck