todays egm summary

Summary of today's meeting was as follows-
- Meeting was chaired by Andrew Sigalla
- both resolutions passed for QVT

There were three questions from the floor-

(1) What will the QVT money be used for?

It will be used as general working capital, but mainly in order to continue to fund development of the 90 early adopters and supply on PO's. We will be hiring another 36 engineers to ensure that Intevia is commercialised as planned.

(2) Can you give us an update on the next PO's?

I am glad you raised that question. TZ has made the decision that it will no longer be making announcements on PO's. Due to the sensitive competitive nature of the information, we are finding it very difficult to get permission from the buyers to allow us to make the announcements. It was almost impossible to get Larsson to agree earlier this year....they did not want competitors knowing that they are embracing this technology. We are holding onto several PO's, including a verly large order from a Defence contractor, and there is no way that they will let us make any announcement. In the same way, Boeing and Airbus will also not let us make announcements. In future the information will be included in our quarterly reports.

(3) Can you give us an update on the Nasdaq listing?

The Nasdaq listing is heading along as planned. Given the current problems with the market, our advice is that things will improve in the second half of the year, and that is when we will be planning to list.