well done mr chairman, page-4

Pinetree said: "When the last rights issue offered to EDE shareholders at $0.050/share did not success , what mr chairman and EDE board are doing is issuing EDE shares to La Jolla at $0.036/share. A huge discount from $0.050/share. Furthermore, they did not stop there, EDE board are continuing to issuing shares to La Jolla at $0.028/share, then at $0.023/share (>50% discount vs $0.050/share offered to EDE shareholder). Recently La Jolla got EDE shares at $0.015/share (> 70% discount vs when EDE shareholders were offered at $0.050/share)"

To be fair to the board they are now trapped on the share issue price. La Jolla's Convertible Note means they can apply to progressively convert from time to time the loan amount to EDE shares at 80% of the 3 LOWEST priced days in the preceding 21 days. So La Jolla will always get them at a discount and the fact that they keep exercising and selling has caused a downward spiral in value. Until LaJolla exhaust the conversion of the Note there doesn't seem any solution I'm sure the Directors are as galled about all this as the shareholders (and of course they are shareholders too!). The only silver lining is that La Jolla are caught in the downward spiral as much as the other shareholders, so they are not making the full discount as profit.

Of course don't even THINK about the carnage if EDE are forced to issue the other two x 1 million dollar Convertible Notes to LaJolla. Whilst that is at EDE's option they may have no other choice to keep afloat......