buying opp at 2.6 c (now 2.9c), page-4

Hi Pogues

Yes you are right I am feeling a bit frustrated - EMS has had a number of long delays that have not helped the company - in my view such things as the problem relationship with Proto Pharma went on for too long and the Berlin Pharma episode has been grinding on for near a year and a half - no corner stone investor has been found and marketing which has been sub-par - at least that’s how it looks on the outside

The real situation could be - Proto Pharma was a case of launch a legal battle or try to gain some co-operation – I think we opted for the later - this situation came to a head when Proto Pharma ran out of money but delayed the trials a year

Berlin Pharma - I do not know why this has not come a head but this needs to resolved now - if what they are trying is not working then a new strategy must be found

Marketing - I suspect this is closely tied to the Berlin Pharma situation - perhaps the Board does not want to go to the Brokers and find themselves in a position where they cannot answer the most basic of questions "so what’s happening with the manufacturing rights"

All this is possibly out of the boards control or maybe not - we are not privy to this information - but the inability to address the above will leave the oppies out of the money and I am personally not as confident as Mr B/valley about the company re-issuing new ones but agree there is a definite moral obligation to do so given the directors and note holder got 2 years on their options and we only got 18 months which has proven to be insufficient - add to this we paid for our options and the directors and note holders got them for free

The board now needs to bring a fair bit to the table if the current situation is to change - Bill Gates would be a very good start

If the board does protect the option holders then I would feel a good deal more positive as I think the end game is still very good - but it centres on BP - without that sorted then Hurley may be back to haunt us all

Clyde