Ann: Half Yearly Report and Accounts, page-16

Auditors need to put this clause into accounts due to debt owed to Slipform Engineering, which could be called up at anytime. However Slipform is a related company 100% owned by Stewart Elliot. So very unlikely to be called up by S.E as he owns 40% of EWC, so has plenty of incentive for it to succeed. Actually he is throwing a lot of money at it, to ensure that the projects get completed.

EWC has good cashflow (about $US80 per annum based on interim result). Phillipines power plant start-up imminent. Cooper Basin (PEL96) gas exploration, could add 8-10 cents to the shareprice within the next month and possibly 50 cents or more in the next couple of years.

Current asset backing of about 41 Aust cents.

Future is bright.