Re-rate, page-200

I do understand the frustration everyone is feeling, I too have a lot invested in Covata, including my reputation to family and friends. But it was always a high risk investment with the possibility of massive returns if successful. To suggest that management don't care or lack focus is not helpful and I don't believe it to be true.

In the absence of Cisco doing anything with Delta, the POC for Safe Share with the UK government is make or break. I still have hope, but I wish we hadn't reached the point where the success or failure of the POC could determine the fate of Covata. But I fear it does.