Ann: CFOAM December quarterly activites report, page-40

I have sent an email to Alain and got a reply today as follow :
Thank you for your note and thank you for your interest in CFO.

To answer your question about where the company is going, I would refer to what was said in the September-end quarterly results: "Overall, the Company’s goal is to establish the necessary organisational and operational capability and market positions in order to minimise the time to ramp-up to the 25,000 cft/year capacity that will result from completion of the Phase 1 capital program in August 2018.”

While I can understand some shareholders’ impatience and frustration, especially considering where we are coming from, I can only say that we are implementing the plan we set ourselves to do, strengthening our business platform and ramping up production and sales, with existing and new customers, to reach our capacity limitation ahead of the Phase 1 startup. Overall, I still believe there is tremendous potential in CFO’s profitable growth, but this is a journey and we need to walk before we run...

Nothing has changed from my statement a few months ago and we are on plan. This is what I count on further reiterating during the upcoming conference call.





Alain B.A.